What % of your monthly goes to housing?

[BlackDiamond]

A thread on another board here got me thinking.

Whether you own or rent, doesn't matter. I'm just curious as to the percentage of your monthly take home that you all put towards mortgage or rent? Also, where do you live?

I live in the Boston area (20 minutes north) and pay just under 15% of my monthly take home pay towards a roof over my head.

[snshijuptr]

Southern California and we pay 30% in rent. I regret not signing up for a cheaper on campus apartment. But hey, it's less than we'd pay off campus.

EDIT: Whoops, I forgot to say that that includes all utilities (specifically internet, tv, and water) except for electricity. With electricity it's 30.5%.

[disneysteve]

What number are you looking for? Do you want just principal and interest or do you also want taxes and insurance? What about utilities?

Our P & I is about 6.9% of gross.
Our PITI is about 13.5% of gross.

Not sure what it is with utilities. I'd have to figure that one out.

[BlackDiamond]

What number are you looking for? Do you want just principal and interest or do you also want taxes and insurance? What about utilities?

Our P & I is about 6.9% of gross.
Our PITI is about 13.5% of gross.

Not sure what it is with utilities. I'd have to figure that one out.

Just whatever the check you write out every month to continue residing where you reside, be it whatever goes into your mortgage payment or your rent.

I don't know much about mortgages because where I live, owning a home is really reserved for the extremely well off, the extremely foolish (people willing to pay 50-60% of their monthly) or older generations who bought when homes were more reasonably priced. I will likely never own a home. So I am not 100% sure what a mortgage payment actually consists of. I always assumed interest was included when you wrote the check every month.

[disneysteve]

BlackDiamond - It depends. Many people have their taxes and insurance escrowed, so they write one payment to the mortgage company for everything. Others pay the taxes and insurance on their own, so the monthly check is just for principal and interest on the loan. PITI (principal, interest, taxes and insurance) is the number you should go with whether people pay it all together or separately. As I said, that would be 13.5% of gross for us.

[Snodog]

5.9% of gross.

8.7% of gross if you include property tax.

[nck4857]

about 20% for me....

[feh]

0%. We've been mortgage-free for about 7 years now.

[disneysteve]

0%. We've been mortgage-free for about 7 years now.

You still have taxes and insurance, though. Housing is never free.

[woodie96]

Southeastern VA here....
12.6 percent.....PITI

[feh]

You still have taxes and insurance, though. Housing is never free.

Right, but I think the OP explicitly stated just rent/mortgage payments.

[creditcardfree]

Were in the midwest.
P&I 13.2%
PITI 17.8%

Don't mortgage companies look at how much of your gross income goes to your payment rather than net?

[EconoMutt]

Wisconsin.

Interest, taxes and insurance is approximately 6%

Interest only loan @ 3.25%

The loan is variable and the % will go up in the future.

[disneysteve]

Don't mortgage companies look at how much of your gross income goes to your payment rather than net?

Yes, all calculations should be done on gross because there are so many factors that can influence net.

[GREENBACK]

Wow, never gave the percentage much thought but it's a tiny 2.5%(mortgage only). No wonder I have money to invest every month. oops! bad math, it's actually about 6%. Still work out well.