What % of your income goes toward housing? - Page 5 - Mothering Forums
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#121 of 138 Old 09-15-2007, 04:41 AM
 
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I just figured it out. It's 23% of DH's net income. It's 15.75% of our combined net income. But we live in a really, really small house. We're looking at it being more like 30% of our combined net income when we move to a bigger house.
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#122 of 138 Old 09-15-2007, 09:37 AM
 
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Our mortgage with taxes and insurance is 18% of our take home pay. We live in a very modest home.

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#123 of 138 Old 09-15-2007, 10:18 AM
 
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About 48% of my take home pay goes to mortgage, taxes and ins, that doesnt include dh's part time job, but he pays child support too, so he gets very little every week. We both have side businesses that have sporadic income, so I dont count that either.
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#124 of 138 Old 09-15-2007, 10:20 AM
 
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I am a sahm. Our mortgage payment is 9% of gross and 11% of net.
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#125 of 138 Old 09-15-2007, 11:31 AM
 
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Our house is paid off, but we live in a very high property tax area. Taxes alone take about 10% - I'm amazed that some of you have mortgage payments that low!
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#126 of 138 Old 09-15-2007, 12:51 PM
 
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We spend 25% of our income on rent but closer to 1/3 if you include utilities and taxes. BUT we have aadded close to 30,000$ to our mortgage since we bought the house, and we pay almost 1/3 more then we have to every month to pay the mortgage down faster. We live in a very cheap city.
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#127 of 138 Old 09-15-2007, 11:29 PM
 
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Right at 25% of net income including property taxes & insurance.

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#128 of 138 Old 09-17-2007, 11:19 AM
 
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Originally Posted by mesecina View Post
Our house is paid off, but we live in a very high property tax area. Taxes alone take about 10% - I'm amazed that some of you have mortgage payments that low!
I hear you pain. Our taxes would be 10% of net if I was a full time SAHM.
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#129 of 138 Old 09-17-2007, 11:38 AM
 
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It was 36% when we were doing it -- and we were paying a little extra to try to get it done faster.

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#130 of 138 Old 09-17-2007, 01:39 PM
 
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Do you have any suggestions on how to pay down quicker, as in once a month, every week or an extra payment every year?

TIA
I paid cash for the house which was a fixer upper and fixed as we could while renting a cheap house. We are now living in it while still working on it to save even more money. I'd say total renovations will have cost 25K (because we are basically replacing everything) There are a lot of fixer uppers in my area for sell for less than 20K, it is my plan to eventually own 4-5 rental properties.

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#131 of 138 Old 09-17-2007, 01:43 PM
 
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Originally Posted by velochic View Post
I am a sahm. Our mortgage payment is 9% of gross and 11% of net.
Wow, that is amazing. Our mortgage was 28% of our after taxes income when I was working and it is now 45% with just dh's salary. That includes taxes and insurance. But, we have no other debt. I think that factors in. If we had car payments and student loan payments and credit card bills, that would be a problem for us.
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#132 of 138 Old 09-17-2007, 01:50 PM
 
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Ours is at 20% of dh's net pay -- including insurance and taxes.

When we bought our house 10 years ago, I was shocked at the amount of mortgage payment we were approved for. I knew there was no way in heck that we could afford that type of housing payment each month, and choose to buy a house that cost half of the amount of loan we qualified for.
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#133 of 138 Old 09-17-2007, 02:17 PM
 
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Originally Posted by yellowpansy View Post
Wow, that is amazing. Our mortgage was 28% of our after taxes income when I was working and it is now 45% with just dh's salary. That includes taxes and insurance. But, we have no other debt. I think that factors in. If we had car payments and student loan payments and credit card bills, that would be a problem for us.
I bought the house when I was single. It's an older English Farmhouse (limestone), but it's in a neighborhood, not a subdivision and we have a bit of land for dd to roam around on. We are an older couple that is preparing for retirement in a bit over a decade, and thankfully we made good financial decisions in our 20's and 30's (and 40's for dh) with the goal of retirement and increasing our net worth. Our house is just part of that... and in spite of what others think, a house is not really an investment, but rather a security for when you retire. We are debt-free as well, and could actually pay off our house any time we wanted to. We choose to carry a mortgage because our investments are (well, *were* until this recent bear market) making us much more than our mortgage interest rate. We're invested for the long-run... including staying in this house for the rest of our lives.

If I were working, our house payment, including taxes and insurance, would be about 5% of our net income. Too many people are house poor. It's not amazing that our home costs are so low... it's just sound financial management.
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#134 of 138 Old 09-17-2007, 02:23 PM
 
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Ours is 16%. I'm wondering where the rest of the money goes?????

Bobbie
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#135 of 138 Old 09-17-2007, 02:27 PM
 
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Ours is 0% because we live in a parsonage.

Although I think they figured up what the value would be in rent and added it to our package so that would be...10% about. But we also have student loan payments, car loan, medical bills, blah blah blah.
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#136 of 138 Old 09-17-2007, 02:28 PM
 
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We are at 52%, about to go down to 48% as DH just got a raise. That is mortgage, taxes and insurance for a 40-year-old 1100 sq ft house we bought last Feb.! It woul be 32% if I were still working. Dh is a teacher, and that percentage is after taxes, union dues, health insurance, retirement and flexible spending. We put a lot into flexible spending this year because of DS's birth (and still we've already used it all!), so come Jan 1, that percentage will lower again, to maybe 45% And DH is getting his master's degree - as soon as he completes that, he gets another "raise", probably by this time next year. So, by the end of 2008, it might be down to ~40%

We have no other debt right now and are striving to keep it that way!

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#137 of 138 Old 09-17-2007, 03:01 PM
 
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About 46% of my take home salary, but then I usually get a bonus around Christmas time and if you factor that in it is more like 39%.

Sarah
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#138 of 138 Old 09-17-2007, 03:02 PM
 
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about 20% of our net income with taxes and insurance included. We choose to live in a much smaller home than what we could afford.
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