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The 30% Rule Exists for a Reason
Financial experts often recommend keeping housing costs (including mortgage, taxes, and insurance) below 30% of your gross income.
Exceeding this percentage is called being "house poor," where a large chunk of income goes to housing, leaving little for other goals like travel, retirement, or emergency savings.
Your Dream Home Can Turn into a Nightmare
Over-leveraging on a mortgage could mean fewer resources for maintenance and repairs. An expensive home that’s poorly maintained could lose value faster, turning what seemed like a dream investment into a money pit.
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