Poll

What Percent of your Gross Income do you Spend on Rent or Mortgage?

Less than 10%
106 (31.2%)
10-20%
160 (47.1%)
20-30%
59 (17.4%)
30-40%
12 (3.5%)
40-50%
1 (0.3%)
Above 50%
2 (0.6%)

Total Members Voted: 335

Author Topic: What Percent of your Income do you Spend on Rent or Mortgage?  (Read 27286 times)

Slee_stack

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Re: What Percent of your Income do you Spend on Rent or Mortgage?
« Reply #100 on: June 24, 2016, 01:39:06 PM »
Voted gross at 15.3% (PITI), but we paying on a 15-yr, not 30-yr. So, at 30 yr with the slightly higher interest rate of 3.75% that we were quoted, we are at 11.4%. If I count my husband's bonus in the gross, then we are about 7% of gross on our 15 yr PITI payment.
Darn, now we have gross vs net and need to account for loan term and bonus too?   Does health insurance cost get factored in?  What about dependents?  Shouldn't we be using AGI? Do we use last year's or this year's expected AGI?  :P

*shakes fist at poll numbers*






nottoolatetostart

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Re: What Percent of your Income do you Spend on Rent or Mortgage?
« Reply #101 on: June 24, 2016, 02:08:29 PM »
Voted gross at 15.3% (PITI), but we paying on a 15-yr, not 30-yr. So, at 30 yr with the slightly higher interest rate of 3.75% that we were quoted, we are at 11.4%. If I count my husband's bonus in the gross, then we are about 7% of gross on our 15 yr PITI payment.
Darn, now we have gross vs net and need to account for loan term and bonus too?   Does health insurance cost get factored in?  What about dependents?  Shouldn't we be using AGI? Do we use last year's or this year's expected AGI?  :P

*shakes fist at poll numbers*

LOL. To each his own. I voted 10-20% bucket, but then started playing with all the numbers. It was kind of fun!

clarkfan1979

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Re: What Percent of your Income do you Spend on Rent or Mortgage?
« Reply #102 on: June 24, 2016, 02:51:59 PM »
We currently rent and are at 13%.

2Birds1Stone

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Re: What Percent of your Income do you Spend on Rent or Mortgage?
« Reply #103 on: June 24, 2016, 03:00:30 PM »
It makes me giddy seeing that 80%+ of the MMM community represented in this poll spends less than 20% of income on housing!!

SyZ

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Re: What Percent of your Income do you Spend on Rent or Mortgage?
« Reply #104 on: June 24, 2016, 05:12:42 PM »
Wish I could live somewhere where 7% of my income gets me rent, lawn care, utilities, and internet covered


Lski'stash

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Re: What Percent of your Income do you Spend on Rent or Mortgage?
« Reply #105 on: June 24, 2016, 07:36:53 PM »
13% of take home pay. Includes taxes, homeowners insurance, and Pmi (for now).

boarder42

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Re: What Percent of your Income do you Spend on Rent or Mortgage?
« Reply #106 on: June 24, 2016, 11:28:02 PM »
It makes me giddy seeing that 80%+ of the MMM community represented in this poll spends less than 20% of income on housing!!

I mean is 20% or less really that bad ass. I spend 17% and live in a mcmansion on a lake. I wish it were smaller but to buy land and build the smaller house would have cost over 100k more. I think it's very relative to income how mustachian it is.

nora

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Re: What Percent of your Income do you Spend on Rent or Mortgage?
« Reply #107 on: June 25, 2016, 05:08:22 AM »
We pay <10% as work pays for accomodation. Yay.

faramund

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Re: What Percent of your Income do you Spend on Rent or Mortgage?
« Reply #108 on: June 25, 2016, 05:21:18 AM »
I'm now at 8.6%, but when we first bought our 2nd house 16 years ago, and my DW wasn't working much because we'd just had our first kid, it was 30.6%.

