Post # 1
I was wondering what percentage of your income goes to pay for your rent/mortgage payment.
I am also wondering what you guys think a couple couple should be spending on rent/mortgage. I feel like we are paying way to much for our housing payment.
Our combined bring home income a month is about $4200 and our rent payment is $1350. That puts us at around 33% of our income going to rent.
(1350/4200 = .33 or 33%)
Post # 3
Post # 5
We spend about 30% but we rent in NYC. Therefore, we have no car payments, no car insurance, no gas, and we don’t pay for heat or hot water.
Post # 6
I always heard between 20-30% of your monthly pay should go to rent when you live in an urban area. In Chicago, it’s pretty typically to pay between 30-40% (we pay 35%).
Post # 7
@LittleRiver: Thank you.. I looked for similar posts but missed that one.
Post # 8
My Fiance and I are graduate students so we don’t have an income. When I did last year, I made around $2000 per month and paid $700 for rent (total 1400 for a one bedroom… ugh). That makes it 35% of my income to rent. I guess that’s what happens when you live in Los Angeles, particularly on the west side.
Post # 9
We’re actually at 18.9% of our take home income! You might need some extra categories in your poll.
We live in Utah, the house is two story 6 bd, 3 ba. With utilities (not cable and internet, those are perks), the percentage is 22%.
Utah is pretty affordable.
When I lived on my own, in my own house while going to school, my ratio was actually 53% and I made it work. I had no cable, auto payments, etc.
Post # 9
We spend 14% of our combine income on our mortgage…..BUT our utilities are high, we live IN Boston itself, not a suburb….in the city itself. Car insurance alone is $2550 a year for basic coverage…..
Post # 10
Almost half… but we are super broke. 🙁 Not that we live in an exspensive area, its actually quite cheap, but when we both only work part time because we are full time students rent is a lot.
Post # 11
How much you pay is not a percentage of your income. You have to look at comps. If you live in a city rent will be higher if your utilitys are included or not effect it. You just cant compare across the board. For a honest opinion on weather or not you are paying too much you would have to tell us were you live, if utilitys are included, how many bedrooms and what kinda upgrades you may have(parking,storage ect).
Between Fiance and I we bring in about 3200 a month in and we pay 950 a month for our lease option. But we live in ohio in a house and pay all our own utilitys. This number will go down about 300 a month after we fufill out lease option and buy our house.
Post # 12
@Gavinsmamma: you are right, its all a matter of where you live. I was always taught that you should be able to pay your full mortgage on on paycheck. We were lucky to get a 1300 sq ft townhouse in Boston for the price we did, we know that!
Post # 13
Currently 25% but it will drop down to less than 15% after Darling Husband accepts his new job. Our rent is VERY high for our area which is why we spend more than 20% of our income on housing. We could easily live somewhere less expensive but neither of us are willing to sacrifice all of the amenities that we’ve grown accustomed to.
Post # 14
13% …which makes me sad thinking of where all the other money is going.
Post # 15
I think we’re at about 13% for our rent.