When budgeting for your mortgage, consider spending no more than 30 percent of your monthly income on your housing costs. Spending more than that makes for a cost-burdened household, making it difficult to afford other everyday living expenses. According to the Harvard Joint Center for Housing Studies, approximately 40.9 billion households in the United States were cost-burdened in 2012, the most recent year covered in The State of the Nation’s Housing report.
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