Your First Home

34. How Much of Your Income Should You Spend on a House? Budgeting Formulas for First-Time Buyers

Setting a budget is one of the most confusing parts of buying your first home, especially when the advice you're hearing was written for a completely different housing market. In this episode, I break down the three most common budgeting formulas for how much of your income should go toward your mortgage (what lenders will pre-approve you for, the 28% rule, and the 25% rule) so you can figure out what actually makes sense for your income, your lifestyle, and where you live. I also share what my husband and I were pre-approved for versus what we were actually comfortable spending, and why the "right" number is different for everyone. Ready to take the first step of finding your first home? Connect with a FAME agent in your area (it's free!) [http://www.stacierihl.com/start] What you'll learn today: * What lenders will actually pre-approve you for and why that number is almost always higher than what you should spend * The 28/36 rule: how to calculate 28% of your gross income as a mortgage ceiling and why financial experts recommend it * Why Ramit Sethi's version of the 28% rule includes maintenance and utilities, and how to estimate those costs * The 25% rule: a more conservative formula using your take-home pay instead of gross income, and when it's realistic * How the average home price, interest rates, and cost of living affect which formula actually works for you * Why high earners, salaried workers, and business owners may each land on a different comfortable percentage * How to find the sweet spot between what the formulas say and what you can actually sustain month to month Resources mentioned: * Connect with a FAME agent in your area (free) [http://www.stacierihl.com/start] * Free homebuying masterclass [http://www.stacierihl.com/class] * I Will Teach You To Be Rich, by Ramit Sethi [https://www.iwillteachyoutoberich.com/i-will-teach-you-to-be-rich-second-edition/] Connect with me: * Follow me on Instagram [https://www.instagram.com/iamstacierihl/] * Visit my website [https://stacierihl.com/] CHAPTERS: * 00:00 — How much of your income should you spend on a house? * 00:54 — Why a lot of housing affordability advice is outdated * 02:48 — What lenders will pre-approve you for (and why it's too high) * 04:00 — Our pre-approval was more than my husband's entire paycheck * 05:24 — The 28/36 rule: 28% of gross income for your mortgage * 06:11 — Ramit Sethi's recommendation and how total housing costs factor in * 07:24 — Why these formulas use gross income instead of take-home pay * 08:13 — Why some people think 28% is still too high * 08:45 — HUD's 30% guideline for housing affordability * 09:19 — The 25% rule: a more conservative formula using take-home pay * 10:58 — Why the 25% rule isn't realistic in many markets today * 11:37 — What I personally spend and why I land between 25–28% of gross * 13:13 — How income type, cost of living, and earnings level change the math * 14:23 — Finding the sweet spot: what are you actually comfortable with? * 15:19 — Connect with a FAME agent in your area

33. How to Set a Realistic Budget for Your First Home (Without Going House Poor)

How do you actually set a budget for buying a house: one that works for your real life and not just what a lender says you qualify for? In this episode, I'm walking you through the exact process I recommend to every first-time homebuyer. We're looking at your take-home pay, your fixed and variable expenses, your goals for after you buy, and what you're currently paying in rent. I also share the practice mortgage payment method that helped me and my husband figure out what we could actually afford when our payments doubled, and how you can use it to test your budget before you ever commit. Ready to take the first step of finding your first home? Connect with a FAME agent in your area (it's free!) [http://www.stacierihl.com/start] What you'll learn today: * Why your pre-approval amount and what you can actually afford are two completely different numbers * How to figure out the highest mortgage payment you could realistically handle based on your take-home pay and fixed expenses * How to have the priorities talk with your partner about what matters more: a bigger house or more lifestyle flexibility * The practice mortgage payment method: how to simulate your future payment before you buy so you know what it actually feels like * What to think about five to ten years out: kids, career changes, and how your needs in a home might shift * How to use a mortgage calculator to work backwards from the monthly payment you're comfortable with to a home price Resources mentioned: * Connect with a FAME agent in your area (free) [http://www.stacierihl.com/start] * Free homebuying masterclass [http://www.stacierihl.com/class] * Free guide: How much house can you afford? [https://homebuying101.lpages.co/how-much-house-can-you-afford/] * Fannie Mae mortgage calculator [https://yourhome.fanniemae.com/calculators-tools/mortgage-calculator] Connect with me: * Follow me on Instagram [https://www.instagram.com/iamstacierihl/] * Visit my website [https://stacierihl.com/] CHAPTERS: * 00:00 — How do you know how much house you can actually afford? * 00:55 — The free guide that started it all * 02:31 — The goal: a house that fits your life, not one that takes it over * 04:18 — Start with your take-home pay and fixed expenses * 06:27 — Variable expenses and the priorities conversation * 09:57 — Your goals for after you buy * 11:07 — What are you paying in rent, and how does it feel? * 11:49 — Practice mortgage payments: test your budget before you commit * 14:14 — How your life and finances might change in 5–10 years * 15:00 — The ultimate question: what monthly payment are you comfortable with? * 16:34 — Using a mortgage calculator to find your price range * 19:13 — How to connect with a FAME agent

