For wannabe first-time homebuyers, the latest statistics are stunning -- and dispiriting. Median-priced homes are no longer affordable for average wage earners in 71 percent of America’s residential neighborhoods.

“We are seeing a housing market in flux across the United States, with a mix of tailwinds and headwinds that are pricing out many people,” says Todd Teta, a senior analyst at Attom Data Solutions (attomdata.com), which tracks affordability trends across the country.

“Due to price jumps, many people still need a novel strategy to help them break into the market,” says Tom Early, a real estate broker and past president of the National Association of Exclusive Buyer Agents (naeba.org).

One strategy Early recommends for income-tight buyers involves choosing a place that’s currently serving as a rental unit and therefore shows poorly on a superficial level.

“For people pushing to buy a first home, finding one that’s still occupied by tenants could be the ultimate diamond in the rough,” Early says.

How can buyers identify well-priced properties with unrealized potential? Here are a few pointers:

-- Search for hidden value in a home with solely superficial shortcomings.

Because buyers still outnumber sellers in many popular starter-home communities, bargain properties can be tough to find in those areas. Nevertheless, buyers with the imagination to see beyond surface issues -- like cat odors, dirty dishes in the sink and excess clutter -- can still capture a good deal on a rental property.

“There are huge variations in the condition of rental units. It’s not every property where the hedges have grown wild and the roof needs replacement. Some owners keep their homes in prime condition, even while tenants are living there,” says Sid Davis, an independent real estate broker and author of "A Survival Guide for Buying a Home."

The key to finding a genuine bargain in a rental unit is to carefully consider each property you visit on the basis of its own merits and drawbacks.

Davis urges you to consider any property on the basis of an arm’s length analysis.

“You can’t let your emotions take over,” Davis says.

-- Try to schedule your visit when the tenants are away.

Though there are exceptions to the rule, people living in rental properties are typically unhappy that their landlord plans to sell their habitat out from under them, Davis says.

“Not infrequently, renters are angry. In a subtle way, they’ll try to sabotage the sale.

“Tenants will shoot their mouths off about any little thing that’s wrong -- from a burned-out lightbulb to fictional problems with the roof,” Davis says.

He recommends you try to visit a rental property when the tenants are absent. This way, you can give the place greater scrutiny. For instance, you’ll be more at ease checking out the closets and kitchen cabinets.

-- Seek out cost estimates for necessary repairs and improvements.

For 15 years, Davis owned a half-dozen investment properties that he rented to tenants. His experience as a landlord taught him that renters often fail to tell their landlord about problems until they become serious.

The prospective buyer of a rental property needs to know in advance how much it would cost to fix the home’s problems. To do so, Davis recommends you arrange to get estimates on the costs for all the major repairs on your inspector’s list before finalizing your commitment to the purchase. Then be sure these expenses are factored into the price you negotiate.

“Rental property is typically stigmatized, so many buyers refuse to consider it. That gives you more leverage with owners,” he says.

-- Go for a highly professional home inspection.

Even if a rental property has been overseen by a professional management firm, it may not have received the same level of attention as an owner-occupied home. So, it’s important to make any bid conditional on a satisfactory home inspection.

To identify a diligent home inspector, Davis recommends you ask your real estate agent for a list of at least 10 candidates, and then interview three on the phone before making your final selection. Ask all the candidates whether they’ve gained training and certification through a professional group such as the American Society of Home Inspectors (ashi.org).

“Make sure you rule out any inspector who’s also in the home improvement business. That’s a huge conflict of interest, because that kind of inspector has an incentive to find problems where none exist,” Davis says.

Remember that some problems with rental properties may look more serious than they are.

“Often, a rental house needs paint and carpet cleaning. But those repairs should be superficial and pretty cheap to do,” Davis says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

Young adults across America are facing an unprecedented array of expenses. These include payments on mountains of student debt and hefty health care costs. Many with small kids also face exorbitant daycare charges.

