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House PaymentsGetting the most house for your money The dream and reality of Home OwnershipOwning a home is an important part of the American dream. For those of you who are already homeowners, you probably understand the pride and joy that come with owning your own little piece of the world. For those of you aspiring to become homeowners, you probably understand the constant tug that is your dream of homeownership.But owning a home that you really can’t afford will bring you much more misery than joy. Understanding the factors that are used to determine your house payment is an important first step in your home buying – or home refinancing – process. House payment factor #1: The price of your home.The most obvious factor that will determine the amount of your monthly house payments is the price of your home. Generally, the more expensive your home, the higher your monthly house payment. But the length your dollar will stretch depends a lot on where you live. In the Los Angeles, California area, for example, the median home price in 2005 was $529,000, while that same figure was $116,100 in Pittsburgh, Pennsylvania. Whether $500,000 will buy you an average 4-bedroom or a hilltop mansion, one fact remains the same: you have to budget for your monthly house payments, which will be affected in large part by the purchase price of your home, no matter where you live.
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