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

It’s not just you: Across the country, prospective homeowners are feeling the squeeze. The median monthly costs for U.S. homeowners with a mortgage have increased to $2,035 per month, according to a recent report from the Census Bureau (1). So, can a household earning $61,000 per year afford to carry those costs, and more, each month for years on end? The short answer is: For most people, no. Must Read Generally, experts recommend spending no more than 30% of your monthly income on housing costs, incl ...