32. The Hidden Costs of Buying a House That No One Warns You About

Buying a house is one of the most exciting things you'll ever do, but it comes with costs that most first-time buyers don't see coming. And when your bank account is already feeling light from the down payment, an unexpected $1,200 Target run can feel like a gut punch. In this episode, I break down every hidden cost of buying a house in chronological order: what you'll pay before closing, what hits right after you get the keys, and the ongoing costs that come with homeownership so you can plan for all of it and actually enjoy your new home without the financial stress. Ready to take the first step of finding your first home? Connect with a FAME agent in your area — it's free. [http://www.stacierihl.com/start] What you'll learn today: * How much to budget for home inspections and appraisals before you even close (and why they're usually non-refundable) * What earnest money is, how much it costs, and how it folds into your closing costs * The post-closing expenses that catch almost every first-time buyer off guard, from tools to deep cleaning to window treatments * Why most of your mortgage payment goes toward interest instead of paying down your loan, and what you can do about it * How property taxes and homeowner's insurance can raise your monthly payment over time, even after your mortgage is paid off * The 1% rule for home maintenance and why a six-month emergency fund gives you more peace of mind than a strict savings target Resources mentioned: * Connect with a FAME agent in your area (free) [http://www.stacierihl.com/start] * Free homebuying masterclass [http://www.stacierihl.com/class] * Closing costs calculator (Fannie Mae) [https://yourhome.fanniemae.com/calculators-tools/closing-costs-calculator] * Mortgage amortization calculator [https://www.bankrate.com/mortgages/amortization-calculator/] Connect with me: * Follow me on Instagram [https://www.instagram.com/iamstacierihl/] * Visit my website [https://stacierihl.com/] CHAPTERS: * 00:00 — What are the hidden costs of buying a house? * 01:24 — Welcome to Your First Home * 03:43 — Hidden cost #1: Home inspections and the appraisal * 07:03 — Why inspections and appraisals are usually non-refundable * 07:32 — Hidden cost #2: The rest of your closing costs * 09:42 — Hidden cost #3: Post-closing expenses (the costs no one talks about) * 13:27 — Hidden cost #4: Mortgage interest and how your payment is really broken down * 15:50 — Hidden cost #5: Property taxes and homeowner's insurance * 16:40 — Hidden cost #6: Home maintenance and the 1% rule * 18:03 — Why a six-month emergency fund changes everything * 20:03 — Recap: every hidden cost in order * 21:02 — How to connect with a FAME agent for free

