where did the 1017 rent number come from?
I would say it’s closer to 1/4 of their monthly income. I require 1/3 on my rentals.
@Marian Smith Your question rent or buy using $1017 rent allowance for a family makes it difficult in Austin to find. But that is assuming renting. You did say VS Buying. I can see a scenario where someone can live in Austin in a 2 bedroom 2 bath home or 3 bedroom 1 bath home on $1017 or less a month........But they would have to be buyers and have about 15k to put downpayment and closing cost. Thinking slightly outside the box. Said couple buys a $250k duplex, 30yr mortgage, 5% down (12.5k), (2.5k) closing cost, PITI $1600-1700. Rent out the other side of duplex for minimum of $1000 and WhaLa living in Austin, building wealth with a home to call your own for less than $1000 a month. If you have the means to put down a downpayment and able to get a loan, buying is still the best option!