I’m single and making $61K/year. I really want to buy my first home — but can I swing it without becoming house poor?

Core Insights - The median monthly costs for U.S. homeowners with a mortgage have risen to $2,035, making homeownership increasingly unaffordable for many households [1][4] - A household earning $61,000 annually would spend approximately 40% of their income on housing costs, exceeding the recommended 30% guideline [2][3] - Homeownership costs vary significantly across the U.S., with some regions experiencing median costs above $3,000 per month [4] Affordability Analysis - Experts suggest that housing costs should not exceed 30% of monthly income, which translates to $1,500 for a household earning $61,000 [2] - The financial strain of high housing costs can lead to a situation where homeowners feel "house poor," having limited cash for other expenses [3] Additional Costs - Median monthly housing costs do not include maintenance expenses, which can add significantly to the overall cost of homeownership [5] - Homeowners spent an average of $12,050 on house projects in 2024, equating to an additional $1,000 per month in costs [6]