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Old 03-18-2008, 12:29 PM   #1
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Default % of net income for housing

What are you paying?

This doesn't include utilities. This is just mortgage/rent + taxes.

The check you write every month
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Old 03-18-2008, 12:38 PM   #2
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$165
3bd/2bath apt with 2 roommates.
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Old 03-18-2008, 12:39 PM   #3
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mortgage + taxes + insurance = ~$1400/mo
tax = $2400/yr
mortgage amount/purchase price was $156k, House just appraised at $220k
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Old 03-18-2008, 12:47 PM   #4
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Well Im looking for the % of net income, because I want to see what other people are affording. But i assumed people didnt want to share net income and expenses

I appreciate the quick responses though... Thanks for the input cjerigan
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Old 03-18-2008, 12:48 PM   #5
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I pay about 30% of my net to rent.

I expect that to go way up if I buy a house.
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Old 03-18-2008, 12:49 PM   #6
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I pay about 30% of my net to rent.

I expect that to go way up if I buy a house.
What are you looking to spend when you buy a house? I am at 28% for rent too
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Old 03-18-2008, 12:51 PM   #7
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Renting a 4 room apartment 10min outside Nürnberg with 2 car garage, balkony and garden: All included (water, heating, snow clearing in winter, garage and bla bla) except electricity: 890€/month. We could live cheaper, but hardly better. Love our place.
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Old 03-18-2008, 12:52 PM   #8
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$1135.76 For 1st Mortgage. That includes tax and Ins.
Also have a home equity line with a variable rate.
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Old 03-18-2008, 12:54 PM   #9
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Quote:
Originally Posted by Loki047 View Post
What are you looking to spend when you buy a house? I am at 28% for rent too
My broker told me that you should cap out around 35% though I could go all the way to 50%.
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Old 03-18-2008, 12:55 PM   #10
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not sure on my net, but my % of gross is about 11.5%
so net estimated % is around 17.8%
but a mortgage will change that percentage soon
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Old 03-18-2008, 12:56 PM   #11
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I just did the math, and my rent comprises 8% of my income. I want to buy, but the market is kinda retarded right now.
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Old 03-18-2008, 12:57 PM   #12
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24% on my morguage. I got a great deal on my house.
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Old 03-18-2008, 12:58 PM   #13
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25%
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Old 03-18-2008, 12:59 PM   #14
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supersayan-dude, this is the time to buy, i just bought investment property for this reason, and looking for one more house to buy withing the next 4-5 months if i can...
your in LA, im not sure what the market is looking like there, but i would assume there are lots of opportunities simply b/c of the economy, not the disaster...
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Old 03-18-2008, 01:00 PM   #15
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Quote:
Originally Posted by Ben View Post
My broker told me that you should cap out around 35% though I could go all the way to 50%.
The 35% is the rule of thumb for gross. Was he talking net?
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Old 03-18-2008, 01:09 PM   #16
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Originally Posted by whaaamx5 View Post
supersayan-dude, this is the time to buy, i just bought investment property for this reason, and looking for one more house to buy withing the next 4-5 months if i can...
your in LA, im not sure what the market is looking like there, but i would assume there are lots of opportunities simply b/c of the economy, not the disaster...
I guess I should have been more specific. The local market is crazy. A couple of years ago, the market got flooded with demand from people who found themselves with a sudden need for a roof over their heads.

Locally, this has driven up prices and you just can't find a decent built home around here. If I were to build, that would be another story, but I don't think I want to build for my first home.
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Old 03-18-2008, 01:12 PM   #17
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gross
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Old 03-18-2008, 01:12 PM   #18
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its really not that comlicated, if you are not going to be invloved, just find a semi-local builder and put him under contract, if they do not finish in time, their pay gets cut...i ahve never done this in the past but heared about it...no reason why not to build your home if you have the means...
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Old 03-18-2008, 01:13 PM   #19
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Quote:
Originally Posted by whaaamx5 View Post
its really not that comlicated, if you are not going to be invloved, just find a semi-local builder and put him under contract, if they do not finish in time, their pay gets cut...i ahve never done this in the past but heared about it...no reason why not to build your home if you have the means...
well, that's just it. i kinda...umm......don't. lol. My percentage of rent to income is so low because i'm paying hella cheap rent right now. A mortgage payment would be 4x what i'm paying in rent right now.
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Old 03-18-2008, 01:24 PM   #20
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I just whipped up a spreadsheet yesterday that took into account all my monthly bills and income and tax deductions. You enter in basically how much the loan is for and what the interest rate is to get the amoritization schedule and then you also pop in what you pay on your credit cards (minimum payments or 2000 or whatever) as well as your expected utilities. It also had a space for adding a renter (my gf who will eventually get a ring etc etc)

I think the end result was that I could comfortably afford 30-35% of my gross given my current expenses. more if I ask the gf to pay her current rent to me instead of to some guy in Minneapolis.

the easy part is figuring out the "equivalent mortgage" payment based on your interest deduction but the reality is that is probably eaten up / offset by insurance and property tax.
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