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

Forum Jump: 
 
Thread Tools
Old 07-03-2007, 02:36 PM - Thread Starter
 
ShadowMom's Avatar
 
Join Date: Jun 2004
Posts: 4,264
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
I think the conventional wisdom is to spend around 25-30% of your take-home pay on housing...

but reading about the rent/mortgage costs in some of the areas y'all live in have me thinking that is not realistic for a lot of families!

So I was just curious - what percentage of your family's take-home do you end up spending on the mortgage or rent? And if it's significantly more than 30%, what other areas are you having to take from in order to afford that?

To answer my own question, my mortgage after taxes and insurance is 25% of my take-home. I am feeling very lucky to live in a city with affordable housing right now but I think that's the exception and not the rule...
ShadowMom is offline  
Sponsored Links
Advertisement
 
Old 07-03-2007, 02:38 PM
 
kama'aina mama's Avatar
 
Join Date: Nov 2001
Location: Watching Top Chef, eating Top Ramen
Posts: 19,143
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 1 Post(s)
Just about 50%.
kama'aina mama is offline  
Old 07-03-2007, 02:48 PM
 
Emma's_Mommy's Avatar
 
Join Date: Apr 2006
Location: Where being a REALTOR dosn't pay,NY
Posts: 2,530
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
i'd say about 30% of hubbys take home goes towards our mortgage.
Emma's_Mommy is offline  
Old 07-03-2007, 02:48 PM
 
MiaPia's Avatar
 
Join Date: Aug 2003
Location: A little birdhouse in your soul
Posts: 3,843
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Our mortgage (not including taxes) is 23% of our take-home pay. We live in a simple 1972 1,900 sq ft - 3 bedroom, 2 bath home. I would say that for a "middle class" family in our neck of the woods we pay less than average - but also have a more modest home than "average".
MiaPia is offline  
Old 07-03-2007, 02:50 PM
 
aprilushka's Avatar
 
Join Date: Aug 2005
Location: Northern VA
Posts: 1,261
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
About 45% of my (the breadwinner's) income goes to mortgage, prop tax and insurance. If you take into effect the amount less we pay in income tax for the deductions it would be somewhat less, but that calculation is way beyond my math skills

We live in one of the most expensive counties in the country, so that's the way it goes. Fortunately our mortgage is fixed so as long as our income rises gradually, it will become less and less a proportion of our income. Once DH starts working more often when the kids are in school, it will be less also.
aprilushka is offline  
Old 07-03-2007, 02:50 PM
 
hannahi's Avatar
 
Join Date: Sep 2005
Posts: 405
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Close to 50%.
hannahi is offline  
Old 07-03-2007, 03:32 PM
 
HomeBirthMommy's Avatar
 
Join Date: Mar 2003
Location: Dingoland
Posts: 4,765
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
About 1/3 of take home pay goes to mortgage, taxes and insurance .

Paige, mama to three girls, (10), (8) and (3)
HomeBirthMommy is offline  
Old 07-03-2007, 03:39 PM
 
Clarinet's Avatar
 
Join Date: Nov 2005
Posts: 2,415
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Not quite 30% with taxes and insurance.
Clarinet is offline  
Old 07-03-2007, 03:42 PM
 
swimswamswum's Avatar
 
Join Date: Oct 2005
Location: Chasing my babe.
Posts: 3,855
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
About 25%. Soon it will be less because DH got a promotion. We live in a small house in a working class neighborhood in a city with a low cost of living.

We could "afford" a bigger house in a nicer neighborhood, but we have a great quality of life here. We can save money and we just bought a new car. We take trips and see plays and concerts and buy healthy foods. We can eat out when we want. A lot of these things would be sacrificed if we lived in a nicer, more expensive house.
swimswamswum is offline  
Old 07-03-2007, 03:47 PM
 
Chinese Pistache's Avatar
 
Join Date: May 2006
Location: Under a shady tree, you and me
Posts: 5,854
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Ours is about 32%. That's decent, but with the cost of living in our area, including high utilities, we end up spending much more in other bills than I'd like.
Chinese Pistache is offline  
Old 07-03-2007, 03:47 PM
 
CallMeMommy's Avatar
 
Join Date: Jun 2005
Location: MN, USA
Posts: 4,119
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
25%, including taxes and insurance (they go into escrow)

Bubba (9) bikenew.gifLukey (5) jog.gif  Fat Baby (2) babyf.gif  Me faint.gif

CallMeMommy is offline  
Old 07-03-2007, 03:52 PM
 
Storm Bride's Avatar
 
Join Date: Mar 2005
Location: Vancouver, BC
Posts: 25,597
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
We're paying about 35% of dh's take-home pay for our rent. We keep our entertainment budget low, and lately, we haven't been putting as much in savings as we'd like.

However, we're on easy street, imo. For a long time, I was paying about 50% of my take-home, for a much smaller place. That was when it was me, my ex and ds1...and then just me and ds1. (Oddly, I was better off financially without my ex.)

I was looking at housing prices yesterday. We could maybe buy a one-bedroom apartment for 65% of dh's take-home...not counting property taxes or maintenance. With five of us, and another on the way, that's not going to happen. We'll have to move when baby-under-construction is about two. I'm not going to make my teenager move into the little room, and it's just not big enough for three little ones.

