How Much Home Can You Afford in Today’s Market?
With rates and prices shifting, home affordability has become one of the biggest concerns for buyers. Homes that once felt comfortably within reach may now stretch monthly budgets further than expected. But the good news is — there are ways to increase your buying power even in today’s market.
Why Affordability Feels Different Now
Mortgage rates rose significantly over the past two years, which has impacted monthly payments for many buyers. At the same time, home prices in some areas have stabilized or softened — creating opportunities if you know how to navigate the numbers.
Small Changes Can Make a Big Difference
Even modest improvements in your loan terms can shift your affordability:
A slightly higher credit score could qualify you for a better rate.
A larger down payment may reduce or eliminate mortgage insurance.
Adjusting your loan term — such as considering a 15-year vs. 30-year — can change your costs.
Exploring these options before you shop can help you stretch your budget further without overextending yourself.
Why Timing Still Matters
While waiting for the “perfect” rate might sound appealing, the market can move quickly. Acting when you find a home that fits your long-term goals — and making sure you’re well-prepared financially — can be smarter than waiting for the unknown.
If you’re wondering what price range makes sense for you, it’s worth getting a personalized affordability review. We’ll look at your income, debts, credit, and available loan programs to find a realistic, comfortable number for your home search.
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