31. Will the Housing Market Crash in 2026? What First-Time Buyers Actually Need to Know

You've probably seen the headlines: home prices are shifting, interest rates have been bouncing around, and it feels like every article is telling you something different about whether now is the right time to buy. But unfortunately, most of that information is based on data that's already two months old, so it's not as accurate as we'd hope. In this episode, I'm breaking down the real numbers behind the 2026 housing market: what's happening with interest rates, where home prices actually stand, why media headlines are misleading, and what all of it means for you if you're a first-time homebuyer trying to figure out your next move. Ready to take the first step of finding your first home? Connect with a FAME agent in your area — it's free. [http://www.stacierihl.com/start] What you'll learn today: * What happened when interest rates dropped below 6% in February, and why they rose again before spring * Why most housing market headlines are based on outdated data and how the two-month sales lag works * What mortgage purchase applications tell us about buyer demand right now (and what they don't) * How current housing inventory compares to the 2008 crash, and why we're nowhere near those numbers * Where home prices actually are in Q2 2026 and how they compare to inflation and wage growth * Why the national market doesn't tell you much, and how regional markets like the Northeast vs. Florida are moving in opposite directions * How to find an agent who knows your local market so you're not overpaying or underbidding Resources mentioned: * Connect with a FAME agent in your area (free) [http://www.stacierihl.com/start] * Free homebuying masterclass [http://www.stacierihl.com/class] * Freddie Mac Primary Mortgage Market Survey [http://www.freddiemac.com/pmms] * Redfin housing market data [http://www.redfin.com/us-housing-market] Connect with me: * Follow me on Instagram [https://www.instagram.com/iamstacierihl/] * Visit my website [https://stacierihl.com/] CHAPTERS: * 00:00 — Why most housing market headlines are wrong * 01:01 — Recap: what we predicted for 2026 at the start of the year * 02:06 — How interest rates, home prices, and wages were expected to move together * 05:33 — What actually happened: rates dropped below 6% in February * 06:55 — The Iran conflict and the rate spike that followed * 07:47 — Why we can't see real pricing data for two months * 08:53 — What mortgage purchase applications tell us about demand * 10:04 — Current housing inventory vs. the 2008 crash (70K vs. 400K listings) * 11:28 — The spring market: where prices stand right now * 12:34 — Why the national market doesn't matter — your local market does * 14:05 — Regional breakdown: Northeast vs. Florida vs. Arizona * 14:50 — How a FAME agent helps you navigate your local market

30. 7 Best Pieces of Advice and Tips for First-Time Homebuyers

Buying a house doesn't come with an instruction manual, and most of us were never taught how to do this. So if you're feeling lost on where to start, that's not your fault. In this episode, I'm sharing the seven best pieces of advice I give every first-time homebuyer, based on helping hundreds of people through this process and buying three homes myself. Some of these tips are for when you're actively house hunting, some are for before you buy, and some are for after. All of them will help you avoid the expensive surprises that catch most first-time buyers off guard. Ready to take the first step of finding your first home? Connect with a FAME agent in your area — it's free. [http://www.stacierihl.com/start] What you'll learn: * Why the age of the roof and HVAC system tells you more about a home than a renovated kitchen does * How a fresh coat of paint is the most affordable upgrade (and how good staging can trick you into overpaying) * Why you should never plan to move in right after closing, and how much overlap to budget for * What to look for in a home inspector and why you should never shop for one based on price * How to research a neighborhood before you tour a single home so you don't end up regretting your location * Why talking to a mortgage lender is free, doesn't commit you to anything, and will answer 95% of your questions * The timeline you actually need: when to connect with an agent and when to start touring homes Resources mentioned: * Connect with a FAME agent in your area (free) [http://www.stacierihl.com/start] * Free homebuying masterclass [http://www.stacierihl.com/class] * Episode 2: Red flags to look for with home inspector Vince Tecce [https://podcasts.apple.com/us/podcast/your-first-home/id1843168675?i=1000731922137] Connect with me: * Follow me on Instagram [https://www.instagram.com/iamstacierihl/] * Follow me on TikTok [https://www.instagram.com/iamstacierihl/] * Visit my website [https://stacierihl.com/] CHAPTERS: * 00:00 — Buying a house doesn't come with an instruction manual * 01:30 — Tip 7: Always ask about the roof and HVAC system * 03:42 — Tip 6: Never underestimate a fresh coat of paint * 05:05 — Tip 5: Don't try to move in right after closing * 05:59 — Tip 4: Research your home inspector before hiring * 07:37 — Tip 3: Research the neighborhood before you look at homes * 09:45 — Tip 2: Talk to a mortgage lender (it's free) * 12:18 — Tip 1: Start the process early * 13:53 — Recap and final advice