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Published: Nov 14, 2023 4 min read
Couple standing in-front of a very tall, narrow house with a pink sky in the background
Money; Getty Images; Shutterstock

The finance world is full of rules that, while not set in stone, help people to stay within their budgets and making sound decisions for their money.

One of those rules is to keep mortgage payments under 28% of your household income. However, thanks to today's high mortgage rates and elevated housing prices in general, first-time homebuyers are spending well beyond that recommended 28% figure: Typical payments for this group now account for over 40% of their gross income.

High mortgage rates have buyers spending big