Lisa, lucky mama of Kelly (3/93) ribboncesarean.gif, Emma (5/03) ribboncesarean.gif, Evan (7/05) ribboncesarean.gif, & Jenna (6/09) ribboncesarean.gif
Loving my amazing dh, James & forever missing ribbonpb.gif Aaron Ambrose ribboncesarean.gif (11/07) ribbonpb.gif

Storm Bride is offline  
Old 07-03-2007, 03:52 PM
 
Kristine233's Avatar
 
Join Date: Jul 2003
Location: Way Northern MN
Posts: 3,973
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
About %30 of DH's income. For budgeting we don't include my income. But if we did it would be less, obviously, lol.

Mom to Joscelyne 14, Andrew 12, and Mackenzie 10 and wife to Nate.
Kristine233 is offline  
Old 07-03-2007, 03:52 PM
 
alegna's Avatar
 
Join Date: Jan 2003
Posts: 42,826
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Almost 50% with taxes and insurance.

-Angela
alegna is offline  
Old 07-03-2007, 03:52 PM
 
StrawberryFields's Avatar
 
Join Date: Apr 2005
Posts: 4,393
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Our mortgage payment (principle, interest and taxes) is a tad under 50% of our take home pay after taxes, health insurance, 401(k) and Christmas Club.

mommy to ds 11/05, dd1 01/08, and dd2 01/10!
StrawberryFields is offline  
Old 07-03-2007, 03:54 PM
 
BurgundyElephant's Avatar
 
Join Date: Feb 2006
Location: Growing moss on my North side.
Posts: 1,775
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
25%. We live in a high-cost-of-housing area, but DH doesn't make a ton - I'm a SAHM - we just stuck to our budget when we house hunted. We did have to move out a bit, and were lucky to buy before they went really up. If we'd waited another year or two we wouldn't be able to afford the same house.
BurgundyElephant is offline  
Old 07-03-2007, 03:59 PM
 
huggerwocky's Avatar
 
Join Date: Jun 2004
Posts: 5,396
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
32 %. We CAN'T afford a mortgage for this area, that would be around 60 % of our income :
huggerwocky is offline  
Old 07-03-2007, 03:59 PM
 
zo's ma's Avatar
 
Join Date: Mar 2003
Location: PNW
Posts: 1,968
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
a little more than 20%
zo's ma is offline  
Old 07-03-2007, 03:59 PM
 
cristeen's Avatar
 
Join Date: Jan 2007
Posts: 14,677
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
About 30%, not including taxes and insurance.

Cristeen ~ Always remembering our stillheart.gif  warrior ~ Our rainbow1284.gif  is 3, how'd that happen?!?! 

We welcomed another rainbow1284.gifstillheart.gif  warrior in May 2012!! 

2012 Decluttering challenge - 575/2012

cristeen is offline  
Old 07-03-2007, 03:59 PM
 
mmace's Avatar
 
Join Date: Feb 2002
Location: Southwestern Pennsylvania
Posts: 2,936
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
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.
mmace is offline  
Old 07-03-2007, 04:03 PM
 
~Nikki~'s Avatar
 
Join Date: Aug 2004
Posts: 4,093
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
I just calculated. It's 52%. I rent.
~Nikki~ is offline  
Old 07-03-2007, 04:10 PM
 
Daisie125's Avatar
 
Join Date: Oct 2005
Posts: 2,353
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
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.

Dawn, mama to D (3.06) & N (9.07) C (11.09) & Still-in-shock surprise due in Aug!
Daisie125 is offline  
Old 07-03-2007, 04:15 PM
 
LittleRockstar's Avatar
 
Join Date: Dec 2006
Location: MI
Posts: 969
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Our mortgage payment (including taxes and insurance) is 22.5% of DH's take-home pay.
LittleRockstar is offline  
Old 07-03-2007, 04:16 PM
 
LionTigerBear's Avatar
 
Join Date: Jan 2006
Location: Northern California
Posts: 6,455
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
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.

♥ blogger astrologer mom to three cool kiddos, and trying to figure out this divorce thing-- Blossom and Glow ♥

LionTigerBear is offline  
Old 07-03-2007, 04:20 PM
 
JessasMilkMama's Avatar
 
Join Date: Oct 2004
Location: CA
Posts: 2,724
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
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

~Shannon~ Proud Mama of 3 girls, ages 7,4, and 2.
JessasMilkMama is offline  
Old 07-03-2007, 04:37 PM
 
delicious's Avatar
 
Join Date: Jun 2003
Location: a country i can be proud of.
Posts: 3,764
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
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.
delicious is offline  
Old 07-03-2007, 05:09 PM
 
quantumleap's Avatar
 
Join Date: Apr 2006
Location: Atlantic Canada
Posts: 1,850
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 2 Post(s)
We rent, and pay about 50% of our take home pay. And, we don't have insurance.

For greater things are yet to come...

quantumleap is online now  
Old 07-03-2007, 05:12 PM
 
NotTheOnlyOne's Avatar
 
Join Date: Oct 2006
Location: bible belt!!
Posts: 2,146
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
ours is about 20% right now..... Its about to go up to 30% or so, we are buying a house soon.
NotTheOnlyOne is offline  
Old 07-03-2007, 05:18 PM
Banned
 
Join Date: Mar 2006
Location: the Circle K
Posts: 5,766
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
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.
lalaland42 is offline  
Old 07-03-2007, 05:29 PM
 
becoming's Avatar
 
Join Date: Apr 2003
Location: Louisiana
Posts: 11,592
Mentioned: 1 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Our mortgage is less than 10% of our monthly income.
becoming is offline  
 
User Tag List

Thread Tools


Forum Jump: 

Posting Rules  
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off