The longstanding advice that families should spend no more than one-third of their income on housing is becoming increasingly outdated.
According to the latest National Association of Home Builders/Wells Fargo Cost of Housing Index (CHI), a family earning the national median income of $97,800 now needs to allocate at least 38% of that income for mortgage payments on a median-priced new home in the third quarter of this year. The situation is even more dire […]