I'm getting near the time when I might start considering buying a property instead of renting soon, and I'm keenly aware of one major fact about this - it's a huge commitment. Not just in the traditional sense, but in the monetary one as well. I'll be responsible for all repairs, all upkeep, basically everything that goes into keeping a property up as a solid place to live.
Having never owned a property before, I'm stuck in a bit of a lurch - wondering how much of my monthly 'rent' payment I should be putting towards my 'mortgage' payment.
Assuming I can get a good loan and a solid down-payment on the property I want, what percentage of my expenses should go towards paying my mortgage, vs. percent paying for a rental?
Note: Property Tax in my area is about 2%.