(Closed) How much % of your wage is your rent or mortgage a month?

posted 8 years ago in Home
  • poll: How much of your monthly combined income goes towards your rent/mortgage payment?
    Less than 20% : (42 votes)
    27 %
    21-30% : (51 votes)
    33 %
    31-40% : (32 votes)
    21 %
    41-50% : (17 votes)
    11 %
    51-60% : (7 votes)
    5 %
    61-70% : (4 votes)
    3 %
    more than 71% : (1 votes)
    1 %
  • Post # 3
    1075 posts
    Bumble bee
    • Wedding: September 2013

    I work in the mortgage business


    You really shouldn’t go over 31% of your gross income




    And most banks will not approve (originate) a loan for you if does exceed 31%

    Post # 4
    420 posts
    Helper bee

    As a couple, or my personal income?

    Post # 6
    5263 posts
    Bee Keeper
    • Wedding: June 2012

    We still split the rent 50/50 because the Future In-Laws help R out in addition to the pay he gets for working, so my rent is right around 40% of my paychecks for the month. It’s not ideal, but I’m a broke college student and I need a roof over my head! Rent’s really expensive in the city. 

    Post # 7
    9056 posts
    Buzzing Beekeeper
    • Wedding: June 2010

    We’re around 10%

    Post # 9
    1075 posts
    Bumble bee
    • Wedding: September 2013



    Now when you say “mortgage payment” you’re talking about the whole payment right?  Not just the P&I ?  Alot of first time buyers are just focused on the house payment alone and dont also realize to factor in escrow

    Post # 10
    2004 posts
    Buzzing bee
    • Wedding: November 2008

    Ours is pretty low while we rent and save for a house. Renting can be pretty cheap in my city, but buying is very expensive!

    But I agree with WendyS328 that banks will not usually approve a loan where the percentage of income you put toward your mortgage is greater than 31%-35%. And if they do, the interest rate on the loan would be really high. So you might have to wait until your fiance has a job so that his income would qualify you—I doubt they would count projected income 🙁 

    Post # 13
    1075 posts
    Bumble bee
    • Wedding: September 2013

    That’s a great interest rate!

    Sounds like you have a pretty good loan.

    With the way the market is right now, you should have had the sellers pay for all closing costs and inspections for you.

    Post # 15
    1075 posts
    Bumble bee
    • Wedding: September 2013



    Well good luck.  I would highly recommend not going over 50% at least, and even that is really high for DTI (debt to income ratio)

    I mean right now, I’m working on a Gov’t program to get peoples’ DTI AT 31% that was raised due to a job loss when the economy went bad.

    Post # 16
    2767 posts
    Sugar bee
    • Wedding: September 2009

    25% of our combined monthly income goes toward our mortgage.  I would not recommend getting a mortgage that costs you 50% of your income.  It would be very hard to make it in my opinion.  Things can go wrong in homes and you will need to have money to fix them.  You aren’t giving yourself a lot of extra money if 50% of your income is going toward your house.  Utilities, food, medical bills, cars, and insurance will take up your other 50%.  Where is your fun spending money and your money for emergencies then?


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