1. Choosing your home

2.   Housing meets physical needs by giving shelter and a place for belonging and personal activities.  Housing meets emotional needs by offering privacy and a place for personal expression.  Housing meets social needs by providing a place to gather with family and friends. Priorities

3.   People spend more money on housing than on any other single living expense. Several factors influence the cost of housing:  Size of the home  Location (rapidly growing areas are usually more costly than less popular areas) Housing Expenses

4.   If you plan to rent, know that rent is only part of what you will spend.  You will need to pay a security deposit, which is a fee paid in advance to cover any damage you might cause to the property. If you cause no damage to the property, then you should get the security deposit back when you move out.  You will be responsible for utilities such as gas, electricity, water, cable, internet.  Furniture & appliances  Insurance (cover your belongings against theft or damage). Determine what you can afford

5.   People who buy a home are responsible for a monthly mortgage payment instead of paying rent.  Mortgage is a long term home loan.  Like renters, homeowners must also pay for utilities, furniture, and appliances. Home owners also pay property taxes, maintenance costs, and sometimes homeowners association fees.  Homeowners insurance costs more than renters insurance because it covers the building as well as everything within it. Buying a home

6.   To save money many decide to share rented housing. The best way to make a shared living arrangement work is to agree on the ground rule before hand.  Important topics to discuss with a potential roommate include how bills will be paid and whether you will share food and cleaning supplies.  You should discuss how cleaning tasks will be divided and whether overnight guests will be allowed. Sharing Housing

7.   Recently, more adult children are returning home to live with their parents. Sometimes it is a matter of economic necessity, and sometimes the arrangement s simply practical, or useful. It can be difficult for both parents and children to adjust to this arrangement.  What is the best way to make a shared living arrangement work? Returning home

8.   City, suburb, rural  Choosing a location is not as simple as deciding between city, suburb, or rural areas.  Do you want to stay in a location that is familiar to you where you have friends and family?  Do you desire the challenge of living in a new, unfamiliar place?  You must consider job availability, climate, cost of living, transportation, commute to work. Choosing a location

9.   Renting a home is likely the first place you will live away from your family.  When you rent a unit, you enter into an agreement with the landlord (owner of the rental property) and through this agreement you become the tenant (renter). Renting

10.   Renting comes in all shapes and sizes and the property may be furnished or unfurnished.  Pros:  Fixed monthly expenses-you know how much you will be responsible for each month.  Your not responsible for repairs and maintenance.  Lower cost of insurance  Cons:  Restrictions to making changes to the property.  Some landlords do not allow pets  Financial drawbacks-you are not making payments toward ownership, no tax benefits for renting, no control over how the building is maintained/managed, noise from neighbors, clutter. Pros and Cons of Renting

11.   Your housing costs should be no more than 28% of your income.  The Jones family earns $42,000 as combined income. 29% is removed for taxes before they see their paycheck, which leaves 71% for take-home pay. How much does that give them to spend on bills and savings? What can you afford?