Real Estate Math
A Virginia buyer's total monthly housing expense (PITI) is $2,200. Their gross monthly income is $7,500. What is their housing expense ratio?
A25.3%
B29.3%✓ Correct
C31.4%
D33.3%
Explanation
Housing expense ratio = PITI ÷ Gross Monthly Income = $2,200 ÷ $7,500 = 29.3%. Using the values given ($2,200, $7,500), apply the appropriate formula.. The correct answer is 29.3%.. This is a common calculation on the Virginia real estate exam.
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