How old are you? What is your family's yearly income? - Mothering Forums

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#1 of 32 Old 06-15-2008, 11:23 AM - Thread Starter
 
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Just out of curiosity...

My boyfriend and I are thinking about purchasing a home together sometime in the next year or two. I have been looking around at homes - not seriously yet, mind you, just kinda noticing what types of homes are for sale in certain neighborhoods - and I can't help but wonder what the average income is for the families in these neighborhoods.

How old are you? About how much does your household bring in per year?

ETA: I tried to make an anonymous poll but it got deleted somehow, lol!
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#2 of 32 Old 06-15-2008, 11:29 AM
 
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I'm 26 and DH is 31. Our yearly income varies, depending on if I'm working or not. It can be as low as $40,000 or as high as $90,000. This past year our taxable income was right around $50,000.

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#3 of 32 Old 06-15-2008, 11:51 AM
 
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DH and I are 28, we make about 30k a year. It might sound low but we own our house outright and our bills are low. I am going back to school in the fall to become an RN.

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#4 of 32 Old 06-15-2008, 11:58 AM
 
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I'm 21 and a student, DH is 25 and does commercial printing. Last year we brought in just about $40k. We pay $700/month mortgage. Good luck! House hunting is fun.
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#5 of 32 Old 06-15-2008, 12:50 PM
 
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The conventional wisdom is that your house purchase should be about 2 - 2.5 times of your annual income. The real estate landscape has changed, of course, and a lot of folks got in trouble purchasing houses that were three or four times their annual income. But many of those mortgages were predatorial in nature, and the homeowners pay the ultimate price. However, a lot of people also just signed on the dotted line and didn't worry enough about what would happen with that ARM did finally adjust.

Anywho...our house purchase was ~2.5 times our income at the time we purchased in 2004. It's most recent appraisal indicates we could not now buy it.

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#6 of 32 Old 06-15-2008, 01:13 PM
 
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DH and I make about $80k/year.

We are looking to make more when I get out of the military, but the house we're looking to buy will only be about $250k so we'll be pretty comfortable if everything works out.
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#7 of 32 Old 06-15-2008, 01:30 PM
 
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I'm 21, my DH is 22. Our income is $30k a year. We own our own home and our mortgage is $715 a month.
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#8 of 32 Old 06-15-2008, 01:34 PM
 
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#9 of 32 Old 06-15-2008, 01:51 PM
 
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I'm 28 and I make 0.00 (SAHM).

DH is 32 and makes around 52,000.

We own. Our mortgage payments are $926/mo.
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#10 of 32 Old 06-15-2008, 01:57 PM
 
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tbd
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#11 of 32 Old 06-15-2008, 02:53 PM
 
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DH and I are both 28. We make about $50,000 per year. We own our house and the mortgage is $517 per month and equity loan for remodel is $420 for the next 4 years.

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#12 of 32 Old 06-15-2008, 03:06 PM
 
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I'm 41 and broke.

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#13 of 32 Old 06-15-2008, 03:19 PM
 
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I am 27 and Dh is 37 and we make little *taxable* money and live in a free house. its cool.

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#14 of 32 Old 06-15-2008, 03:52 PM
 
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nak...
I'm 37, dh is 36. Our income just jumped from about 40K/yr to about 67K 2 mos ago when I went full time salaried at my job. Our mortgage is $1150/mo, which includes property taxes and insurance.
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#15 of 32 Old 06-15-2008, 04:00 PM
 
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We're both 23 and we make around $36,000 a year I think. We do not pay taxes on anything in the Emirates, we do not pay for housing (it's typically covered by your work in the Emirates or you get a set allowance for housing) and no car payments or anything. We do not have to pay for insurance because we have options for government health care or to go to a private hospital and the private hospitals are affordable without insurance. We do get a lot of bonuses. I rarely have to buy dd anything because my Mil likes to get her clothing and toys. We basically only buy food... so the rest is spent on fun things and saved.

I do want to buy a house though and I'm not sure how we'll go about it.

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#16 of 32 Old 06-15-2008, 04:01 PM
 
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Quote:
Originally Posted by DarkHorseMama View Post
The conventional wisdom is that your house purchase should be about 2 - 2.5 times of your annual income. The real estate landscape has changed, of course, and a lot of folks got in trouble purchasing houses that were three or four times their annual income.
This is why I've given up on buying a house here at all. I wanted to for a long time, but I've given up on it. I'm not going to discuss our income, but the cheapest house available around here would be about 7 (maybe 8) times our annual income - and that's since dh's salary has almost doubled in the last 3 years. We pay $1400/month in rent on a townhouse, and will move out of here as soon as ds1 graduates - we'd be gone already, except that I want to let him finish school with all his old friends.

For a long time, I paid $850/month for rent on a 3-bedroom suite in a house. My ex and I had a roomie to help with the rent, and our gross family income was between $30K and $40K every year. Of course, I could have afforded more rent if my ex hadn't been sucking up money like water...

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#17 of 32 Old 06-15-2008, 04:25 PM
 
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We're both 25, and our income (read: DH's income) is around $75,000/year.

