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Net is tough to calculate because we max out two 401ks and a family HSA. It's around 14% of net and just under 8% of our gross. This is for PITI though. If you just look at principal and interest it is ~5.6% of gross.
I used to pay well over half my gross income to mortgage plus dues etc., while still saving at a higher rate than most. That was easy because my other expenses are relatively low, especially transportation which is basically zero.
I used to pay well over half my gross income to mortgage plus dues etc., while still saving at a higher rate than most. That was easy because my other expenses are relatively low, especially transportation which is basically zero.
Whoa.
50% of my gross is ~80% of my net so I definitely could never swing that....
10% of my gross income goes to PITI. I recently purchased again after renting for a few years. Once my savings account rebounds to my preferred level, I will start paying 30-40% of my gross income on it.
Gross is a better measure, as people may have deductions in the form of 401k and pension contributions that aren't really expenses.
Quote:
Originally Posted by mhays25
I used to pay well over half my gross income to mortgage plus dues etc., while still saving at a higher rate than most. That was easy because my other expenses are relatively low, especially transportation which is basically zero.
Same here, when I first bought my place. It can be hard living in a high cost of living area. If you don't take the plunge and buy at some point, you'll likely never be able to. Housing prices right now are obscene. Luckily for me, I was able to refinance the rate way down, and my income headed much higher over the years. I think it's more like 15% now. That doesn't include maintenance and utilities.
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