So, should millennials try mightily to limit their mortgage expenses when buying a home -- even if that means settling for a smaller-than-ideal property? Absolutely, if they intend to stay in their place for a relatively short time, says Issi Romem, the chief economist for Trulia, which tracks real estate markets throughout America.

“It’s not a good idea to overextend yourself if you’ll need to sell within three to five years,” says Romem, who’s based in one of the nation’s costliest housing markets, the San Francisco area.

Romem is already identifying signs of a mild to moderate downturn in real estate markets and a slowing of home price appreciation. That means those currently buying property can’t count on price gains to cover their selling-related expenses if they must let go of their property a few years after buying it.

The good news for current buyers is that the market is gradually shifting in their favor, and mortgage rates are likely to remain moderate by historical standards. Meanwhile, unsold inventory is starting to accumulate, which means many sellers will need to cut prices, giving buyers more bargaining power than they’ve had in recent years.

The slowing in home price appreciation, coupled with the high cost of living for many millennials, makes it prudent for first-time buyers to limit their exposure to mortgage debt, says Keith Gumbinger, a vice president at HSH Associates, which follows home lending trends across the country.

“It’s better for buyers to err on the side of safety than to be up to their necks in financial obligations,” he says.

Here are a few pointers for buyers:

-- Realize it’s still possible to take out a bigger home loan than you should.

“It’s always possible to put yourself behind the eight ball with mortgage debt,” Gumbinger says.

Many borrowers are offered the chance to take out a larger mortgage than is wise in their case, says Sean Sebold, a veteran financial planner who’s advised clients since 1994.

Among the buyers who should be especially careful not to overspend are people who are single and couples supporting a household on just one income, he says.

Why do some buyers spend more than planned -- even after taking on a big mortgage? Sebold believes most buyers are optimistic about their finances.

Although there are fewer people working in mortgage lending than before the Great Recession, those still in the field are now competing as aggressively as ever for loans, Gumbinger says, and many lenders work on commission, meaning they don’t get paid unless their deals go through.

Do lenders want buyers to borrow more than is prudent? Generally not, says Gumbinger, but neither are they driven to dissuade borrowers from doing so.

“It’s not the mortgage lender’s responsibility to protect you from you,” he says.

-- Get a handle on your finances prior to taking out a mortgage.

Sebold suggests that before looking at property, you do a careful analysis of your income and outflows to ensure you’ll have adequate funds to cover both your mortgage payments and your non-housing expenses.

Do you have a child who needs expensive tutoring due to learning disabilities? Are you a dog lover who insists on organic food for your several puppies? Do you like traveling the world and take regular international trips?

These are examples of special spending patterns that should be taken into account when deciding how much you can afford for a property.

Sebold recommends that before you shop for a home, you should analyze your spending over a recent three-month period. Then assume you’ll spend as much or more after you buy a home, adding in extra costs for the property, such as hardware and lawn supplies.

In fact, Sebold encourages renters to simulate what they would confront if they faced higher housing costs each month.

“Suppose you’re now paying $1,500 a month for rent but plan to spend $2,500 for a house payment. While still living in your apartment, put an extra $1,000 a month in a savings account and see if you can live on the rest of your income,” he says.

-- Give yourself an upper limit on how much you’ll spend for a home.

“If you’re working in an insecure job, you’d better have a year’s worth of living costs set aside if you’re in a one-income household,” Sebold says.

Even if you have two incomes -- and believe your jobs are secure -- Sebold says you’ll want to add in a financial buffer when calculating what you can afford for housing.

After gaining mortgage preapproval, he urges you to set a firm upper limit on how much you’ll spend before heading out to look at property. Put this number on an index card and carry it in your pocket when you’re searching for the right home, he says.

