I recently read an article about how some single-family home buyers will go over budget for a house with enough space in the “right” neighborhood.
Spending too much on a house has a long-lasting impact. We call it being house poor and being house poor will color every aspect of your life.
Overspending a little happens. Those who overspend by a lot regret it.
People who buy more affordable houses have some flexibility and an easier time getting through job losses and life changes.
Houses need to be maintained which can be hard to afford when the budget is already stretched.
Set a limit when house hunting and stick to it. Your older self will thank you for that.
Boston Real Estate and the Bottom Line
There is no perfect neighborhood or location or house