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09-23-2008, 09:22 AM
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Location: Some place very cold
5,499 posts, read 21,801,179 times
Reputation: 4322
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Was reading in the news that more people are spending at least half of what they make on housing. In this thread, I do not want to know what your rent or house payment is. I want to know, what percentage of your income it consumes.
Housing costs should include:
- mortgage payment or rent
- Utilities (gas, oil, and electric)
- taxes, PMI, insurance
- water
- trash pickup
If you are married, then your income should include that of your spouse.
P.S. Let's consider income as after-taxes "take home" pay.
Last edited by Reads2MUCH; 09-23-2008 at 01:59 PM..
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09-23-2008, 09:27 AM
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Location: America
6,993 posts, read 16,734,290 times
Reputation: 2092
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They said florida was one of the worst in the nation for renters as far as rent to income ratios.
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09-23-2008, 10:02 AM
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Location: Houston
19 posts, read 52,542 times
Reputation: 13
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For me, the picture looks like this: (percentages based on "take-home" pay)
Housing (rent, insurance, utilities): 37%
Transportation (loans, insurance): 31%
Misc (CC's, cell): 8%
remaining 24% for day-to-day expenses such as food, auto fuel, and "savings" if possible.
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09-23-2008, 10:05 AM
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1,955 posts, read 5,096,786 times
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I'm at about 30% right now, although in the next few months, barring a complete economic meltdown, I anticipate it going down to 20-25%.
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09-23-2008, 10:09 AM
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Location: NC/SC Border Patrol
21,195 posts, read 24,451,760 times
Reputation: 23561
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Our home is mortgage free. When we were buying our home the suggested amount to use was 1/4 of your take home pay. If you are paying anything more than that it is my opinion that you should be looking for other lower cost housing or a higher paying job. We never used my income to decide what to buy. My salary was gravy.
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09-23-2008, 10:31 AM
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Location: western East Roman Empire
9,096 posts, read 13,285,137 times
Reputation: 9624
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Total housing + transportation, about 22%.
If recession reduces income, maybe 25%-30%.
If economic meltdown, according to my understanding, that would mean rationing of food and utilities and we would all be "freezed" in our dwellings until further notice.
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09-23-2008, 10:39 AM
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5,760 posts, read 11,069,975 times
Reputation: 4949
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Hey sort of speaking towards this --
does anyone know what typical boundaries/relationships/ratios are between property "value" (real or imagined) and rent prices? Did not see any such discussion on this site (e.g. Real Estate or Renting section), but if anyone can point towards such that would be helpful, too.
Thanks.
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09-23-2008, 10:43 AM
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Location: Boca Raton, FL
6,568 posts, read 10,421,590 times
Reputation: 9845
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Percentage of income
On our own home - around 35 to 40% with everything
But then I have for my mom's home so if you add that in, I don't even want to look.
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09-23-2008, 11:14 AM
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Location: Some place very cold
5,499 posts, read 21,801,179 times
Reputation: 4322
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Quote:
Originally Posted by Vipor
For me, the picture looks like this: (percentages based on "take-home" pay)
Housing (rent, insurance, utilities): 37%
Transportation (loans, insurance): 31%
Misc (CC's, cell): 8%
remaining 24% for day-to-day expenses such as food, auto fuel, and "savings" if possible.
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I'm not able to edit my additional post -- but yes, let's say percentage of take home pay. (I'll ask one of the mods to make the change." |
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09-23-2008, 11:21 AM
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Location: In My Own Little World. . .
3,238 posts, read 8,508,928 times
Reputation: 1613
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All housing costs, about 22%.
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Percentage of income
