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... why we moved from a high-cost coastal state to a medium-cost inter-mountain state (CO front range). Had we remained in the coastal state a house half the size/quality of our home here would have cost 40-60% of monthly income without any mortgage paydown. Just a *^#!! of a situation. So thankful we in the USA have an absolute right to move about within the country - thanks Constitution! Really puzzles me why people keep paying those inflated coastal state house prices. In the absence of inherited money it's just decades being imprisoned to impossible payments.
Mostly single income.
I'm in a coastal state. I've lived no where but coastal states. No one here is "imprisoned to impossible payments" LOL.
One can always find somewhere cheaper to live...that doesn't mean that one wants to live there. Cost might be the most important factor for you, but it certainly is not for everyone. I would never be happy living too far away from the coastline.
When you say living expenses, are we including... what exactly? The mortgage and property taxes? Plus insurance? Or also all utilities? My current house, my tiny mortgage is $167/month, so my cable bill is larger than my mortgage (in OR).
Metro Atlanta. Mortgage, insurance, taxes, and HOA (not including utilities) is 14.6% of gross.
In a related note, when we were first married we stretched our budget and bought a townhome in a trendy area that was 32% of our gross. It was risky but it worked out great as we made a tidy profit when we sold that place.
Location: Formerly Pleasanton Ca, now in Marietta Ga
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Quote:
Originally Posted by charolastra00
Atlanta's also a fairly cheap city.
The house in which I grew up in south Forsyth County (Alpharetta) would be roughly 1 million in a town with a similar strong school system and commute into Boston. 4000 square foot houses in my parents' neighborhood are selling for $350K, which will get me a 2 bed, 1 bath condo here. ITP has gotten pricier, but is still affordable compared to other major cities with similarly strong job prospects (Boston, NYC, DC, SF, Seattle, LA).
For reference, I make 80K and 22.5% of gross gets me a 1 bedroom apartment more than an hour outside of Boston.
There really are multiple different Americas. Our realities are so different.
No doubt. The house I live in now would be about 1.7 million back in my old town in California. Basically 1/3 the price here.
If I were to factor in my extra $20K annually, my percentage would be 20%. It's a business I own so
income can vary year to year.
That changes the equation considerably. I think it's smart to be conservative with your income assumptions--and you are. So that's a good sign. It looks like you're in pretty good shape, but if the business income takes a major dive, you'll be stretched thin. Yet the good news is you have two solid income steams with your day job and a side business that brings in significant income.
That changes the equation considerably. I think it's smart to be conservative with your income assumptions--and you are. So that's a good sign. It looks like you're in pretty good shape, but if the business income takes a major dive, you'll be stretched thin. Yet the good news is you have two solid income steams with your day job and a side business that brings in significant income.
Always a great point. I don’t even consider my primary business income in my budget equations because it’s not consistent year to year so I like to make sure even if it’s $0, I can still afford my cost of living and then when the business does well (like last year), I have extra cash to create a larger buffer.
17% of our income is budgeted for mortgage, taxes, insurance, electricity, water, garbage, lawn and pool maintenance, and general house maintenance. We have been slightly under budget on those items historically. I always budget for the worst case scenario and am happy when we don't get hit with everything in the same year.
We basically live off my wife's income and bank whatever I make.
That is amazing! And I thought I saved a lot. Looks like you will have a very comfortable retirement.
As for the OP's question:
We own
Housing is 18.5% of gross (I included all expenses including the lawn guy)
Dual income (but wife only makes 15% of what I make)
SE USA (FL tri-county area where everything is overpriced....)
Our housing would be only 9.5% if we paid off the mortgage. However, I'm purposely carrying the balance because our investments are doing so well that paying off the mortgage using that money would actually be a stupid decision.
All figures for 2018
Gross income, including tax-exempt income: $113,262
Mortgage: $0
Sewer: $387.12
Garbage: $687.62
Electricity: $1998.41
Property tax: $2933.56
Insurance: $547
Phone + DSL: $1065.35
Cable TV: $0
Brine Well income: ($1800)
So, it works out to 5.1%.
While I'd like to move to somewhere with less snow, my cost of living would be bound to increase. Then there is the cost of buying another 15 acres. Land costs have skyrocketed.
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ITP has gotten pricier, but is still affordable compared to other major cities with similarly strong job prospects (Boston, NYC, DC, SF, Seattle, LA). 
