Your mortgage payment is probably the largest bill you pay each month. That’s why it might be surprising to learn that owning a home has actually gotten more affordable during the years, according to a recent story by The Mortgage Reports.

The story points to a new report from ATTOM Data Solutions showing that it takes about 31.1 percent of the average U.S. resident’s income to buy a home in 2020. That’s a dip from 2019, when it took about 31.6 percent of the average American’s income to purchase a house.

The 2020 figure is the lowest since 2017.

Why has affordability risen? ATTOM pointed to today’s low mortgage interest rates. Lower mortgage rates result in lower monthly mortgage payments. And that makes owning a home more affordable.

This doesn’t mean, though, that you don’t need to make a budget before shopping for a home. You don’t want to buy a home that you can’t afford. That will result in a monthly mortgage payment that you’ll struggle to pay. Being house poor — meaning that your monthly mortgage payment consumes too much of your income — will ruin the experience of owning a home.

You can’t enjoy living in your new home if it’s a struggle to make your mortgage payment on time. So before looking for a home, create a budget listing your monthly expenses and income. This way, you can determine exactly how much of a mortgage payment you can afford each month.

You should also meet with a mortgage lender to get pre-approved for a mortgage. In a pre-approval, a lender runs your credit and verifies your income and debts. Your lender then drafts a pre-approval letter stating how much of a mortgage you can afford. Having this pre-approval letter lets you know how much of a home you can buy, too. If your lender says you can afford a home costing $300,000, you won’t waste time looking at a Chicago home costing $400,000.