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How do I set up a household budget for homeownership?

By Bob Millaway, South Jersey Community Expert & REALTOR®

Start with your housing ratio: mortgage, property taxes, homeowner's insurance, and HOA fees should ideally not exceed 28 percent of your gross income. Add utilities, maintenance savings (1 to 2 percent of home value annually), and a repair fund. Track all expenses for the first three months to understand your actual costs. Adjust as you learn.

Why It Matters

A realistic homeownership budget accounts for expenses renters never face. Getting it right prevents financial strain and helps you enjoy your home.

Related Questions

What should I do the first week after moving in? What should I do the first month after moving in? What should I do the first year after buying a home? How much should I budget for home maintenance? What tools should every homeowner own?

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