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We have a large income, but we also know that we have to save for our old age too and then there is college, emergencies too, I dunno maybe if they make way over 100 grand and live in a cheap home, maybe then they be ok, or if they are relying on others to give them money or something, then I can see it being ok then, just would scare me to death to owe so much on a home, then something happens to that good paying job and then what?
Mortgage + insurance is 38% of our income (will be smaller when I go back to working full-time instead of part-time). My parents helped us buy our house. They paid the difference between the price of our house and what we could afford. Because of that, our mortgage isn't a problem, it's the property tax that kills us. Our property tax bill last month was over twice as much as our mortgage payment. Isn't that ridiculous? Thank god that bill only comes twice a year! If I was including that when I answered the poll I'd be in the >50% group too. I live in a suburb of Chicago where the housing prices are almost as bad as in California. Liveable houses start at $425k here. Houses that can fit my family of 5 start at $550k.
Well we did the best we could to get the best int. rate and the lowest mortgage payment possible. It's almost $1,200/month; about 58%!!! We found the least expensive house in our area with the most bedrooms! The house is 2700 s.f., has 6 bedrooms and costs $125,000.
Almost 18% including taxes and insurance. But we bought in 1992 and when we refinanced at a lower rate for fewer years, we only refinanced what we owed instead of the value.
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Property tax?
Isn't that ridiculous? Thank god that bill only comes twice a year! If I was including that when I answered the poll I'd be in the >50% group too. I live in a suburb of Chicago where the housing prices are almost as bad as in California. Liveable houses start at $425k here. Houses that can fit my family of 5 start at $550k.
