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What % of your net income goes towards mortgage/rent?

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    What % of your net income goes towards mortgage/rent?

    I posted this on my financial blog and got some interesting responses, so I thought I'd post here as well.

    28.7% of my monthly net income goes towards my mortgage, property taxes, and homeowners insurance for my 15-year 4.5% interest rate mortgage. Unfortunately, an additional 6.3% goes towards my rental property since we haven't been able to get any tenants in that will cover the entire amount.

    what's your situation look like?
    Last edited by guppy; 01-07-2010, 10:35 AM.

    #2
    Originally posted by guppy View Post
    I posted this on my financial blog and got some interesting responses, so I thought I'd post here as well.

    28.7% of my income goes towards my mortgage, property taxes, and homeowners insurance for my 15-year 4.5% interest rate mortgage. Unfortunately, an additional 6.3% goes towards my rental property since we haven't been able to get any tenants in that will cover the entire amount.

    what's your situation look like?
    Thanks to my parents' & grandfather's manual labor help, I got a great head start on my future at age 20 (41 now). We built my somewhat modest home using some money I had saved prior to starting & whatever I earned during construction. Now I pay only property taxes ($1,500/ yr). The house is worth ~$250K now (+/- $20K). I didn't realize how beneficial this was at the time, but now I know I don't think I can ever thank them enough.

    Edit: Oops I didn't really answer your question: Prop tax (~$1,500) + insurance (~$1,000) equals 1.9% of gross, 2.8% of net for '09. But bonuses cause my income to vary a lot from year to year.
    Last edited by Beppington; 01-08-2010, 07:26 AM.

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      #3
      7% is all

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        #4
        We're at about 19.8% of net.
        Steve

        * Despite the high cost of living, it remains very popular.
        * Why should I pay for my daughter's education when she already knows everything?
        * There are no shortcuts to anywhere worth going.

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          #5
          I answered on your blog but for those who don't go over there 28.2% for my 15yr PITI

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            #6
            23.6% of net goes to PITI

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              #7
              10.8% - Bought our home 17 years ago when we first got married with no money down. Never made any extra payments or took a home equity loan and now we find ourselves with $130K in equity.
              Last edited by Snodog; 01-07-2010, 12:08 PM.

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                #8
                32%. That's close to house poor in my opinion, but I bought in Dec '08 at well below market price in a place where home values have remained stable so it was an acceptable risk, and I got a pool :-)

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                  #9
                  21.2% goes to rent and insurance. Hoping to reduce that soon by down-sizing rental and up-sizing income.

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                    #10
                    zero percent goes to mortgage payments. I too got off to a good start when I bought my first home at age 21, paid it off by age 32 and paid cash for every new house we built after that. (It helps that my husband is a builder too) My house has a value of at least $500,000.

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                      #11
                      Originally posted by Ima saver View Post
                      zero percent goes to mortgage payments
                      You do still pay taxes and insurance, though.
                      Steve

                      * Despite the high cost of living, it remains very popular.
                      * Why should I pay for my daughter's education when she already knows everything?
                      * There are no shortcuts to anywhere worth going.

                      Comment


                        #12
                        approx 21% for mortgage, taxes, and insurance.

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                          #13
                          Interesting responses!

                          I just realized I spend 26.48% of net income on mortgage/taxes/ins. Forgot to take into account there's 26 pay periods a year (Not quite sure how I forgot about that!)

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                            #14
                            21%, but it's a 30 year.

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                              #15
                              WHAT'S NET INCOME? I know gross but what constitutes net???
                              LivingAlmostLarge Blog

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