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Take the assessment and find out.

Do you have an emergency fund?

Having 3–6 months of expenses saved up keeps you protected as a homeowner. That way, if you hit some bumps in the road, you’re not sweating—or broke.

What’s your ideal home price?

This will help figure out which homes and neighborhoods work with your budget.

When do you want to move?

Your timeline is important. Are you just trying to plan for the years ahead, or are you actively looking for a home to move into next month?

Where are you moving to?

Are you staying local? Or are you relocating to another state? This could affect the amount of house you can afford based on your budget.

How much have you saved for a down payment?

Aim for 20% of the total home price to avoid paying private mortgage insurance (PMI). But 5–10% is okay for first-time home buyers—as long as you stick with a 15-year fixed-rate mortgage and avoid FHA and VA loans.

What’s your monthly take-home pay?

Your safest bet is limiting your monthly payment to 25% of your monthly take-home pay so you have room in your budget for other financial goals.

Is the Housing Market Crashing?

Are home prices dropping? Should you wait to buy or sell a home? Should you be panicking? NO! Here’s what’s really happening in the real estate market.

Graph showing significantly more people that want homes than there are homes available

Are Home Prices Dropping?

The short answer: no. Home prices are based on supply and demand. And there are currently way more people that want homes than there are homes to put them in. What you can learn from this (and from the historical data that backs it up):

Home prices are not dropping. They will continue to rise for the next five years—just at a slower rate.
The market is not going to crash.
As the market slows down and supply increases, we expect to see supply and demand level out in the next few years.

What’s Up With Interest Rates?

In 2020 and 2021, interest rates were at an all-time low and have since risen. Here's what this means:

While it feels like interest rates are at an all-time high, they’re not. They were around 17% in the ‘80s!
Don’t wait to buy a home until interest rates and prices drop—these rates are the norm compared to the past two years.

Graph showing interest rates reaching a high in the 1980's and decreasing over time

Don’t Navigate This Market Alone

If you need help finding an agent—one who cares about you, puts your worries at ease, and has the experience to navigate this market—we can help. Our RamseyTrusted^® pros will serve you with the excellence you deserve. Fill out the form to connect with an agent you can trust.

Other Resources

Cost of Living Calculator

Mortgage Calculator

Home Buying Checklist

Home Selling Checklist

Ramsey Home Buyers Guide

Ramsey Home Sellers Guide

Ramsey Relocation Guide

Down Payment Guide

Helpful Articles

Home Buying

Is the Housing Market Going to Crash?

7 min read

Is the housing market going to crash? No. This isn’t a 2008 repeat because today there are half the number of homes for sale and double the number of buyers.

Dave Ramsey

Home Buying

What to Do When You Can't Afford Your Housing Market

11 min read

The housing market is tough right now. And if you feel like you’ve been priced out by high prices and interest rates, don’t lose hope. Here are some tips to help you find a home you can afford.