% of monthly income that is dedicated to rent/mortgage

[ERR]

Mine is way to high, around 40%, and I want to get it down. What is everybody else's? I'm not saving enough, and I blame it on my rent.

[antknee]

15-20%

[ERR]

15-20%

yeah that's sick, that's where i want to get mine down to.

[Kyle]

The past 6 months it's been about 27% which i think is a decent percent. Before that, for a year and a half my rent was 15% of my monthly take which was a fucking stea and i was able to save a tonl, prior to that i was on a commission based position so it varied but for 3 years i was paying more in rent per month than what i am now.

I know quite a few people that are right around 50-55% and i don't get that at all. If I didn't have a new car i guess i wouldn't mind paying that high of a percentage.

[ERR]

The past 6 months it's been about 27% which i think is a decent percent. Before that, for a year and a half my rent was 15% of my monthly take which was a fucking stea and i was able to save a tonl, prior to that i was on a commission based position so it varied but for 3 years i was paying more in rent per month than what i am now.

I know quite a few people that are right around 50-55% and i don't get that at all. If I didn't have a new car i guess i wouldn't mind paying that high of a percentage.

bro, 50-55% is insane in my opinion. I'm just thinking to myself where all my money is going being that I don't go out at all in winter, and I think rent is taking up way to big a portion of it.

[J. Martin]

23-24

[Old Fart]

40% really is not THAT bad, its reality for the high cost of living in this area.
Once you buy you stretch it a bit and sacrifice in other areas to be able to live in a nicer home, I think of the cheap rent I used to pay and wish I had saved more and spent less, but so be it

[ohhai]

are u talking about gross or net? Net I'm right at 29% which is pretty pretty pretty good

[delysiduous]

If it is a mortgage I think it's ok to be a bit higher, but rent sucks. Right now the majority of my income goes to my rent; not sure the exact percentage. But I am in college and only work ~4 months out of the year, I rely on financial aid mostly for my bills. :(

[joeydollaz]

im around 25% but im about to refi which is gonna save me a little. my monthly payments are comign down like 10% of what they are now. which wont really effect my % of payment to income ratio but it will put a lil extra money in my pocket or allow me to pay more principle. i need to find someone to come live here i could be blast this loan away. lol

[James Maxx]

once my mortgage is modified its gonna be (hopefully) around 35%

Then when I start work again, that will translate to roughly 20%.

[eL FryEdo]

about 25%

[TheHipHopBillGates]

about 25% but I just switched to 15yr mortgage to get this shit paid, that also includes my property taxes too. I read some where that normally it should be around 33%, but I bet with the housing inflation & the lack of wage increases a lot more people are pushing the 40-50% range.

[chrisd1163]

I rent and my rent is pretty high for Long Island but it's about 20% max. My income varies month to month so I cant give an exact figure.

[eL FryEdo]

now that i think about it ... it actually ranges from 10-20% ... depending on how much i work that month

[ERR]

I want to get it down to 20%. I can't even imagine how great that financial freedom will feel. Being that it is around 40% now, it will feel like the world is off my shoulders. I can't say that I regret living in the place I have the last 4+ years, but at the same time I'm ready to cut down that expense, and enjoy life a little bit more. Plus if I do reduce it down to 20%, in 2 good years I'll have some nice change saved.

[ERR]

about 25% but I just switched to 15yr mortgage to get this shit paid, that also includes my property taxes too. I read some where that normally it should be around 33%, but I bet with the housing inflation & the lack of wage increases a lot more people are pushing the 40-50% range.

very impressed with tha 15 year, plus the car you bought, you will be living large for a long time.

[rob_in_chi]

25%,,i rent.

[Old Fart]

if you can do under 20% that is simply fantastic, between my 2 mortgages the amount of money that comes and then goes makes me ill, just the taxes between the 2 properties makes me sick.

