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What % of your income goes toward housing? - Page 2

post #21 of 138
7/3/07 at 3:03pm
I just calculated. It's 52%. I rent.

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post #22 of 138
7/3/07 at 3:10pm
We are closing on a house next Friday, we will be paying just over 36% That includes taxes, insurance & PMI. We are currently paying just over 30% in an apartment 1/3 the size, so I'm okay with the increase. We are low income, though, so we are paying MUCH less than most people in our area, we got an AWESOME deal on our house.
post #23 of 138
7/3/07 at 3:15pm
Our mortgage payment (including taxes and insurance) is 22.5% of DH's take-home pay.
post #24 of 138
7/3/07 at 3:16pm
About 15%. We are striving for simple-living. We live in a one-bedroom apartment and we are working on paying off our debt so we can live debt-free.

ETA: it was 25% of our income when we first moved in.
post #25 of 138
7/3/07 at 3:20pm
0%

we live in a small house owned by my grandpa next door. Ive lived here since high school.

Its obviously financially nice. But its great because my kids get to see their grandpa everyday, and now that my grandma has passed, he is not so lonely. I cook his meals and dh does the yardwork. Its mutually beneficial
post #26 of 138
7/3/07 at 3:37pm
our mortgage, taxes and ins come to about 30% of dp's take home pay. which is really lucky for us cause we live in a moderate-high COL area. we did buy a small house, though.
post #27 of 138
7/3/07 at 4:09pm
We rent, and pay about 50% of our take home pay. And, we don't have insurance.
post #28 of 138
7/3/07 at 4:12pm
ours is about 20% right now..... Its about to go up to 30% or so, we are buying a house soon.
post #29 of 138
7/3/07 at 4:18pm
Quote:
Originally Posted by LionTigerBear View Post
About 15%. We are striving for simple-living. We live in a one-bedroom apartment and we are working on paying off our debt so we can live debt-free.

ETA: it was 25% of our income when we first moved in.
Ours is 15% as well. We live in a house but the cost of living is pretty reasonable here.
post #30 of 138
7/3/07 at 4:29pm
Our mortgage is less than 10% of our monthly income.
post #31 of 138
7/3/07 at 4:43pm
Our mortgage,insurance,and taxes are about 20% of our combined income. If I didn't work it would jump to about 50%. DH and I work like crazy, but we do so we can still have our toys.
post #32 of 138
7/3/07 at 5:30pm
0%!!! that does not include tax or insurance, though.
post #33 of 138
7/3/07 at 5:58pm
I just reworked the numbers and if we were still married the mortgage would be just under 19% of our take home pay (I pay the mortgage myself and it is 56% for me). And even worse, his housing is only 13% of his take home pay - and that's taking into account what is left after he pays child support. Ugh.
post #34 of 138
7/3/07 at 6:07pm
It's 25% without the insurance and tax. Maybe 30% with - I'm just guessing. Our ins. and tax isn't very high.
post #35 of 138
7/3/07 at 6:15pm
16% for bare rent of 1865 square foot house. Once you add in renter's insurance, maybe 17-18%.
post #36 of 138
7/3/07 at 6:15pm
Last year 16%

next year 2% (because we will only be paying house taxes and ins)
post #37 of 138
7/3/07 at 6:20pm
Our mortgage payment including property taxes and insurance is about 10% of our net income. I would say we live in a modest home for our area.
post #38 of 138
7/3/07 at 6:26pm
50%
post #39 of 138
7/3/07 at 6:54pm
60% or maybe even a little more.
post #40 of 138
7/3/07 at 7:10pm
Our mortgage (incl. taxes and insurance) is about 40% of DH's gross income (about 55% of net). We just bought the house and we're in a high cost area. Eventually I'll go back to work at least part time but right now we're a one income family.

On the other hand, we have almost no transportation costs because we live in a great area for walking, biking, and public transportation. We have a wonderful neighborhood grocery store across the street (with organic produce, grass fed meats, free range eggs, the works!), and everything we need on an everyday basis is within 1/2 mile to 1 mile away.

I read a report somewhere which showed that many areas with high housing costs (like ours), transportation costs are low, and vice versa. On the other hand, areas with lower housing costs often require more car use and longer commutes, and people end up having high transportation costs (car payments, gas, etc).

So if you add together your housing and transportation costs, it's a better way to evaluate how expensive it is to live in your area, vs. other areas.
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