Housing Affordability Quiz

What are the three salary ranges discussed in the video for housing affordability?

• $30K, $60K, $90K

• $45K, $85K, $155K

• $40K, $80K, $150K

• $50K, $100K, $200K

According to the 30% rule, what percentage of your gross income should be spent on rent?

• 20%

• 30%

• 35%

• 25%

What is a limitation of the 30% rule for rent affordability?

• It doesn't consider other debts.

• It only applies to high-income earners.

• It requires a credit score check.

• It is only valid in urban areas.

What does the 28 in the 28 and 36 rule refer to?

• The percentage of gross income for mortgage payments

• The percentage of net income for mortgage payments

• The percentage of income for rent

• The percentage of income for savings

What is the main purpose of the 36 in the 28 and 36 rule?

• To cap total debt payments

• To ensure savings for retirement

• To restrict spending on luxury items

• To limit total housing costs

What does the first 30 in the 3033 rule suggest?

• Save 30% of income for emergencies

• Spend no more than 30% of gross income on housing

• Invest 30% of income in stocks

• Spend no more than 30% of net income on housing

Why is it recommended to have 30% of the home's purchase price in cash?

• To secure a lower interest rate

• To cover the down payment and additional costs

• To pay off existing debts

• To invest in home improvements

What is a challenge of following the 3x income rule for buying a house?

• It mandates a large family size.

• It is difficult in high-cost living areas.

• It requires a high credit score.

• It limits the choice of neighborhoods.

What trend is expected in second and third-tier cities?

• Rapid growth

• Stagnant growth

• Decreasing population

• Declining housing prices

What is a potential solution for adhering to the 3x income rule?

• Combining incomes with a spouse

• Reducing living expenses

• Living in a rural area

• Investing in real estate