How much is your rent/mortgage

[tom edward]

Live in metro Chicago.

Rent/mtg = $0 paid off in 2006

Real estate tax & insurance = $900/month

t

thats nice that your mortgage free but whats so expensive taxes or insurance. Im looking at a future mortgage of half that. plus escrow account

[mmmlb]

We're paying $1750 a month for a 30 year mortgage and taxes.
HOA fee adds another $300 on top (argh!).
It's a roomy 2BR townhouse and I believe they rent out for around $2000.

[Ticker]

Was $6500 a month, now down to 3000.

T

[sdcarwile]

Our mortgage is $350/mo.

Property taxes are $1300/year

Insurance is $650/year

[Gailete]

Can't hardly believe what some of you pay! But then I suppose that if you lived in a part of the country where rents and mortgages weren't as expensive, your pay wouldn't be as high either.

[breathemusic]

Agree with the above.... it's amazing to me how cheap the cost of housing is in some areas!!

I live in DC in a "group house" aka, a large townhouse that I share with roommates.

$1150 for the master bed/bath (includes basic cable and internet but no other utilities). Top 3 stories of the house are 4 BR 3.5 Bath, basement of house is a separate 2 BR 1 Bath english basement with their own kitchen, laundry, etc.

Total for the whole house the landlord collects about $6,500 per month in rent. But then again, when I look on zillow, the house is valued at about $1M, so I'm sure the mortgage is a pretty penny.

What I pay for rent is considered cheap in DC since I'm in a group house. Apartments are definitely more expensive and will range anywhere from $1400 to $2200 depending on the neighborhood, amenities, etc.

[roxymoxie14]

Rent in Southern California

I live in a 3 bedroom townhouse on the outskirts of Los Angeles County and pay a whopping $1450/month for rent and that DOES NOT include utilities, trash, etc. We would love to move to something cheaper, but trust me when I say that the only thing cheaper is an apartment with a heck of a lot less space, no garage and they're not cheaper enough in comparison to even be worth thinking about. Plus, unless one has moved recently, no one understands how expensive moving is. You not only have to find a way to cart all of your stuff from one place to the next which at the least usually involves some sort of van rental, let alone movers, but then you have the first and last, security deposits and the list goes on and on. People who give the advice of "Just move!" have a lot of nerve in my opinion....

[roxymoxie14]

Rent in Southern California

I live in a 3 bedroom townhouse on the outskirts of Los Angeles County and pay a whopping $1450/month in rent and that DOES NOT include utilities, trash, etc. We would love to move to something cheaper, but trust me when I say that the only thing cheaper is an apartment with a heck of a lot less space, no garage and they're not cheaper enough in comparison to even be worth thinking about. Plus, unless one has moved recently, no one understands how expensive moving is. You not only have to find a way to cart all of your stuff from one place to the next which at the least usually involves some sort of van rental, let alone movers, but then you have the first, last, security deposits and the list goes on and on. People who give the advice of "Just move!" have a lot of nerve in my opinion....

[roxymoxie14]

Sorry for the repeat!

So sorry for my post showing up twice! Not sure how to delete the second one...

But while I'm here....


The other doubling frustrating thing about renting in Southern California is that not only do I nor my parents currently qualify for any type of housing loan, aid, etc., but the housing costs here are ridiculous for the LACK of land, house and overall property you get for your hard earned cash. I hate renting, but would much rather find some miraculous way to move somewhere that we actually get a little property and a decent size house to live in then to try buying in Southern California where your neighbors are two inches away, traffic is a nightmare and the cost of living is always going up, opposite of salaries...

[cypher1]

Plus, unless one has moved recently, no one understands how expensive moving is. You not only have to find a way to cart all of your stuff from one place to the next which at the least usually involves some sort of van rental, let alone movers, but then you have the first, last, security deposits and the list goes on and on. People who give the advice of "Just move!" have a lot of nerve in my opinion....

Agreed! Not to get sidetracked, but that's why I hope to be in my home for as long as I can. No hurry to move again, and I don't have a SO or kids. I help (and complained LOL) friends and family move all the time and it just sucks. With no organization/planning or boxes, it gets frustrating. If I have to move, I'd actually probably consider paying $$$ for professional movers

[cardtrick]

PITI + HOA dues is $1200, which is around 20% of gross. Renting a similar place would cost us $1700-$1800.

[Gailete]

The other doubling frustrating thing about renting in Southern California is that not only do I nor my parents currently qualify for any type of housing loan, aid, etc., but the housing costs here are ridiculous for the LACK of land, house and overall property you get for your hard earned cash. I hate renting, but would much rather find some miraculous way to move somewhere that we actually get a little property and a decent size house to live in then to try buying in Southern California where your neighbors are two inches away, traffic is a nightmare and the cost of living is always going up, opposite of salaries...

Things sure have changed over 40 years ago we lived in San Bernardino (S. CA), my mom paid $90/month rent and then $90/month for a land contract to buy the 4 bedroom house on 1 1/4 acre of land! When we moved away the prior owner bought the place back as he was so impressed with how well it had been fixed up. Via those Google maps, I was able to see it. While I don't know how much it would cost to buy at this point they converted the flat roof to a peaked on, the acreage is the same and I caught a glimpse of the neighbors pool where I more or less learned to swim.

I'm thankful to be living in a much lower cost of living than many of you since SS checks don't fluctuate depending on where you live. Most that get SS don't try to move to a lower cost of living area, because of the cost and difficulty in moving as the others have stated, but if they could they would find that their checks went a whole lot further.

[tom edward]

So sorry for my post showing up twice! Not sure how to delete the second one...

But while I'm here....


The other doubling frustrating thing about renting in Southern California is that not only do I nor my parents currently qualify for any type of housing loan, aid, etc., but the housing costs here are ridiculous for the LACK of land, house and overall property you get for your hard earned cash. I hate renting, but would much rather find some miraculous way to move somewhere that we actually get a little property and a decent size house to live in then to try buying in Southern California where your neighbors are two inches away, traffic is a nightmare and the cost of living is always going up, opposite of salaries...

My father in law will be selling their property in wisconsin soon. Ide love to buy it comes with 40 acres enclosed by another 500acres of the grandparents land. House is a 4 bedroom 3 story fully furnished basement, 4 car heated garage, built in 2004. cement floor pullshed with hobby farm. All for about 240k. Cant get that in california thats for sure. California has a way of jacking everything up.

[Gina23]

I just refinanced to a 15 year @ 3%, no PMI. The payment including escrow is $1861/month which comes out to about 19% of my gross income. I feel this is justified as I have no other debt and have made a conscious decision to pay this down as fast as possible by refinancing to a shorter term loan combined with extra principal each month. On good months, I throw another $400 bucks at it, putting me at 24% of my gross income per month. It's a lot, but I expect that my discipline will save me thousands in the long run.

[tom edward]

I just refinanced to a 15 year @ 3%, no PMI. The payment including escrow is $1861/month which comes out to about 19% of my gross income. I feel this is justified as I have no other debt and have made a conscious decision to pay this down as fast as possible by refinancing to a shorter term loan combined with extra principal each month. On good months, I throw another $400 bucks at it, putting me at 24% of my gross income per month. It's a lot, but I expect that my discipline will save me thousands in the long run.

I cant judge anyone paying twice what I would pay when its basically the same percent of their income. They just have a little fancier advantage over me and I'm really not envious or anything. Sounds like 20 percent is safe for most people on here. I think you did it smart and your being even smarter paying extra, just imagine life in 8 years without a mortgage!