They want to keep their monthly mortgage payment between $3,000 and $3,500 — or around 30% of their monthly take-home income of about $11,000.
However, rising home prices and mortgage rates in recent years have made this goal difficult to accomplish.
"We refuse to become 'house-poor' and, like many others, are choosing to sit it out until the housing market is reasonable again," Laura said.
With an 11% downpayment, they estimated their monthly mortgage payment would be about $5,000 — about 43% of the couple's take-home monthly pay.
AdvertisementGoing forward, Laura said they plan to continue monitoring the housing market for a home they like that's in their budget.
Persons:
—, Laura Graves, Samuel, they'd, Laura, they've, they're, it's, There's, Samuel aren't, We'll
Organizations:
Service, Business, Federal, Housing
Locations:
Portland, Wilsonville , Oregon, Wilsonville, Spokane , Washington