How Much Home Can You Actually Afford?

Get an Idea Of What Your Monthly Payment Would Look Like

See How Quickly You Can Payoff Your Mortgage


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Sponsors pay the producer of this show, The Lampo Group, LLC, advertising fees for mentioning their services or products during programming. Advertising fees are not based upon or otherwise tied to any product sale or business transacted between any consumer or sponsor. The following sponsors have paid for the programming you are viewing: Christian Healthcare Ministries.

[trebmaster]

**checks income**
You can afford to live in a VAN down by the

[CrayonEater]

Would like for Rachel to pull real time data from Zillow and mortgage rates. And to give a few examples from different cities. The numbers that are being given are ridiculous.

[richardm]

Based on the Ramsey figures you can afford a basement in South Central in California.

[jjpeters]

So, according to Ramsey: the median household income in 2023 was $75, 000 and the median home price in May 2023 was $400, 000. Median means the exact middle of all the number lined up in order. Ramsey has confirmed that the average American family can't afford an average American house. A $160, 000 house is way off from a $400, 000 house. Seems like wages are not keeping up or maybe that houses are overvalued. And the Ramsey solution is always the same: "Get a bigger shovel".

[mrkadiz]

Cant get a studio for $1250 nevermind a house

[Nate_Tom]

I get the Ramsey team is trying to help, but affordability is so bad that explaining to others in your own big, cozy home that most of them can only afford a make-believe house that is $200, 000 less than the average home price comes off as kind of patronizing. Tips such as "sacrifice to take a longer commute and live 20 minutes outside of the city" just don't work anymore.

The Ramsey team is right about keeping your Debt-to-income ratio around 25% to not become house poor, but they really aren't giving any help on how to actually get the house at that price. They only say to just find a way to make triple the amount you are making. To afford the national average house price you have to make I think around $170k which is possible for some people, but I just can't expect a majority of Americans to make that much even if they "work harder" and "ask for promotions". It's like saying that if you can dunk a basketball, you can get a house and the hoop was at 7ft 3 years ago and now it's at 14ft. The Ramsey team just says "well just work harder so that you can jump higher", or "maybe move to a court further away where the hoops are only 13ft". they tell you that you need to jump 14ft but they can't actually help anyone jump that high.

[JordanJimmyDavison]

My wife and I just bought our starter home and I gotta say, Ramsey network is out of touch with reality.

[joelplatt]

I try not to be negative, but here goes. I just looked up the cheapest non-trailer home in the Salt Lake valley suburbs where I live: $260k for a 800 square ft apt. Which Realtor estimated at almost $1800 a month on a 30 year mortgage. I get being aspirational…but that’s not even close

[joygarrett]

25% of myy take-home (retirement)is $675 . . .barely enough to cover set-aside for property taxes & HOA. Once my current house sells, I can pay cash for the next one (its paid for). What I Cannot afford is $1500-!800/mo for apt rental and $100/mo storage rental while I am looking for next house.

[jennalangsmith]

Hiw does one find a home at 25% if their income? I make $25 an hourband that would be $820 a month hmmm 🤔 math is not mathing

[anastasianickerson]

So just find a house with a price that doesn’t exist anymore and get an interest rate that doesn’t exist anymore. Got it.

[mademoisellesura]

I think people are going to have to come to terms with the idea that they not going to be able to own more than one home in their adult life. I honestly think the idea of people having a “starter home” is one of the worst concepts that has come about in the past 20, or so years. With housing prices being so high it’s just going to take people longer to save for a home. Which is what people use to do anyway. 30, or 40 years ago people would decide where they wanted to live, they would buy a home, and they would stay there unless some unforeseen circumstance caused them to have to move. My parents saved for 8 years after they got married before they bought their house, and they still live there. They did some small renovations over the years, but that’s it. I think people nowadays have a “the grass is always greener” mentality regarding housing. People need to stop putting their wants, and fantasies above what is truly important in a home.

[shaereub]

$75K? I make about $27K in rapid city.

[DreamClean]

I have to rent a single room in a house share even though I have $135, 000 cash and earn $70k. This housing market is whacked!!

[JB]

Everyone needs to read Rich Dad Poor Dad book. Buy homes and rent them out. Use that money to pay for your house that you live in. Continue to do that. More assets. Less liabilities.

[PattieM]

Or buy a house that you could afford with plenty of extra to save with a low rate. Under 10%. 8+ years later insurance jacked way up without any claims and no major hurricanes in our side. Now it’s so high that we’re above 30% and we make more then we started 10 yrs ago.

[NeoSoulCrew]

You too can finance a box with a 15 year mortgage.

[tressalewis]

I would love to hear Moore talk about being content with what we have! The grass is not always greener on the other side of the fence. I am leaving her house more and more, especially now with the mortgage is almost paid. Being content with where we are is huge.❤

[codys]

Even when it's possible financially doesn't make it wise or a good choice. Too often people fall in love with the pretty new house and don't consider the impact of interest rates and closing costs. Also, your home is "new" for about 5 minutes before a hot water heater, furnace or other unplanned expenses pop up.

[PoltergeistPat]

So the median household income can afford 1/3 of the median home price? Can you show us some case studies of real houses you would buy if you were making the median income? Pick the median in Nashville and show us real houses. I’m willing to believe but it is starting to sound like you want me to be a HUD house millionaire.