The New York Times Tara Siegel Bernard - With Eyes Bigger Than Their Wallets, Homebuyers Are Forced to Revisit Old Rules At the height of the housing boom, many borrowers had to stretch to afford a house, in some cases agreeing to spend half their monthly earnings on their home. We all know how that turned out.
And a swath of homeowners was even more thinly stretched. In 2007, nearly 9.17 million homeowners, or about 12 percent of all owners, spent more than half of their gross income on housing costs, according to tabulations of Census data by the Joint Center for Housing Studies [...]
HOW MUCH CAN I AFFORD? - DO THE MATH - DOWN PAYMENT - TAXES - RESERVES