The Get Rich Slowly Forums Forum Index The Get Rich Slowly Forums
A place for Get Rich Slowly readers to ask questions and exchange ideas.
RegisterSearchFAQMemberlist Log in
What percentage of your gross income is your mortgage/rent?
Goto page 1, 2, 3  Next
 
Reply to topic    The Get Rich Slowly Forums Forum Index » Personal Finance View previous topic
View next topic
What percentage of your gross income is your mortgage/rent?

What percentage is your housing?
0 (paid off house, live with parents, or other)
9%
 9%  [ 5 ]
1-10%
15%
 15%  [ 8 ]
10-15%
15%
 15%  [ 8 ]
15-20%
20%
 20%  [ 11 ]
20-25%
24%
 24%  [ 13 ]
25-30%
5%
 5%  [ 3 ]
30-40%
3%
 3%  [ 2 ]
30-50%
5%
 5%  [ 3 ]
over 50% (and please leave comment on how you afford this!)
0%
 0%  [ 0 ]
Total Votes : 53

Author Message
SJean



Joined: 14 May 2007
Posts: 309

Post What percentage of your gross income is your mortgage/rent? Reply with quote
Just curious, as mine has increase a lot moving from a low cost area to a high cost area.

Please answer the question based on gross salary, but feel free to add specific percent and comments about percentage of take home pay in the thread. And as for marrieds, you can answer as a household, or whatever makes sense to you.

I am sort of looking for overall housing cost so if you want to include property taxes and the like, you can, but obviously it is not a requirement. Smile
Wed Feb 20, 2008 7:36 pm View user's profile Send private message Visit poster's website
kmull



Joined: 05 Apr 2007
Posts: 515
Location: Birmingham, AL

Post Reply with quote
Our payments are something like 20-25% of gross income. However, we put 37% of our income towards it to pay off our 2nd mortgage as fast as possible.

_________________
No Debt Plan
Wed Feb 20, 2008 8:39 pm View user's profile Send private message Visit poster's website
MossySF



Joined: 07 Apr 2007
Posts: 667

Post Reply with quote
I rent a 1 bedroom condo 3 blocks away from downtown San Francisco -- cost is right at 10% of total household compensation.

_________________
http://personalbizfinance.com - personal finance for entrepreneurs & small businesses
Wed Feb 20, 2008 8:42 pm View user's profile Send private message
sdkramer



Joined: 30 Apr 2007
Posts: 292
Location: Michigan

Post Reply with quote
13% of Gross Income
22% of Net (Less Fed, State Tax, 401k, Health Ins.) Pay

1 BR flat in suburban Michigan where I almost never stay.

_________________
Mental Anguish
Wed Feb 20, 2008 9:39 pm View user's profile Send private message Visit poster's website AIM Address Yahoo Messenger
SJean



Joined: 14 May 2007
Posts: 309

Post Reply with quote
I suppose I'll answer my own poll.

24% of gross, and it stinks. I moved from a city where I was paying roughly 12% of gross.
Not sure what percent of net, because I'm adjusting 401k contributions until I have a budget ironed out.

I lived in Iowa, now I live in LA in a little Jr. 1 bdrm (aka, studio with a wall) but the area and complex are nice.

I googled online and people were saying it could be 30-30% of your pay. Granted, they may have been talking net. Still, I wanted to a self selected group of pf minded folks to give an answer.

(And it bugs me that firefox spell checker doesn't think "googled" is a word. If it isn't, it needs to be)
Wed Feb 20, 2008 10:11 pm View user's profile Send private message Visit poster's website
consultantjournal



Joined: 04 Apr 2007
Posts: 744
Location: Vancouver, Canada

Post Reply with quote
Um, what if you are at 15%? Should I have picked 10-15 or 15-?

_________________
Andrea
<p>ConsultantJournal.com
Thu Feb 21, 2008 12:07 am View user's profile Send private message Visit poster's website
DebtFreeCrusader



Joined: 17 Feb 2008
Posts: 276
Location: Woodstock, CT

Post Reply with quote
22% of Net income and it includes tax and PMI

without the tax and PMI fees , it would be 18% of net

_________________
When you're good to others, you're best to yourself - B. Franklin

Last edited by DebtFreeCrusader on Thu Feb 21, 2008 4:30 pm; edited 1 time in total
Thu Feb 21, 2008 5:37 am View user's profile Send private message AIM Address Yahoo Messenger
jammadave



Joined: 06 Feb 2008
Posts: 77

Post Reply with quote
47%

Sad

Don't ask, I suppose. It's a long story.
Thu Feb 21, 2008 5:51 am View user's profile Send private message
ericdg16



Joined: 06 Feb 2008
Posts: 26
Location: Houston, TX

Post Reply with quote
11% of my gross including taxes and insurance which are included in my monthly payment
Thu Feb 21, 2008 6:12 am View user's profile Send private message
JerichoHill
Site Admin


Joined: 04 Apr 2007
Posts: 1452
Location: Washington DC

Post Reply with quote
Aprox 15% of gross, 24% of net, 40% actual (aggresively paying it down)

_________________
C.R.E.A.M
Government Economist
CoffeeCents - PF lessons in 15 minutes
Czar of GRS Forums.
Thu Feb 21, 2008 6:45 am View user's profile Send private message Send e-mail Visit poster's website
danielle17



Joined: 28 Nov 2007
Posts: 237

Post Reply with quote
mine is 15% of gross, including all taxes & insurance.
Thu Feb 21, 2008 6:50 am View user's profile Send private message
sdkramer



Joined: 30 Apr 2007
Posts: 292
Location: Michigan

Post Reply with quote
I've always heard try to keep it under 25%, and a couple places I've looked at that had income requirements required you be paying <33%. Obviously this varies with geographic location. To think was I was paying percentage-wise interning in DC. *shudder*

_________________
Mental Anguish
Thu Feb 21, 2008 6:58 am View user's profile Send private message Visit poster's website AIM Address Yahoo Messenger
Zulu113



Joined: 27 Nov 2007
Posts: 171
Location: Colorado

Post Reply with quote
24% of gross, 34% of net (includes taxes, insurance, and an additional 1/12 payment every month to principal)
Thu Feb 21, 2008 7:44 am View user's profile Send private message
galactic



Joined: 29 Dec 2007
Posts: 416

Post Reply with quote
well, my gross income situation is um, unusual. my outrageous tuition is included in my gross so that doesn't say much.

rent is 37% of my net, and this is the cheapest little one bedroom apartment we could find in our target area. ahh, the joys of graduate student life!

rents within safe walking distance of the university are well over 75% of my net income Shocked
Thu Feb 21, 2008 8:20 am View user's profile Send private message
Sam



Joined: 29 Apr 2007
Posts: 843
Location: Sunny Florida

Post 29% Reply with quote
Our housing costs (mortgage, real estate taxes, windstorm insurance and hazard insurance) + utilities (land line phone, DSL, 2 cell phones, electric/water/trash, DirecTv and ADT) adds up to 29% of our net income.

This year we are paying an extra $250 a month to our principal which is not included in the above.
Thu Feb 21, 2008 9:25 am View user's profile Send private message Send e-mail
Display posts from previous:    
Reply to topic    The Get Rich Slowly Forums Forum Index » Personal Finance All times are GMT - 7 Hours
Goto page 1, 2, 3  Next
Page 1 of 3

 
Jump to: 
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum


Powered by phpBB © 2001, 2005 phpBB Group
Design by Vjacheslav Trushkin / Easy Tutorials (phpBB Tutorials).