Coming back to add that our mortgage is $445/month with home insurance included. We live in a new singlewide trailer. It sits on 3 acres of land that we rent from friends of the family; we pay them $100/month. I *love* our house and think it's perfect for us right now. It's just enough room for us without being excess (1,200 sq. ft. for our family of 5), and the kids have so much space to play outside.

DH should be making 6 figures within the next 2-3 years, so we'll discuss building or buying at that point.
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#18 of 32 Old 06-15-2008, 04:33 PM
 
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I'm 31, dh just turned 30. Our income really varies .. dh has a steady predictible income, but I'm a real estate agent and that can be all over the place. I only made about $40,000 last year, but I have a huge development on the ground that should make me triple that this year.

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#19 of 32 Old 06-15-2008, 04:53 PM
 
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Quote:
Originally Posted by Sharlla View Post
DH and I are 28, we make about 30k a year. It might sound low but we own our house outright and our bills are low. I am going back to school in the fall to become an RN.
What a coincidence. I'm 28, dh makes around the same a year, and I'm going to nursing school this fall. I love your hairstyle.
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#20 of 32 Old 06-15-2008, 05:54 PM
 
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I'm 34 and DH is 30. He just got a raise to $93,000/year (from about $73k). I have a pension worth about $25,000/year with a cost-of-living increase each year. I'm not working at the moment (maternity leave), and my hours are highly flexible... say, anywhere from 10-20 hours a week at $35/hour, so that's another $15-30k. Our average annual income is probably around $110,000 (taking into account that DH's raise is coming in halfway through the year).

Our mortgage payment is about $2800/month, but it's interest-only for now; it flips to conventional in nine years(and goes up to I think about $3500 for 20 years). We pay a bit on the principle every month anyway. That doesn't include property taxes or insurance.

I've always heard that housing costs are supposed to come out to about a third of your budget, though these days in some areas it's becoming more common for it to be closer to one half. That's a LOT more house than 2-2.5 times one's annual salary.
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#21 of 32 Old 06-15-2008, 06:31 PM
 
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I am 24, DH is 28...last year we made just under $40,000. Well, DH made that much, I'm a SAHM so I made zippo.

We rent a nice sized apartment that allows me to have dogs, its in the country so there is room for my kids to run. I'm happy here, I can forsee myself living here until we are able to save up enough to buy a used double wide outright.

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#22 of 32 Old 06-15-2008, 06:52 PM
 
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We are in our 40s and 50s and dh makes a very nice 6-figure income. I bought our house when I was single and making only about $65k. We live in the Midwest and still live in the house I purchased over a decade ago. We love the fact that we have small house payments and that we can pay if off anytime we'd need to. Best advice... don't make yourself house poor.
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#23 of 32 Old 06-15-2008, 06:58 PM
 
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I'm 28, DH is 26. I SAH and DH works for the local telephone company. Our average yearly income is about $50K. Our mortgage is $800.
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#24 of 32 Old 06-15-2008, 07:07 PM
 
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Dh is 33, I'll be 32 in July. Dh makes about $67,000. I currently make about $3000/year.
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#25 of 32 Old 06-15-2008, 07:08 PM
 
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I'm 29, DH is 27 last year we made around $90,000. But I became a SAHM in Jan. and DH's company downsized so now he's doing contract work rather than being on salary so God knows what we'll make this year.

Our house payment is $975 a month.

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#26 of 32 Old 06-15-2008, 07:21 PM
 
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I'm 28, DH is 32. We make about $72K per year between the two of us. We are just starting to seriously start the home purchase process. Where we are, for a modest 3-bedroom house that costs about $210K, we'll be paying about $1500/month for mortgage, insurance and taxes.

I wonder the same things as the OP. Here, the median home value is currently about $250,000. But the median household income is only in the mid-40s. So I don't know how so many people seem to be purchasing. (I guess they're not, recently......)
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#27 of 32 Old 06-15-2008, 08:05 PM
 
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I am 28 and my income is very unreliable so I wont even include it for the purpose of this thread....DH is 27 and makes 55K. Our mortgage is 2K a month and it is NOT comfortable. LOL

Desiree

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#28 of 32 Old 06-15-2008, 08:05 PM
 
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I'm 32, DH is 34. We make about $62 K a year and our mortgage is $1240 including taxes a month.
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#29 of 32 Old 06-15-2008, 08:14 PM
 
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I'm 28 and my partner is 30. He's a graduate student so is on a stipend of between $22,000-$24,000 year. I make about $53,000 right now. So that's $75,000 or thereabouts together. Our mortgage with taxes and homeowner's insurance is $1250/month. It's doable.

When we move, our income should increase significantly (well, his should, mine may well be similar), but we're hoping to buy a similar-cost house and get it together with regard to savings. That depends on how our current house sells, too. Lots of variables.
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#30 of 32 Old 06-15-2008, 08:17 PM
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we bought our first house about 10 years ago on DH's income. At the time, the house was just 3 times his income, which was affordable to us.

today, the value of the house has doubled, my husband's income has doubled, and our payments have actually decreased over time because of the way we set up the mortgage and actively pay down the principle.
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