‘We have 3 kids, and have rented a 2-bedroom house in Mississippi for 13 years’: Should we buy a home if the mortgage payments cost 30% of our monthly income?

Dear MarketWatch, We have been saving for a house here in Mississippi. We have three kids, and have rented a two-bedroom house in Mississippi for 13 years.’

We used to pay less than $600, and now they’re asking $975 for the same apartment without having had any upgrades. It has poor insulation, which makes winters miserable, and results in monthly electric bills in the $300s for about a 900 square-foot apartment. “‘I have been a stay-at-home mom for about nine years, but I have the opportunity to work part-time in a few months in a daycare bringing for $400 a month.’”

I have been a stay-at-home mom for about nine years, but I have the opportunity to work part-time in a few months in a daycare bringing for $400 a month. It’s not much, I know, but my baby would attend for free, and my little bit of income can help with mortgage payments. Dear Mom, Being a parent is a tough job, let alone with three kids in a 900-square-foot two-bedroom apartment. So yes, you need to buy a bigger house. And if you’ve found that dream house, then yes — go for it.

You also mentioned that you have saved enough to put down 20% to 30% on the home. I’d say put down 20%, and keep the 10% for any unexpected expenses. The average annual cost of maintaining a single-family home is around $6,100, a recent report by home-services platform Thumbtack said. This could be maintenance work from carpet cleaning to fixing the water heater, or the roof.

You should always buy. Stop giving away your money to others.

Yes

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