Homeownership is how many Americans accumulate wealth, and it’s an important life goal for millions. But affording a home is a growing challenge — if not out of reach entirely — for many people.
In the past three years, mortgage rates have more than doubled and are now at nearly 7 percent on a typical 30-year loan. And they are unlikely to drop significantly this year. Even those who can swing an all-cash purchase, experts say, still have plenty of other expenses to consider, including maintenance and insurance.
So, should you buy a home right now? To help you decide, take this quiz.
Question 2 of 9
What is your living situation?
Question 3 of 9
How would you characterize your financial situation?
Question 4 of 9
How much do you expect to have for a down payment?
Question 5 of 9
What is your credit score?
Question 6 of 9
How much debt do you have? Include credit cards and student, auto or personal loans, etc.
Question 7 of 9
How much are you willing to pay for a mortgage rate?
Question 8 of 9
How do you expect your mortgage payment to change your existing budget?
Question 9 of 9
How long do you plan to own this home?
You need to answer every question to see your result. You’re missing questions 1, 2, 3, 4, 5, 6, 7, 8 and 9.
About this story
Editing by Karly Domb Sadof, Rivan Stinson, Betty Chavarria and Robbie Olivas DiMesio.
