Maria's situation is not uncommon; rising costs of homeownership, including property taxes and insurance premiums, can turn a seemingly smart purchase into a financial strain.
By assessing the total cost of homeownership, including mortgage, taxes, and maintenance, Maria can determine if her housing costs exceed the recommended threshold of 30% of her income.
Despite feeling overwhelmed by her expenses, Maria's low mortgage rate of 3.1% allows her to build equity over time, potentially benefiting from rising home values.
If Maria decides to stay in her home, she could cut back on expenses by shopping for more affordable insurance or exploring energy efficiency upgrades.
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