ilmscore | How Much Home You Can ACTUALLY Afford (By Salary)

How Much Home You Can ACTUALLY Afford (By Salary)

Published: 2023-06-20
Status: Available | Analyzed

Predictions from this Video

Total: 5
Correct: 0
Incorrect: 0
Pending: 5
Unrated: 0
Prediction
Topic
Status
Lenders typically require a debt-to-income ratio below 45% for mortgage qualification.
"most banks want a debt to income ratio below 45 percent"
USD
Pending
Buyers of ultra-luxury homes (e.g., $65 million) are likely to pay in cash rather than finance.
"whoever buys this house is probably just going to pay for it outright in cash"
USD
Pending
Nationwide, the cost of owning a home is approximately $25 more per month than renting one.
"Nationwide the typical home costs an estimated 25 more per month to own than rent."
Housing Costs
Pending
Renting is considered the underappreciated choice unless a low interest rate is secured, a good deal is found, or the investment area is projected to appreciate significantly within the next 10 years.
"I'll tell you unless I get a low interest rate to find a really good deal or invest in an area that I think is going to be worth substantially more in the next 10 years I think renting is the underappreciated choice"
Home Ownership vs. Renting
Pending
It is advised to only purchase a home if you intend to keep it for the long term.
"only make a purchase that you intend on keeping long term"
Home Purchase Strategy
Pending