(Closed) Rent/mortgage to Income percentage?

posted 9 years ago in Home
  • poll: What is your rent/mortgage to income percentage (monthly)?
    Less than 5% : (5 votes)
    3 %
    6-10% : (5 votes)
    3 %
    11-15% : (18 votes)
    11 %
    16-20% : (38 votes)
    23 %
    21-25% : (28 votes)
    17 %
    26-30% : (31 votes)
    18 %
    31-35% : (17 votes)
    10 %
    36-40% : (5 votes)
    3 %
    41-45% : (4 votes)
    2 %
  • Post # 62
    Member
    686 posts
    Busy bee
    • Wedding: May 2012

    @kala_way: I hear that. I only make about $700 some odd dollars a month and our rent is $450 (and that’s the cheapest you can get in our area!) 

    Post # 63
    Member
    3977 posts
    Honey bee
    • Wedding: May 2011

    @Potatoes: Dang! I bet you’re a coupon queen. My rent is $1300. I just moved to a bigger place for when Fiance moves in. I only make a bit over $2000 a month. Wow, if he makes just the same as I do that means we’ll have over $2500 a month before other bills. I don’t even know what to do with that much money!

    Post # 64
    Member
    411 posts
    Helper bee
    • Wedding: September 2010

    Our apartment rent is 18% of out take home $$ I feel this is low but we are trying to save for a house at the same time. We save about $700 a month for the (hopefully) new house. Also, when we buy the new house we do not want our mortgage over 25% of what we bring home.

    Post # 65
    Member
    1995 posts
    Buzzing bee
    • Wedding: June 2010

    Ours is about 20% of our income.  Is it crazy that I didn’t already know that?!? I feel like I should have already calculated that in my life.

    Post # 66
    Member
    1664 posts
    Bumble bee
    • Wedding: August 2012

    I pay about 16% of my income for our rent… and FI’s percentage is a little higher since I make a little more than he does, and we still split rent two ways.

    Post # 67
    Member
    7172 posts
    Busy Beekeeper

    Are you counting property taxes in with mortgage expense? 

    I think I’m about 21%

    Post # 68
    Member
    877 posts
    Busy bee
    • Wedding: April 2011

    We were incredibly lucky to find a fantastic apartment in an amazing and convenient location for cheap (about 12% of our net income). We’ve lived here for about 3 years now and are investing the money that would have otherwise gone to a more expensive place or a mortgage to save up for our future home.

    Post # 69
    Member
    211 posts
    Helper bee
    • Wedding: May 2011

    If I include my mortgage + HOA + property taxes + insurance which we pay combined into a monthly escrow its about 24% of our take home pay. I would like to buy a bigger house in the next few years though so I think we might push it up to 30% in the future. Right now we have a 2 bedroom 2 bath townhouse but I would really like a 3 bedroom non-attached house in the future.

    Post # 70
    Member
    686 posts
    Busy bee
    • Wedding: May 2012

    @kala_way: I’m also the only one with steady income. I have to get food assistance so we can eat. 🙁

    Post # 71
    Member
    5151 posts
    Bee Keeper
    • Wedding: June 2010

    Ours is about 12-15 but we pay more/month so it ends up being more then that. 

    Post # 72
    Member
    3977 posts
    Honey bee
    • Wedding: May 2011

    @Potatoes: ugh, I’m sorry. And leading up to your wedding too.  My FI’s been looking for work for weeks and has hardly gotten a sniff of anything. He’s way too smart to be out of work! Seriously. It kills me.

    Here’s to jobs and money for more than food!

    Post # 73
    Member
    404 posts
    Helper bee
    • Wedding: October 2010

    Our percentage is 16% (mortgage). I used our take home pay after taxes & 401k plus our total monthly payment (mort, taxes, insurance) to calculate. Not too bad…

    What makes me ill is the childcare costs we will soon be paying when our son starts daycare later this year- it is more than our mortgage- yikes!

    Post # 74
    Member
    1317 posts
    Bumble bee
    • Wedding: October 2010

    11% after taxes but if I factor in ultilites and home insurance, it’s 24%.

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

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