(Closed) Rent/mortgage to Income percentage?

posted 10 years ago in Home
  • poll: What is your rent/mortgage to income percentage (monthly)?

    Less than 5%

    6-10%

    11-15%

    16-20%

    21-25%

    26-30%

    31-35%

    36-40%

    41-45%

  • Post # 32
    Member
    10283 posts
    Sugar Beekeeper
    • Wedding: October 2011

    Our rent is roughly 20% of our monthly take home pay. 

    Post # 33
    Member
    979 posts
    Busy bee
    • Wedding: May 2010

    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. 

    Post # 34
    Member
    5493 posts
    Bee Keeper
    • Wedding: August 2011

    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).

    Post # 35
    Member
    642 posts
    Busy bee
    • Wedding: July 2011

    View original reply
    @rachel_leigh:

    There is a great TV show I watch and follow her percentages:

    35% Housing

    15% Transportation

    15% Debt Repayment

    10% Savings

    25% Life

    http://www.gailvazoxlade.com/

    Adjusted right now to include wedding savings, but is a great thing to live by!

    Post # 36
    Member
    139 posts
    Blushing bee
    • Wedding: May 2012

    View original reply
    @ttn133: 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.

    Post # 37
    Member
    274 posts
    Helper bee
    • Wedding: October 2011

    Are the percentages for BOTH incomes or YOUR sole income?

    Fi does not live with me just yet.  Alone it is 28%

    Once Fiance 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

    Post # 38
    Member
    4410 posts
    Honey bee
    • Wedding: December 2010 - Savannah, GA

    View original reply
    @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.

     

    Post # 39
    Member
    768 posts
    Busy bee
    • Wedding: April 2010

    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. 

    Post # 40
    Member
    1573 posts
    Bumble bee
    • Wedding: August 2009

    I pay between 14 to 20% of my income regardless of where I live

    cant wait to buy a house!

    Post # 41
    Member
    1126 posts
    Bumble bee
    • Wedding: April 2011

    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.

    Post # 42
    Member
    3709 posts
    Sugar bee
    • Wedding: May 2011

    For my take home pay alone (after taxes, 401K, etc.), mortgage + insurance + taxes is about 24%. I didn’t include yearly bonus…only “regular” take home pay. 

    Post # 43
    Member
    5571 posts
    Bee Keeper
    • Wedding: June 2011

    Our mortgage payment is 17% of our total income. We bought at an extremely good time and got a great deal on our house. We have 3 bedrooms, 2 bathrooms, an office and a large kitchen and living area.

    Post # 45
    Member
    3613 posts
    Sugar bee
    • Wedding: May 2010

    26% of our combined disposable income.

    The topic ‘Rent/mortgage to Income percentage?’ is closed to new replies.

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