When buyers start their home search, they typically start by developing a home buying budget which, in theory, tells them what they should be spending on a home.  

Now let’s ignore for a moment the fact that studies have shown that 97% of home buyers underestimate future expenses when developing home buying budgets - often missing big ticket items like property taxes and home maintenance.

The bigger problem with this approach, which I see most home buyers making, is that their budgets are not a reflection of who they actually are and how they actually live, they’re a reflection of who they think they should be financially.