what is the average cost of the basic goods and services needed to sustain a certain standard of living
cost of living
what is a level of wealth, comfort, material goods, and necessities avaliable to a group of people
standard of living
what is it called when someone spends so much of their income on the costs of homeownership that they struggle to reach other financial goals
House poor
As of 2018, what percent of homeowners had a paid-off mortgage or never had a mortgage?
41%
what is the 1st step of the American dream?
renting for a season of your life
What percent of people who rent say that their housing costs are more than half of ther income and are a severe financial burden?
25%
what is a lowrisk way to figure our what you really want before you buy a house?
renting
Financial responsibility lets you do what to things?
give both money and time
periodic payments by a tenant to a landlord or a set number of years
renting
a mortgage with a set interest rate or a set number of years
fixed rate mortgage
the amount borrowed to purchase a home
mortagage principle
What are the 3 common ways to pay for housing?
rent or buy
what percent of millenials rent a place to live?
62%
what percent of people say that having the money for a down payment and closing costs would be an obstavle to owning a home
77%
what percent of millennials have bought a home?
38%
It is often wiser to wait until after what year of marriage to buy a home
1st year
About what percent of the down payment should you have saved up in cash?
10-20%
what are things that can help provide convenience, comfort, or enjoyment?
Amenities
What 3 things make is a better idea to rent and not buy?
- when youre paying off debt
- when youre still building up an emergency fund
- when you are saving 10-20% down payment
what is a legal contract that allows the renter, or lessee, rights to the use of a property owned or managed by the lessor for a period of time
Leasing contract
what is the portion of a legal contract signed by both parties
Acknowledgement clause
Your rent payment should be no more than ____% of your take home pay
25%
What percent of renters are under the age of 30
49%
What are the 8 items that will be in a lease?
- name of landlord and tenant
- address and unit number
- rental term and date agreement is valid
- rent amount, due date, late fees
- rules about pets/pet fees
- security deposit terms
- responsibilities
- acknowledge
