Housing expenses are an important part of a personal budget. Use the internet to research what percent of a household's monthly income should be used for housing. If the median household income in Volusia county is $3000 per month, answer the following questions.

a. What percent of household income should be used for housing?

b. Could a typical Volusia county household afford the home with the 15-year mortgage? Why or why not?

c. Could a typical Volusia county household afford the home with the 30-year mortgage? Why or why not?

What other expense should a person consider for their monthly budget? How might these expenses affect the decision of whether to purchase a home?