What percentage of your monthly income is spent on home?

posted 3 years ago in Home
  • poll: what percentage of your take-home pay is spent on housing related expenses?
    less than 20% : (30 votes)
    28 %
    less than 30% : (41 votes)
    38 %
    less than 40% : (19 votes)
    17 %
    less than 50% : (10 votes)
    9 %
    50% or more : (9 votes)
    8 %
  • Post # 3
    2675 posts
    Sugar bee
    • Wedding: May 2014 - Madison, WI

    I would say I am right around 30% of my take home pay. Main cost is rent.

    Post # 4
    3280 posts
    Sugar bee
    • Wedding: June 2014

    Including our mortgage taxes and insurance we are just under 8%

    Post # 5
    816 posts
    Busy bee
    • Wedding: January 2013

    Thankfully, we don’t have a mortgage – so now, 0%. But pre-FI when I had my own house it was 20% of my take home pay if I included my utilities. My house was very modest.


    Post # 6
    2117 posts
    Buzzing bee
    • Wedding: June 2015

    Just around 30% of my take home pay. Our rent includes all of our utilities, except electric, which is generally a very small bill.

    Post # 8
    885 posts
    Busy bee
    • Wedding: October 2013

    About 25% of mine and DH’s combined income goes to our house (mortgage, insurance, taxes, utilities).  There is an additional payment we put on our mortgage to pay it off faster (~15% of our income) but since it’s not required, I didn’t include that.

    Post # 9
    2355 posts
    Buzzing bee
    • Wedding: September 2014

    We rent a condo. HOA rules apply to us, but we don’t have to pay any HOA fees since we aren’t owners.

    If you look through financial advice on the web, 30% for housing is about right, and it shouldn’t go much above that.

    Post # 10
    328 posts
    Helper bee
    • Wedding: February 2014

    @Laurenplusalex:  ours is 12% but we have a smaller home with no upgrades even though its less than 10 years old. Buying is cheaper in our area if you compare the same sizes of everything. We avoided condos due to the HOA fees were huge, maybe the cost of our morgage.

    Post # 12
    331 posts
    Helper bee
    • Wedding: June 2014 - Excalibur

     About 30%  of just my take home pay. I didn’t include taxes as I pay those semi-annually,  not in my mortgage.  We just moved to a rural area  and taxes look like they are going to be above $3000/ year! I  only paid $1100  yearly where I used to live and it was a nice, populated area!!

    Post # 13
    6788 posts
    Busy Beekeeper
    • Wedding: March 2014 - A castle!

    @Laurenplusalex:  Rule of thumb is that your rent/mortgage should not exceed 1 week of take home pay.

    Post # 14
    7281 posts
    Busy Beekeeper
    • Wedding: October 2011 - Bed & Breakfast

    25% total. Mortgage (principal and interest, property taxes, home owners insurance) is 21%, and another 4% for tv/internet/electric utilities (we don’t have a phone bill, water bill, or natural gas bill).

    Property taxes suck. Ours are $7k a year. But I look at it as still being cheaper than the private school tuition I paid when we lived in a less expensive area with crappy schools. 🙂

    Post # 15
    9859 posts
    Buzzing Beekeeper
    • Wedding: May 2014

    @Laurenplusalex:  23% of our takehome pay goes to rent, parking and renters insurance.  Our utilities are included in our rent. 

    Post # 16
    2209 posts
    Buzzing bee
    • Wedding: May 2014

    @Laurenplusalex:  Those taxes don’t sound that insane to me.  My house is a 968 Sq foot ranch with a half finished basement and I pay over 3K for taxes every year.

    Right now, I’m paying about 35% of my take home for mortgage and utilities (no HOA fees).  The bare minimum I would need to pay would be ~32%, but I’m paying just a wee bit extra every month.  Once we get married and don’t have to save for the wedding anymore, I expect that to go down to 20% or so.

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