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...
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.
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.
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) , Emma (5/03) , Evan (7/05) , & Jenna (6/09)
Loving my amazing dh, James & forever missing Aaron Ambrose (11/07)
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 ♥
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