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01-15-2010, 10:19 AM
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49 posts, read 99,706 times
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Hi,
I was wondering if it is common to pay 50% of your monthly income for rent and utilities (water, electric and gas/oil) in Central NJ. What percentage of your pay goes out for housing?
Last edited by factory3; 01-15-2010 at 10:31 AM..
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01-15-2010, 10:42 AM
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Location: New Jersey
2,082 posts, read 4,530,398 times
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50% is way too high. We spend less than 10% of our monthly gross on rent.
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01-15-2010, 11:29 AM
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Location: NJ
4,867 posts, read 10,535,403 times
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Agreed 50% is too high. People say you should not spend more than 30% of gross income on rent.
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01-15-2010, 11:32 AM
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9,124 posts, read 33,919,151 times
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Common- yes. Recommended or smart- absolutely not.
Of course, based on recent threads here, "NJ is worth the money", so I guess it's OK, right???
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01-15-2010, 01:53 PM
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38 posts, read 71,115 times
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While renting, it would be around 10-15% for rent and utilities gross.
It is closer to 30% with a purchase for us now.
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01-15-2010, 01:58 PM
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Location: Vermont
5,441 posts, read 15,527,674 times
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i think its more OK to spend more on owning. - 30% of GROSS for ownership here for mortgage,insurance,taxes,gas,electric.
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01-15-2010, 02:21 PM
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Location: NJ
12,284 posts, read 33,085,820 times
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~ 15%
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01-15-2010, 02:22 PM
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Location: Tri-State Area
2,942 posts, read 5,513,741 times
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30% of Gross usually equates to 50% of Net Pay - which might be what the OP is experiencing.
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01-15-2010, 02:30 PM
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Location: NJ
12,284 posts, read 33,085,820 times
Reputation: 5268
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Quote:
Originally Posted by BobKovacs
Common- yes. Recommended or smart- absolutely not.
Of course, based on recent threads here, "NJ is worth the money", so I guess it's OK, right???
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everyone has their own comfort zone. i would submit that if someone was spending 50% and still living here, they must think it's worth it. Would I? Never. I'd love to live in Westfield, Madison, Chatham, Mountain Lakes, but I'm not prepared (or can afford) to spend that kind of money. My choice, so I live out in the boonies and don't complain about how unfair it is that housing is too high in those towns for MEEEEEEEEEEEEE to live there!
Anyway, 50% is way too high and if you still want to live here, you can rent out a room, find another cheaper place, get an extra job, whatever. if you don't want to do any of those things, you can move!
Last edited by tahiti; 01-15-2010 at 02:51 PM..
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01-15-2010, 02:34 PM
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38 posts, read 71,115 times
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For the past 5 months we were shopping around for homes and finally found. 2 times we found that the appraisal on homes was lower than what people owed....and they needed out due to the cost of the home and the worsening of the economy.
I am sure some of the people like that are the ones paying 50%, not because they want to, but because they can't afford to take a 20 - 30K out of pocket loss on a home. We spoke to one couple who wanted to relocate out of state but could not take the 22K pounding on the home and were forced to stay there.
Unfortunately people bought when the market was high, layoffs occurred, and now they are stuck in a mortgage that is eating a lot of their salary/wages.
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