The Big Move: ‘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?

by | Jan 23, 2023 | Stock Market

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 have outgrown the apartment after having three kids (aged 9, 7, 2). Rent has also increased, and is now out of control. In a month we will have to renew our lease. 

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. We have searched for a house for years, and were even under contract twice. One time we got cold feet, and the second time we got out of contract without penalty because of a home-inspection contingency. Since then, we’ve found a 15-year-old house above our budget that meets 95% of our wish list. It’s 3,200 square feet with four to five bedrooms, it’s in a good location, and it’s a go …

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