June is National Homeownership Month, a time to celebrate not only the benefits of homeownership, but also to showcase the many paths to becoming a homeowner.

As Realtors, we’re often asked, “How much home can I buy right now?” It’s the first and most important question in the process, but it doesn’t have a one-size-fits-all answer.

Here are a few of the factors to consider.

Affordability goes beyond mortgage rates. Real estate prices, insurance and even your commuting costs add to what makes a home affordable. While mortgage rates are higher than they were during the pandemic, they’ve stabilized in the 6s, which remains historically low.

Weigh the cost of waiting against the cost of buying now. Home prices rose in most of the Mid-Atlantic last year, and rents continue to go up in many markets, too. Purchasing today could help you build equity now and refinance if rates improve later.

Today’s financing options offer more flexibility than many realize. Our partners at Prosperity Home Mortgage, LLC, offer a range of loan programs to meet the diverse needs of customers. When you work with our Long & Foster team, you’ll also benefit from Prosperity’s experts, who’ll help you find the right solutions for your homeownership journey.

Just as real estate varies by market, affordability varies by individual. That’s why working with professionals like those at Long & Foster matters. We can connect you with trusted mortgage partners like Prosperity and coordinate everything you need to buy, sell, and own a home: insurance, title, inspection, moving and more.

As always, we’re here to help. Reach out to your local Long & Foster agent to discuss your homeownership goals or ask any questions you have about the process.