Unmarried Pittsburgh couple wants to build a $700K home. The Ramsey Show warns they're fast-tracking being 'house poor'

Core Insights - A young couple in Pittsburgh is considering building a $700,000 home despite having variable incomes, raising concerns about financial feasibility [1][2] Financial Readiness - The couple's combined income is approximately $10,000 per month, which is not guaranteed, and they plan to make a down payment of up to $130,000, supplemented by her parents [1] - The hosts of The Ramsey Show advise against rushing into a mortgage without financial stability, emphasizing the risk of becoming "house poor" [2] Housing Market Context - Pittsburgh is noted as the lowest-priced major housing market in the U.S., with a median listing price of $250,000, significantly lower than the national median by over $150,000 [2] - A $700,000 home in this market would be considered a luxury property, raising questions about its affordability for the couple [2] Mortgage Considerations - A $700,000 home with a $260,000 down payment and a 30-year mortgage at a 6.5% interest rate would result in monthly payments of approximately $2,800, while a 15-year mortgage would be around $3,800 [3] - These calculations do not include additional costs such as property taxes, insurance, or fees, which could further strain their finances given their inconsistent income [3]