>Add in maintenance and the monthly payments increase to about 1600 a month
$400ish a month in maintenance seems very optimistic in my personal experience. There's always little bits of work to be done in a residence, and will be compounded when something major inevitably ends up going tits-up and needs replaced or serviced. Then on top of all of that, you have to have insurances and whatnot. Owning a house is great, but there's a fair bit more to it than just swapping the phrase "rent" for "mortgage payment" in regards to expenses.
>Given the median income in the US is 59k
For clarity, this is the median household income rather than individual.
$400ish a month in maintenance seems very optimistic in my personal experience. There's always little bits of work to be done in a residence, and will be compounded when something major inevitably ends up going tits-up and needs replaced or serviced. Then on top of all of that, you have to have insurances and whatnot. Owning a house is great, but there's a fair bit more to it than just swapping the phrase "rent" for "mortgage payment" in regards to expenses.
>Given the median income in the US is 59k
For clarity, this is the median household income rather than individual.