- Blog
- Bios
- Boards
- Classifieds
- DIY
- Gallery
- Vendor Reviews
- Shop Weddingbee
Weddingbee boards
This thread got me curious. http://boards.weddingbee.com/topic/how-much-do-you-pay-for-rent
Since some bees live in high rent areas but their cost of living (income) might be higher than low rent areas and lower cost of living.
How much is your monthly rent/mortgage to your monthly take home pay?
This is just rent/ mortgage. Not other living expenses.
Edited: Okay so I changed it to be for our take home pay (not including bonuses). Our rent is about 32% of our take home monthly pay.
Sorry, I deleted the poll, because I didn't like how I split up the options. Hold on.
My rent is only 26% of my income. I think this is REALLY low for people my age living here in DC, but I live in the ghetto so that I could afford to put money away, own a decent car, and not have to ask daddy for support the way all my friends do. Now that I've done that for a year, my FI and I are moving somewhere nicer- but we still got a killer deal on rent and will be paying about the same amount 
BTW I used after-tax and after-health insurance income for that percentage (aka, my take-home pay). If we're doing gross income than the percentage would be MUCH lower.
We pay $1400 a month and that is only 16% of our take-home after-tax/401k/insurance deduction pay. We work really hard to live way below our means so that we can save and travel!
Our take home pay versus mortgage % is about 12%. Like Crayfish, we live below our means--but for us it's for paying for grad school and paying off old student loans, and saving for the future.
Shoot, I thought by deleting the poll and then making a new one it would delete the votes... but it looks like it didn't. Shoot! Sorry :(
I'm unemployed so mine is pretty much 100% but I used FI's income and he's paying about 15%.
@yrret107: Do you think that insurance and tax should be included with the mortgage percentage? I feel like just including a mortgage is really misleading since the other two are huge expenses that are not optional when it comes to owning a house.
Oh, living outside of Seattle. Me and the DH's rent to income is about 20-22%.
@crayfish: Hmm, good point. That's true. I would exclude it because people who rent don't have to pay for taxes and PMI.
DH and I spend right at about 20% of our take-home pay (after health insurance, taxes, 401K, etc) on our rent.
it's pretty hard to do on am onthly income, since bonuses are a huge factor in the income. But I suppose since there weren't any bonuses this year it makes it a bit easier. Our mortgage is about 36% of our income, including property taxes, after taxes, not including bonuses, and not including the wage I currently make, because its very unreliable.
Ours is about 25%. According to my calculations, if we were at 30% we could pay another $400-$450 to rent. That goes into savings!
Our mortgage is about 25% of our takehome income (after taxes and 401k).
OK based on my calculations (thank you ehow), is 2.4% lol which I'm sure is wrong. I'm guessing we're about 24%
We're spending 35% of our take home pay on mortgage/taxes/insurance, but we're paying a lot more on our mortgage each month to pay it down. If we paid the regular monthly payment, we would be spending 18%.
@SoontobeMrsA: I still use the formula I learned in 8th grade! is/of = %/100, and then you cross multiply and solve. Got me through high school and college :)
10.2% on our mortgage. However we pay a higher fixed payment as that is our bottom dollar/variable rate payment -we pay about double to hack away at principle.
21% with utilities/all house expenses included. And actuallt 30% with our additional fixed payment on the mortgage!
Our mortgage (inludes taxes, pmi, and home insurance) is aprox. 30% of our tax home pay.
Our mortgage is exactly 30% but I'm including insurance and taxes in this because we are forced to put this in escrow every month. Not including those would bring it to about 21%.
Ours is 0%. DH made some really good financial decisions when he was Activated, and he paid off his 30 year mortgage in 3 years. So, we're doing very well in the respect that we don't have a house payment or any car payments.
Good for you both, that is so amazing and a mortgage free day is something that I tihnk is huge on life's to-do list!
Including taxes, mortgage and condo fees we spend about 35% of our take home pay on housing.
@loribeth That is awesome! Way to go! I cannot wait to be mortgage free!
Curious, what does Activated mean?
I work for a housing and community development consulting firm and, technically, anyone who pays more than 30.0 percent of monthly income on housing costs carries a "cost burden." A "severe cost burden" involves a situation wherein more than 50.0 percent of income is spent on housing costs. According to HUD, cost burden and severe cost burden are both housing problems and can lead to homelessness if problems such as health issues or job loss are faced. While traditionally cost burden problems have existed mostly for renter households, the problem is growing for homeowners carrying a mortgage.
This is interesting, because it looks like most people who have posted so far who have a cost burden are owners with a mortgage rather than renters. So people posting here are definitely falling in line with national trends.
Ours is 10% of our income. We are very fortunately to have found a great little rent controlled apartment in a great area that is CHEAP! It has allowed us to save a ton of money over the last 3ish years that we've lived here. We've often wanted to move somewhere bigger but have opted to stay to continue to save up for a house, (which we are now able to afford).
There is a great TV show I watch and follow her percentages:
35% Housing
15% Transportation
15% Debt Repayment
10% Savings
25% Life
Adjusted right now to include wedding savings, but is a great thing to live by!
@yrret107: My rent is a little less than 20% of my income. Its includes all utilities though. For the location in south florida, I'm paying much less then any of my friends. I live with a friend who is also engaged so soon we will be moving.
Are the percentages for BOTH incomes or YOUR sole income?
Fi does not live with me just yet. Alone it is 28%
Once FI moves in and we combine finances, we will be at 15%
PS - i cant do percentages either. Thank goodness for the internet: http://www.onlineconversion.com/percentcalc.htm
@sparkle: He was activated for the Army Reserves, which means he was doing it full-time rather than the one weekend a month for about five years.
we're at about 43% renting, but we choose to live a block from the beach and have no debt, so that's our splurge. also, we make a sorry amount of money right now.
I pay between 14 to 20% of my income regardless of where I live
cant wait to buy a house!
We're buying a house, and our mortgage alone is going to be about 1/6 of our joint take-home pay, but if we include taxes (which are astronomical) and homeowner's insurance, it's about 1/4. I think you have to include taxes, because that's a standard payment that renters don't have. Our mortgage payment is equivalent to a lot of apartment rents in our area, but adding on the $500/month toward property taxes really escalates it.
You must log in to post.
| Visit our sister sites | eHarmony Online Dating |
eHarmony Advice Dating Advice |
Project Wedding Wedding Songs |
JustMommies Pregnancy Calendar |
Create the honeymoon of your dreams.
| User | Posts Today |
|---|---|
| MissBoPeep | 71 |
| beargoose | 42 |
| hisgoosiegirl | 41 |
| akp0702 | 41 |
| Mrs.KMM | 40 |
| ndreighton | 38 |
| stardustintheeyes | 33 |
| Gemstone | 31 |
| MrsPom | 31 |
| BetterSherm | 31 |
| User | Posts Today |
|---|---|
| TheJeanses2012 | 4 |
| ladyartichoke | 2 |
| MissBoPeep | 1 |
| becauseilovehim | 1 |
| burris4 | 1 |
| Mrs. Chai | 1 |
| AB Bride | 1 |
| MrsPom | 1 |
| Ms Flamenco | 1 |
