Nosy... what percentage

... of your income do you spend on your

mortgage or rent?

This is for those of you who are flying solo.

I know what its supposed to be but I wonder

how many of us abide.

And I wanna validate my upgrade.

Grazie 🙂

For me less than a quarter but when I bought my house it wasn't quite half but it was close but I knew I would move up and make more and so I stretched to buy my house and now I'm not house poor and it's almost paid off.

I'm solo on a 1:1 unit for 1020, but I have two jobs and now my brother is helping with rent now . Because it's just better if you can get help is much appreciated and better. I am looking for a house next year with the same price. More space and extra bedroom for him. And If he chooses can help out with things.

About 35% but that includes property taxes and homeowners insurance.

My income fluctuates so give or take 5%

Posted by Montgomery
... of your income do you spend on your

mortgage or rent?

This is for those of you who are flying solo.

I know what its supposed to be but I wonder

how many of us abide.

And I wanna validate my upgrade.

Grazie 🙂

Typically you need to prove income 3xs the amount of rent.

For the last decade I have been spending anywhere between 45% -75% on rent. Money down the drain.

I am now renting a room for under $ 1000 per month and I'm able to save 60-70% of my income each month.

Posted by cheekyfaerie
Flying solo, as in unmarried and no one helping with expenses, but do have a kidlet at home. My mortgage, insurance and taxes are right at 28% of my take home. But only cause our fricken property taxes go up every year. *grumble grumble*

But it's a 4bd and much too big for us now. Thinking of downsizing.

4bd is a lot for only the two of you.

downsizing and saving $ $ $ sounds good.

Posted by Rosaknowsya
I must hate having money I swear. My RENT (not even building equity just throwing it out the window) is about 35-40% of my total income including expenses and renters insurance.

I've been thinking of getting a small cottage or whatever is affordable and buying it this july at the end of my contract but ... I also think, "What if I decided I want to move out of the country? I guess either way it's smarter to put my money into something I can make a profit on.

GRRR. lol But my apartment is so nice. Fireplace, a study, I have amenities.. I bike to work in less than 1 hour... My libra moon has to weigh all his out ya know 😛

that sounds lovely. walking and biking distance is so ideal. I remember you posted your bedroom (with huge bed) last year, and walk-in closet with so many many clothes. You definitely have a huge place.

Posted by Rosaknowsya
I must hate having money I swear. My RENT (not even building equity just throwing it out the window) is about 35-40% of my total income including expenses and renters insurance.

I've been thinking of getting a small cottage or whatever is affordable and buying it this july at the end of my contract but ... I also think, "What if I decided I want to move out of the country? I guess either way it's smarter to put my money into something I can make a profit on.

GRRR. lol But my apartment is so nice. Fireplace, a study, I have amenities.. I bike to work in less than 1 hour... My libra moon has to weigh all his out ya know 😛

You understand.

♡

Thank you all for contributing!

A lot of prudent people here on DXP--

Who knew?

Posted by Rommy
I spend 22% of my monthly income on living expenses that include rent, insurance and 4% of that is an incidental savings for long run elasticity (to cover future unknowns).

I wouldn't spend a cent above 25% of income on living costs.

Your entire costs of living which would be rent or mortgage, various insurances, vehicles, food, gym, daycare etc should all fall below 50% of income monthly.

The remaining 50% should be divided into three groups.

Savings/retirement, investment, debt

Obviously the larger amount goes to debt because you're essentially paying interest on that.

Then retirement savings because your long run incentive is to essentially not work or be comfortable.

Then investments because it's no longer plausible to retire on savings alone, you need to invest annually, preferred low risk.

What you can waste your money on is paying for a fancy rental in a fancy district you cannot afford. That'll get you no where fast.

So... what percentage do you spend on your

mortgage / rent?

😕

I should clarify, I guess, that I know the

*proper* thing to do--

I was just curious if everyone was doing it.

I have the requisite 401K (some things are

non-negotiable... I'm not earth-void), but not

everyone thinks the same things are important.

Some people will do without just to drive a

Beamer (not me)... but you get the idea.

Posted by -elle-
7.9% on Mortgage

8.5% on Rent

so....16.4% on housing

Remarkable.

I thought I read it wrong at first.

Thanks 🙂

Posted by -elle-

Posted by Montgomery

Posted by -elle-
7.9% on Mortgage

8.5% on Rent

so....16.4% on housing

Remarkable.

I thought I read it wrong at first.

Thanks 🙂

some people think I'm insane for renting....but I couldn't be happier. I love my little place. It reminds me of flat in Europe.

when the kids are done renting the house and want to go off and buy their own....I'm going to sell it.

As long as I can afford it.... *shrugs* why not?

I'm pretty frugal with everything....except travel....so, I give myself permission. 😛

click to expand

Not insane-- I remember that thread. 🙂

Renting isn't always bad-- esp if you're

not wanting to be tied down.

European flat?

I'm so sending you a pic of the place I just

looked at, later.

40% a month in mortgage repayments☹️️

My monthly mortgage, insurance, and property tax combined is about 3.5% of my monthly income.

How RICH is everyone here?? 😕

Rent for us is over 30% (yes, combined)

It's hard to find a studio in NYC for under $ 3k a month.

And we're not millionaires who can afford to drop $ 600K on a fixer upper 2br/1ba house.

Posted by fugu2
How RICH is everyone here?? 😕

Rent for us is over 30% (yes, combined)

It's hard to find a studio in NYC for under $ 3k a month.

And we're not millionaires who can afford to drop $ 600K on a fixer upper 2br/1ba house.

It's recommended to spend less than 1/3 of your income on rent. The exceptions are 1) high COL city or 2) high income. You fall into the first category.