From the course: Economics for Everyone: Housing Markets in Crisis

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Your best strategy

Your best strategy

From the course: Economics for Everyone: Housing Markets in Crisis

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Your best strategy

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- Whether you're worried about a housing crisis or you're not and the economy is fine, your best strategy when thinking about future housing risks should always be the same, and that's to make sure you can always make your monthly payment. On the one hand, this means when you buy a new house that you don't bite off more than you can chew. I know there's a saying out there that you should buy the cheapest car you can live with and the most expensive house you can afford. And that's true, but making sure you can afford that house is still important. You don't want to stretch yourself too thin when you buy that house to the point where you worry about being able to make payments. This means also always having a few months of cushion, or more, just in case you were to lose your job or experience any other kind of disruption. Making sure you can always make your payments is also really important when you think about your future…

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