What % of your income goes toward housing? - Page 3 - Mothering Forums

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Old 09-06-2007, 01:44 AM
 
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Dh's income is variable, so housing is anywhere from 15% - 30%

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Old 09-06-2007, 02:17 AM
 
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Probably 40-45% of our take home pay.
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Old 09-06-2007, 02:18 AM
 
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Around 50%.

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Old 09-06-2007, 02:23 AM
 
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Right now, we pay over 50% of dh's take-home pay on mortgage/taxes/insurance. Fortunately (unfortunately all things considering - I would rather have him than his house), I just inheritted my dad's house, which is paid off and a whole heck of a lot lower in property taxes. If we do end up selling our current house and moving into his, we will pay less than 2% only in taxes/insurance.

For now, we don't have huge car costs simply because dh only drives 7 miles, round trip, to work (with no traffic); I rarely drive (less than 5000 miles a year). We only pay for 1 cell phone, and are just now looking into getting cable TV because dh is getting another raise (he teaches and his district renegotiates contracts yearly). All in all, our other costs are fairly low. But our housing costs are astronomical and sickening.

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Old 09-06-2007, 02:26 AM
 
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Our mortgage which has our property taxes & insurance included in it is right at 1/3 of our income.
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Old 09-06-2007, 02:37 AM
 
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41% of the take-home goes to taxes, insurance, principle, and interest.
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Old 09-06-2007, 03:05 AM
 
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OUrs is complicated, becasue DH is self-employed, but it's around 40%. IF winter gets slow, it could be more like 55-60%.
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Old 09-06-2007, 03:15 AM
 
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I'd say ours is like...30%. But we have multiple sources of income. If you count just our main source of income, the only thing that's guaranteed, it's about 40%.

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Old 09-06-2007, 09:22 AM
 
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My partner's income is variable too, but we pay at least 50%, sometimes 75%.

Just to be really OT, I will reference the other thread where I said that I do not shop at Wal Mart.

Sorry, I just have a bone to pick with the whole "can't afford other stores" thing.
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Old 09-06-2007, 10:31 AM
 
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~20% of take home I guess, maybe a little less depending on the month (dh's income varies). I can't believe some of you pay more than 50%!! THat is outrageous!
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Old 09-06-2007, 10:40 AM
 
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~18-20% including taxes, insurance (which btw is insane here down in FL ).

We've been here for a while, and we did a 15 year conventional fixed rate mortgage with a good rate. And, we bought it before the real estate boom : so we did well. It will be nice when we *own* our house outright.

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Old 09-06-2007, 11:06 AM
 
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10.4% of net, including taxes and insurance. I feel pretty fortunate about this.
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Old 09-06-2007, 11:23 AM
 
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Our PITI mortgage payment is approx. 50% of my income but overall is closer to 25% of the household income. We shopped in that price range as DH works with a school and doesn't get a paycheck during the summer.

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Old 09-06-2007, 11:55 AM
 
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38% of what DH brings home monthly -- however, he gets retirement savings and regular savings and medical savings deducted pre-tax, so his take home check is deceptively small. I calculated the figure for the whole year after taxes, trying to account for what went into savings, and it's really more like 27% of net.

It's 17% of his gross income.
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Old 09-06-2007, 11:59 AM
 
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Right now 27%. Dh should be getting a raise and bonus in december, so that number should go down.

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Old 09-06-2007, 12:00 PM
 
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Originally Posted by mmace View Post
Mine's about 56% of my predictable budget - I'm a single SAHM, so I'm counting my rental income, what I get paid for cleaning our church, and the set amount I am supposed to get for child support. My predictable income is $1,740/month and my mortgage is $975/month. BUT I also do some baby-sitting (summer months average $200 - $300 per month, but hardly anything at all during the school year) and my ex is pretty good about kicking in a bit more when he has a lot of overtime.
About 42% of our income goes toward RENT. :

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Old 09-06-2007, 12:00 PM
 
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We spend about 6% of net on taxes and insurance (about 10% in insurance and the rest goes to the tax man). We made our last mortgage payment in May .
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Old 09-06-2007, 12:01 PM
 
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1/4 right now. But, we want to build, and it will go up after that...
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Old 09-06-2007, 12:03 PM
 
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0% but dh gets paid aproxx 5 dollars an hour so the military gives you housing or $ for it
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Old 09-06-2007, 12:21 PM
 
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About 40%. A little higher than we wanted, but we bought a beautiful house in a great school district.
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Old 09-06-2007, 12:33 PM
 
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We rent. It's about 40% but that's what we had to do to get a good neighborhood and to rent with our big dogs. We hope to buy/build sometime in the next 2 years.
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Old 09-06-2007, 12:50 PM
 
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We just bought a new house in a high cost of living area so our mortgage is about 40% of DH take home pay. We live in flood plain and have a half acre so our taxes and insurance are also a big chunk of change, not to mention that we are renovating the entire house:
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Old 09-06-2007, 01:10 PM
 
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~38% for the cheapest and crappiest apartment in the city.

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Old 09-06-2007, 01:17 PM
 
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Our mortgage is paid, so we just have property taxes, which is about 1.5 - 2% of our income.

When we had a mortgage, it was about 15-30% of our income, depending on how much DH made that year. We made double payments whenever possible.

If we buy a new house, we're looking to spend about 35% of the income on the mortgage.
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Old 09-06-2007, 01:20 PM
 
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We're right around 1/3 of dh's take home pay.
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Old 09-06-2007, 01:24 PM
 
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A bit less than 20%, I think - my DP's income varies somewhat as he is a contractor, mine is stable.

Real estate is extremely expensive around here, but we were fortunate enough to buy 10 years ago while prices were still reasonable. I really feel for anyone trying to get a foot on the housing ladder around here now, although prices are dropping a bit to more realistic levels.
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Old 09-06-2007, 01:30 PM
 
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37%
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Old 09-06-2007, 01:39 PM
 
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We pay 50% of take-home pay, taxes and insurance included. Our house was at the lower end of the market here.
We don't have any other debt, so it works for us. Next couple of raises dp gets we will add that to extra principle, so we will continue to pay 50% for a while, but our mortgage will shrink faster! We are pretty frugal so we can survive on the one income.
We are in California, and our small 1100 square foot house for a soon to be family of six is still that much! We are even in a smaller city away from the super expensive places. Rent would be only 200-300 cheaper in the same neighborhood and same house, the tax benefits outweigh that for us.
Our goal is to be mortgage free one day Make those extra payments when you can! It is amazing how many years you can shave off your mortgage when just making one extra payment toward the principle each year.

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Old 09-06-2007, 01:42 PM
 
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0% but dh gets paid aproxx 5 dollars an hour so the military gives you housing or $ for it
Holy crap! I didn't realize that military pay was so low, is that common?

We pay about 25% for mortage, taxes, and insurance.
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Old 09-06-2007, 01:44 PM
 
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Maybe a little more than 20%

For a while it was 50% of our income but DH has a much better job now making alot more money and we are comfortable with what we pay out considering what we take in. I had planned on moving in the near future but I like the ratio in what we pay so we may just renovate a little and stay where we are.
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