Alysha’s monthly income is $1,500. She is currently renting an apartment for $750 a month. She wants to buy a house. The mortgage would be $1,350 a month. Analyze her decision and state why such a financial decision is responsible or irresponsible.(1 point)
Responses
Alysha’s decision is irresponsible. Her home may depreciate in value after she buys it.
Alysha’s decision is irresponsible. Her home may depreciate in value after she buys it.
Alysha’s decision is responsible. Owning a home will stabilize her finances when she no longer has to pay rent.
Alysha’s decision is responsible. Owning a home will stabilize her finances when she no longer has to pay rent.
Alysha’s decision is irresponsible. With a mortgage payment taking up 90% of her income, she will likely have difficulty making payments.
Alysha’s decision is irresponsible. With a mortgage payment taking up 90% of her income, she will likely have difficulty making payments.
Alysha’s decision is irresponsible. She should only buy a home if she can pay cash for it.