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What is the honest percentage of gross income you spend on housing every month (rent/mortgage, utilities, property taxes, etc)? Do you rent or own? Dual income, or single income? What part of the USA do you live in?
I'm right at 35% for housing
I own
Single income
Southeastern USA
--I rent.
--I'm just under 24% of gross for rent.
--If I include utilities (electric/gas/water) and renter's insurance, I'm just under 25%. Utility rates here are high, but the mild weather helps keep usage way down. I don't even have air conditioning and only wish I had it 10-15 days a year. I only use the heat mid-November to mid-March--and not every day.
--Single Income
--San Francisco Bay Area
Car was bought used and paid for with cash. No debt except credit cards that are paid off every month.
I do get occasional overtime and shift differential which I didn't include, so these are conservative numbers, but the most aggressive income assumption would push those percentages down less then 2 percentage points.
Last edited by mysticaltyger; 05-29-2019 at 11:32 PM..
Jeez! With these numbers I'm seeing, I guess I'm living beyond my means, huh (I'm not comparing, just a thought)? Good thing I have no debt besides my mortgage or I'd be in serious s*** then.
I would generally say yes to the bolded. There may be some caveats. Maybe you have the potential to ramp up your income in the next few years. Then you might be ok if you don't further inflate your lifestyle to go along with the higher income.
If you had a lot of other debt, you would probably have trouble saving for the future. American culture has normalized stretching to the hilt and then complaining that you can’t afford to save.
I would generally say yes to the bolded. There may be some caveats. Maybe you have the potential to ramp up your income in the next few years. Then you might be ok if you don't further inflate your lifestyle to go along with the higher income.
For sure. I should mention that my percentage is based on my regular salary only. I have a side business that brings in on average an extra $20K a year. Sometimes higher. I don't factor this in though.
Plus, my property isn't for long term living. I bought it to rent it out in a year.
I'm also noticing the lower percent people don't live in or around major cities?
I live in what I would call “ rural suburbs”. Plenty of farms and such around here, but also a lot of businesses, and traffic...if I stray from my normal paths. A lot of military here as this area is home to the largest naval base in the world.
I'm also noticing the lower percent people don't live in or around major cities?
I live in a top 100 metro area, but not a large city. I prefer it this way. Your money goes a lot further here and with kids you get the good schools and basically everything I'd have the time to do in a big city too. Plus we have the added benefit of tons of outdoor stuff to do. Top 5-10 mountain biking in the US (depending on who you ask ), a great lake 20 minutes from my house, etc.
I rent in the suburbs of Boston. Mostly single income, though I reduced the overall rent by how much my partner chips in. He only lives with me part time and has significant student loans, so he only pays about 15% of the rent.
To own even a condo, I would have to bump up that percentage to closer to 35%, which I'm not willing to do.
Less than 10% for housing (mortgage, insurance, taxes, utilities), excluding extra principle payments
Own - paying off aggressively, I expect to be mortgage free by end of next year. I have a 5 yr ARM and I planned on paying it off within 5 yrs.
Dual income plus rental incomes
Mid Atlantic
Quote:
Originally Posted by M3Guy
What is the honest percentage of gross income you spend on housing every month (rent/mortgage, utilities, property taxes, etc)? Do you rent or own? Dual income, or single income? What part of the USA do you live in?
I'm right at 35% for housing
I own
Single income
Southeastern USA
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,576 posts, read 81,167,557 times
Reputation: 57808
Two incomes
Own
Utilities vary greatly by season so this is on average for the year:
26% of gross
Suburban city east of Seattle
(current property tax is $7,600/year)
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), a great lake 20 minutes from my house, etc.
