What percentage of your net income goes to pay for your apt or home?

We are debating buying or renting.....and running the figures....trying to figure it all out! If we went with what I want, it would run us 40% of our net income....... Is that too much?

Message edited 1/9/2011 4:07:11 PM.

Re: What percentage of your net income goes to pay for your apt or home?

of the net its proably 40%

Re: What percentage of your net income goes to pay for your apt or home?

Our mortgage is around 20%.

Re: What percentage of your net income goes to pay for your apt or home?

With taxes and homeowners insurance it runs us about 45%.

Re: What percentage of your net income goes to pay for your apt or home?

With property taxes factored in? (That's a big difference in percentage for us)

30% before prop tax
over 50% w/ prop tax & HO ins

Re: What percentage of your net income goes to pay for your apt or home?

We saw an apartment that was HUGE today (and we so need space right now) but it would be around 40% of our take home income........I was just thinking if it was too much! However, everything else is so small for about 25% less in price. I figure I deserve some space after living 3 years in a 1 bedroom with twins!

My mother thinks I am NUTS!

ETA: She actually thinks that it should be illegal to charge that much rent!

Message edited 1/8/2011 8:58:26 PM.

Re: What percentage of your net income goes to pay for your apt or home?

my mortgage is 30 % of my income - i pay the mortgage

we have a coop

Re: What percentage of your net income goes to pay for your apt or home?

37% including property taxes and insurance.

Message edited 1/8/2011 9:51:37 PM.

Re: What percentage of your net income goes to pay for your apt or home?

Less than 25% of net with taxes and ins.

Re: What percentage of your net income goes to pay for your apt or home?

Less than 30% net including taxes and insuarance.

Message edited 1/8/2011 10:26:33 PM.

Re: What percentage of your net income goes to pay for your apt or home?

37.5%, including taxes, homeowner's and PMI

Message edited 1/8/2011 10:28:34 PM.

Re: What percentage of your net income goes to pay for your apt or home?

mortgage and maintenance = 15.5%

Re: What percentage of your net income goes to pay for your apt or home?

w/ mortage, homeowners/taxes - less than 10%

Re: What percentage of your net income goes to pay for your apt or home?

About 30-35% of our take home includes the mortgage, tax and home stuff. Plus, we both also have student loans, so that factors in.

You have to factor if you have debt, plus what you'd pay.

Re: What percentage of your net income goes to pay for your apt or home?

about 30% of net for the house we live in.

We have another property that is currently rented thank God!

Re: What percentage of your net income goes to pay for your apt or home?

about 50% of our net comibined, this is our mortgage, tax and HO insurance.

Re: What percentage of your net income goes to pay for your apt or home?

33 % of my net. That was the easiest way to figure it out.

Re: What percentage of your net income goes to pay for your apt or home?

depends on the month

this month - less then 10%

last month- 30%

my income varies so I rented a fairly inexpensive 1 bedroom apartment vs moving into a complex for almost double the cost with utilities

Re: What percentage of your net income goes to pay for your apt or home?

We are in the process of buying a home right now, and when it's all final, we will be at 31% of net income.

That includes mortgage, taxes, insurance, and PMI. It's not that bad b/c we have no debt. If we had debt, we'd probably be more comfortable with a much lower number.

Re: What percentage of your net income goes to pay for your apt or home?

less than 10%

Re: What percentage of your net income goes to pay for your apt or home?

Thanks everyone for your honesty! I am going to throw our hats into the ring and try to negotiate the rent on the apt! I figure that I can try anything and all they can say is no! It won't be tight, it just makes me nervous a bit! It is a short term plan before we jump into buying a house.

I just am not able to leave the city yet!

Re: What percentage of your net income goes to pay for your apt or home?

right now about 46%, with just one income