Why should someone's rent/mortgage be 30% of their gross montly income? (paying, million)

[te3t]

Originally Posted by NewbieHere

That sounds about right, 30% or less. If you spend more than you have no spare for savings and other stuff.

That's why I had to stop dating because I feel that saving is more important than wining and dining some women.

[NewbieHere]

Originally Posted by te3t

That's why I had to stop dating because I feel that saving is more important than wining and dining some women.

You can cook for your date, it doesn't have to be about wining and dining. Those are shallow people anyway.

[meo92953]

But make the 'home' date fun. Can you go for a walk at a park or even downtown. Maybe stop for ice cream. It doesn't have to include going out for drinks, it could be coffee. Think outside the box & think of things that can be fun & cost little or nothing.

[Opus One]

Unless you have a time machine and go back to the 1950s or 1960s you can't find a mortgage for 30% of your income where I live.

[Petunia 100]

Originally Posted by Opus One

Unless you have a time machine and go back to the 1950s or 1960s you can't find a mortgage for 30% of your income where I live.

Of course you can. You just need a larger down payment.

[Opus One]

Originally Posted by Petunia 100

Of course you can. You just need a larger down payment.

To do that you'd need to win the lottery or live for 300 years in order to get the down payment.

[Pitt Chick]

Originally Posted by Opus One

Unless you have a time machine and go back to the 1950s or 1960s you can't find a mortgage for 30% of your income where I live.

Or you can move away to where it IS possible (no time machine needed).

[montgomery212]

I actually didn't realize that when people said rent/mortgage should be no more than 30%, they were talking about GROSS. Somehow I always assumed net, and wondered how people made that work long term esp. if they are in a higher COL east coast city. Makes sense that you'd look at gross though because if their net is smaller because they are funding a 401k, have a pension contribution etc. -- those things are savings right off the top.

[Opus One]

Originally Posted by Pitt Chick

Or you can move away to where it IS possible (no time machine needed).

Give up good cool weather for the barren burning wastelands of Texas? No thanks.

[Lowexpectations]

Originally Posted by Opus One

Give up good cool weather for the barren burning wastelands of Texas? No thanks.

Dry those tears up then