“You should always know that number before going out to buy,” he says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

Herb Knoll was just 57 when his wife died after a long battle with pancreatic cancer. Overwhelmed with grief, he headed to his local Barnes & Noble in search of a book offering guidance for widowers. Unhappy with the limited selection, he decided to author “The Widower’s Journey: Helping Men Rebuild After Their Loss.”

For his research, the former banker reached out to more than 40 men who’d also lost their wives. These interviews led him to conclude that many men are so flooded with emotion after losing a spouse that they make mistaken lifestyle decisions, coping poorly with issues related to their both their health and finances.

“During this vulnerable time, many people, and especially men, are very impulsive,” Knoll says.

One impulsive decision many who lose a spouse make is to hurriedly sell a property they’ve inhabited for years. Knoll says such a quick sale could be a mistake from both a financial and emotional perspective.

Of course, some who are widowed are compelled to liquidate their property quickly if the loss of a spouse’s paycheck makes it impossible for them to meet their mortgage payments. In such a case, it’s usually better to sell than face involuntary foreclosure.

Also, Knoll says those who are very elderly when their spouse passes away may wish to sell their home promptly and relocate to live near grown children or grandchildren --given that they can anticipate relatively few additional years of life.

Knoll urges those who’ve lost a spouse to death to connect with others facing the same situation. He says this is especially critical for widowers who live alone or in rural communities.

“Many men who’ve lost their wives live in the shadows. Their wife was the linchpin of their social life and now she’s gone,” he says.

To help facilitate interactions among widowers, Knoll created the Widowers Support Network, a nonprofit group that now connects 370 men, as well as a number of widows, in 19 countries. He invites anyone who’s lost a spouse to join this virtual network or to reach him directly through his website: WidowersSupportNetwork.com.

Knoll urges anyone who’s lost a spouse to strengthen their support network during this challenging period. Here are a few other pointers for widows and widowers:

-- Ponder any housing moves from a holistic perspective.

For many who’ve lost a spouse, keeping a large family home indefinitely means serious financial trade-offs, says Mark Nash, a longtime real estate broker and author of “1001 Tips for Buying and Selling a Home.” He suggests you consult a trusted financial planner or accountant before making any major real estate decisions.

“Crunching the numbers will tell you a lot about your options and help you face reality,” Nash says.

In advance of a visit to see your financial adviser, Nash suggests you spend some time with your checkbook and credit card statements to determine how much your house is costing you in mortgage payments, taxes and maintenance outlays.

-- Question whether moving to a condo is the best choice for you.

Arlen Olberding, a certified financial planner affiliated with the National Association of Personal Financial Advisors (napfa.org) says there are always multiple factors to consider before making a major housing change.

He says those suffering in the aftermath of a spouse’s death often sell a large family home in favor of a smaller unit in a condo development. Yet after taking the monthly condo fees into account, they’ve saved little.

“Making a lateral transition doesn’t necessarily reduce your housing costs. Instead of buying a condo with all those fees, you might be better off downsizing to a smaller, one-level house that could serve you well in retirement,” he says.

-- Take seriously your emotional attachment to the family home.

Some women are strongly attached to the home where they raised their children and want to keep a place with extra space for their extended family visits -- a concept called the “mecca house.”

Nash says he’s worked with many older women who live to regret the sale of the spacious family home.

“Once the family house is gone, they feel like fish out of water,” he says.

Throughout his real estate career, Nash says he’s noticed that more women than men want to keep the family home in the wake of widowhood. Still, of those many want to slightly alter the house, perhaps with the help of an interior designer.

“This way, a woman can put her imprint on the property for the next stage of her life,” Nash says.

-- Make any housing decision an element in your overall life planning.

To whom should you turn to help chart your housing plans after a spouse dies? Sometimes a real estate agent who’s willing to listen to your story, (and won’t push you to sell), is a better bet than a close friend or family member, according to Nash.

“Your family and friends aren’t always the most objective advisers. Besides an agent, you might want to talk to a therapist, counselor or life coach,” he says. (To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)