Mikila

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Re: What Percent of your Income do you Spend on Rent or Mortgage?
« Reply #109 on: June 25, 2016, 07:58:35 AM »
Roughly 1/6th of gross pay and nearly 1/4th of net pay.  This percentage feels affordable.  Many years ago our rent was about 45% of net.  Now THAT was painful.  It was in a HCOL area.  These 11 million Americans who pay so much- they can either move to a LCOL area, get roommates, or live with it.  They have options.

bryan995

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Re: What Percent of your Income do you Spend on Rent or Mortgage?
« Reply #110 on: June 25, 2016, 08:22:33 AM »
Had not calculated this since my wifes new job, but we are currently renting at 6.8% of our gross income.
Semi HCOL area, 1650 rent, not much room to go lower without adding hours to our commute time.

Murse

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Re: What Percent of your Income do you Spend on Rent or Mortgage?
« Reply #111 on: June 25, 2016, 08:30:43 AM »
Less then 5% gross, less then 10% net. 2 roommates in a small apt.

Murse

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Re: What Percent of your Income do you Spend on Rent or Mortgage?
« Reply #112 on: June 25, 2016, 08:44:40 AM »
Had not calculated this since my wifes new job, but we are currently renting at 6.8% of our gross income.
Semi HCOL area, 1650 rent, not much room to go lower without adding hours to our commute time.

Your income is > 24k/month? Nicely done.

Zaga

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Re: What Percent of your Income do you Spend on Rent or Mortgage?
« Reply #113 on: June 25, 2016, 08:48:52 AM »
Large house, but it was inherited.  So I voted less than 10%, we still pay property taxes and insurance!  Less than 4% of gross goes to this.

kudy

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Re: What Percent of your Income do you Spend on Rent or Mortgage?
« Reply #114 on: June 25, 2016, 08:59:28 AM »
~13% of *my* gross pay (for PITI). I have a roommate and my girlfriend lives with me - assuming 1/3 of the money they contribute every month to the household expenses is allocated toward PITI, then it drops significantly to something like 8%.

DCKatie09

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Re: What Percent of your Income do you Spend on Rent or Mortgage?
« Reply #115 on: June 25, 2016, 09:33:36 AM »
17.8% of household gross (DH and I) for PITI. Dropped below the 20% mark with both of us getting raises this spring - hooray!

ender

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Re: What Percent of your Income do you Spend on Rent or Mortgage?
« Reply #116 on: June 25, 2016, 09:44:35 AM »
It makes me giddy seeing that 80%+ of the MMM community represented in this poll spends less than 20% of income on housing!!

I mean is 20% or less really that bad ass. I spend 17% and live in a mcmansion on a lake. I wish it were smaller but to buy land and build the smaller house would have cost over 100k more. I think it's very relative to income how mustachian it is.


Considering you can finance 3.5x your gross income at 4% interest and stay within 20% for a mortgage payment... probably not

belgiandude

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Re: What Percent of your Income do you Spend on Rent or Mortgage?
« Reply #117 on: June 25, 2016, 10:20:16 AM »
6.9% of gross income, but we moved to a an expensive area (our rent tripled; income went up as well - before it was about 2.5%).

LuxuryIsADrug

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Re: What Percent of your Income do you Spend on Rent or Mortgage?
« Reply #118 on: June 26, 2016, 09:30:32 PM »
I live in a very low cost city in the Canadian prairies. Rent is so low I don't see myself ever justifying owning a house, at least not until I start a family.

I pay <10% of my gross income on renting a two bedroom apartment including electricity (water is included in the monthly rent and there is no gas supply)

dreams_and_discoveries

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Re: What Percent of your Income do you Spend on Rent or Mortgage?
« Reply #119 on: June 27, 2016, 12:35:49 AM »
Interesting  - when I bought the house I was at 27%, now around 7% mainly due to increases in income going contracting.

 

Wow, a phone plan for fifteen bucks!