CPW - Get out your calculators - What % of your gross monthly income is your rent/mortgage payment?

PBP2002 · August 2013

To put the "COL" factor into the financial questions a bit...

apickett925 · August 2013

10% when my husband gets paid on time for his contract work, 17% if I just use his full time job and my income.

ETA: that includes our property taxes

lmills730 · August 2013

I wish housing costs weren't so darn expensive where we are (boston suburbs).

0hkgbs · August 2013

Mine includes my property taxes 33%

PBP2002 · August 2013

I included taxes and insurance (i.e. our escrow account) in my vote, too. I probably should have specified one way or the other. Oops.

mrsjenni · August 2013

My mortgage includes taxes & insurance as well and it's 16% of our monthly income. We're moving though and our mortgage will likely be about 25% of our monthly income. Waiting on DH's big raise (fingers crossed) then it will go back down a bit.

ETA: Without taxes, etc our mortgage is only 10% of our income in BOTH houses... old and new. Stupid Jersey taxes.

PreDempsey · August 2013

Thankful for our little bird house starter home (for now.....)

ScarlettDahlia · August 2013

We own our house outright. For taxes and insurance, we're at around 4%

sugarland726 · August 2013

ScarlettDahlia said:

We own our house outright. For taxes and insurance, we're at around 4%

I can't wait for this day.

SunflowersBride · August 2013

Pleasantly surprised to see that even though we just moved from an apartment to a house, our rent is only 20% of our gross income (again, we are in the DC area so things are really expensive).

PreDempsey · August 2013

ScarlettDahlia said:

We own our house outright. For taxes and insurance, we're at around 4%

I can't wait for this day.

By the time we get there I'll be ready to move and start all over, ugh.

peanutmuse · August 2013

Our mortgage plus taxes = slightly less than 10% of our gross annual income. But we pay a bit extra each month, so it brings it up to about 12%.

vstevens · August 2013

I can't believe I've never done this calculation, and all I can say is thank GOODNESS for the refi we did last year - we're down to below 10% and we live in NYC! (Too bad our nanny / preschool / food / transportation costs offset most of the savings...ah, big city living).

bethughknee · August 2013

Now I'm depressed because I just saw how much we'd actually have if you got to take home your gross income in the real world. Whomp wahhhhhh.

jhunter89 · August 2013

lmills730 said:

I wish housing costs weren't so darn expensive where we are (boston suburbs).

Same here (East side of Seattle).

Shayliz · August 2013

bethughknee said:

Now I'm depressed because I just saw how much we'd actually have if you got to take home your gross income in the real world. Whomp wahhhhhh.

Don't do that, it's mega depressing.

ashybear · August 2013

Our house (and food expenses) are included as part of our salaries at the camp/retreat center where we work, so 0%, but I also make like $0.

MissRdotS · August 2013

Our mortgage is luckily only about 16.5% of our gross income - that actually makes me feel pretty awesome. Thank goodness for foreclosure steals and great rates!

TNgoldengirl · August 2013

Wow! We must have an expensive payment or a low income because almost one whole paycheck goes toward it and the taxes (combined.) and I thought we did pretty well.. At least for one income.

ScarlettDahlia · August 2013

PreDempsey said:

ScarlettDahlia said:

We own our house outright. For taxes and insurance, we're at around 4%

I can't wait for this day.

By the time we get there I'll be ready to move and start all over, ugh.

We've been in this house for a little over a year and DH has dreams of buying something bigger on more land. I told him he'd really have to convince me to take on a mortgage since we're so used to being able to do whatever, basically.

aessary03 · August 2013

We are at 21.8% of our income.

jlm245 · August 2013

12%.

Just curious, do people really think about this based on your gross income? We do all budgeting based on our net income. Taxes, retirement, etc take a big chunk.

PBP2002 · August 2013

jlm245 said:

12%.

Just curious, do people really think about this based on your gross income? We do all budgeting based on our net income. Taxes, retirement, etc take a big chunk.

I think you're right that most base it off net income, but I didn't want someone who contributes a huge amount (or nothing) to their retirement plan to skew the numbers - that's why I asked about gross.

vstevens · August 2013

jlm245 said:

12%.

Just curious, do people really think about this based on your gross income? We do all budgeting based on our net income. Taxes, retirement, etc take a big chunk.

I use net income for budgeting also (easier to think about IMO), but I think a financial planner would tell you that if you're budgeting by the financial book, budgets should technically be based on gross income.

Audrey112 · August 2013

Bought a house that we could afford on a single income even though I am still working - for now

blue_elle · August 2013

Net - 18% if we're talking just the mortgage, 22% when we include the HOA dues.

Gross I'm not sure on because I honestly have no idea how much DH makes pre-tax and deductions. He doesn't get paystubs and can't remember how to log in to get them online. Really got to get him to fix that soon.

jlm245 · August 2013

PBP2002 said:

jlm245 said:

12%.

Just curious, do people really think about this based on your gross income? We do all budgeting based on our net income. Taxes, retirement, etc take a big chunk.

I think you're right that most base it off net income, but I didn't want someone who contributes a huge amount (or nothing) to their retirement plan to skew the numbers - that's why I asked about gross.

That's a good point. We put a lot into our retirement accounts (plus our normal savings).

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CPW - Get out your calculators - What % of your gross monthly income is your rent/mortgage payment?

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