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My mortgage is ... of my NET income

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If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?

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Pages: 1 [2]

BaseballWidow
*****

Member since 8/08

6657 total posts

Name:

Re: If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?

Just above 30%. Until a few months ago it was below 25% but I took a PT position (and had been the higher earner) so that has had an impact.
We live south shore, eastern Suffolk. No help with the purchase.

Posted 6/10/16 5:38 PM
 

2BadSoSad
LIF Adult

Member since 8/12

6790 total posts

Name:

Re: If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?

19.59% - North Shore Suffolk
No help with purchase - used savings and wedding money for 15% down.

It wasn't always that way though, when we purchased 10 years ago though it was probably around 32%.

PMI also dropped off this year so that helped!!

Message edited 6/11/2016 11:52:03 PM.

Posted 6/11/16 11:48 PM
 

Millie3
LIF Adult

Member since 7/13

1280 total posts

Name:

Re: If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?

Posted by luvbuffet

a house in port washington thats 650k is like buying a 1.2mil home in queens.


i saw a home in yonkers 9 bedroom, 7 fireplaces, insaaannely gorgeous and we would afford it. total turn-key..but im afraid to move over there. i dont know anyone Chat Icon


can you seriously put down less than 20-25% these days??!! the market is soo fkd up over here!! competing with cash buyers Chat Icon Chat Icon



Let me tell you, we were looking in Bayside originally and felt like we were competing for scraps! We had 25% down but it was nothing. Many buyers use cash because they are backed by their families. We decided to move out to LI . The chaos of home buying is just the beginning. The schools, the activities, even the supermarket is like being on survivor Chat Icon

Message edited 6/13/2016 1:30:12 PM.

Posted 6/13/16 1:29 PM
 

Momof3boys
LIF Infant

Member since 6/15

306 total posts

Name:

Re: If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?

17% but would be less if we didn't contribute a lot to 401ks. I am also on a PT salary. South Shore

Posted 6/14/16 9:38 PM
 

Momof3boys
LIF Infant

Member since 6/15

306 total posts

Name:

Re: If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?

Posted by LSP2005

I think a lot of people starting out get help from the bank of mom and dad for help with the I initial down payment. No one talks about it, but for a lot of people I know it is true.



This is very true. Most people I know received help (6 figure down payments or their parents helped build a new home). I am from Queens! I don't think there is anything g wrong with it, but it's true that a lot of people get significant help.

Posted 6/14/16 9:42 PM
 

DiamondGirl
You are my I love you

Member since 7/09

18802 total posts

Name:
DiamondMama

If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?

It is roughly 25% but what we take home is not our true net bc of retirement, investments etc. We live very comfortable at 25% and I venture to say we could go up to 30-35% if we needed to

Posted 6/15/16 8:01 AM
 

muffaboo
LIF Adult

Member since 12/10

3796 total posts

Name:

Re: If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?

Around 25% of NET, 10 year mortgage, central Suffolk, south shore. Taxes are ~12.5K.

Posted 6/17/16 5:17 PM
 

DRMom
Two in Blue

Member since 5/05

20223 total posts

Name:
Melissa

Re: If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?

Our mortgage with taxes and insurance is about 11% of our net. We did this purposely so that we could buy a second home which we will do next year. We also do not live in NY. Our taxes are in the low $2000 per year. I do pay Homeowners Association dues but those are less than 1000 per year.

Posted 6/20/16 11:32 AM
 
Pages: 1 [2]
 

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