More money, more money, more money

[rob_in_chi]

More money, more money, more money

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[Old Fart]

that movie was so bad, lol
the show- gold

[rob_in_chi]

that movie was so bad, lol
the show- gold

i just watched the whole thing again..lol,funny

[repete]

im around 25% but im about to refi which is gonna save me a little. my monthly payments are comign down like 10% of what they are now. which wont really effect my % of payment to income ratio but it will put a lil extra money in my pocket or allow me to pay more principle. i need to find someone to come live here i could be blast this loan away. lol

Before you Refi. Find out your closing costs. Then calculate your monthly saving, then find out how many years it would take to recoup your closing costs. Sometimes it doesn't pay to refi. Even if you save $150 a month. It could take your 5 years plus to see the savings. Closing costs eat away your equity

[Lioness]

What is everybody else's?

7%

Rule of thumb is to be able to cover your rent with two weeks pay.

[OC513]

7%

Rule of thumb is to be able to cover your rent with two weeks pay.

rule of thumb is actually mortgage and taxes should not exceed 27% of GROSS income.

[MavCunt]

My mortgage is about 22% of total income

[PeANuT]

7%

Rule of thumb is to be able to cover your rent with two weeks pay.

Wouldnt that be 50% assuming 4 weeks in a month?

[Old Fart]

I think she left out the 2, if I could cover my living expenses with 7% I would either be in a cardboard box or making a crap load more money then now

[Droppin$$]

Well i own a condo in VA and i pay 0% on that cause i rent it out at a price high enough to cover everything including my taxes.

And then right now im Renting in NJ but im only putting in about 13% of my salary (my GF puts in the other half) because im saving to buy again up here....

I think thats fair enough ......

[Lioness]

Wouldnt that be 50% assuming 4 weeks in a month?

Idk :shuffle

I remember my mother telling me that when I starting looking for my own apartment. :shrugger

[Jimmy M]

30%

[layla]

32% of my net & 25% of my gross

[ERR]

rule of thumb is actually mortgage and taxes should not exceed 27% of GROSS income.

Why would anybody look at gross income? Obviosuly it's net income a month.

[Kyle]

Why would anybody look at gross income? Obviosuly it's net income a month.

Exactly.

[OC513]

Why would anybody look at gross income? Obviosuly it's net income a month.


Exactly.

wrong.....when you go for a mortgage the bank looks at your GROSS income.....when you try to rent a luxury apartment in NYC they want your GROSS income to be 40 times the monthly rent. They look at gross because if you get married, have a child, own a home, move from Long Island to the city etc. your tax bracket changes......your gross income does not. :agree

[Kyle]

wrong.....when you go for a mortgage the bank looks at your GROSS income.....when you try to rent a luxury apartment in NYC they want your GROSS income to be 40 times the monthly rent. They look at gross because if you get married, have a child, own a home, move from Long Island to the city etc. your tax bracket changes......your gross income does not. :agree

I'm not talking about for bank or loan purposes. I think when people are comparing % of how much their rent is it should be based on how much you actually take home each month.

[OC513]

I'm not talking about for bank or loan purposes. I think when people are comparing % of how much their rent is it should be based on how much you actually take home each month.

understood and I am just saying that if you use guidelines that a bank or a nice building in NYC would use to decide if you get the mortgage or the lease these are the numbers they actually use. So if you keep your numbers within that range you should be OK and have no problem paying your bills. I know people that have rents that are 60% or their income......not smart.

[DEEPER KEMICAL]

about 100%

[ERR]

understood and I am just saying that if you use guidelines that a bank or a nice building in NYC would use to decide if you get the mortgage or the lease these are the numbers they actually use. So if you keep your numbers within that range you should be OK and have no problem paying your bills. I know people that have rents that are 60% or their income......not smart.

that's not even close to the question i asked, so just stop now. it has nothing to do with gross income.

[ERR]

about 100%

lol!!!!1111111

[OC513]

that's not even close to the question i asked, so just stop now. it has nothing to do with gross income.

the exact question you asked was "% of monthly income that is dedicated to rent/mortgage"....last time I checked monthly income was gross.....when asked salary EVERYONE says what they make gross not net....people say I make $100K a year not I net $61,377......so actually I think I did answer the question you asked. Ok now I'll stop.....carry on.

[snaf2k]

I know people that have rents that are 60% or their income......not smart.

:shuffle but if those 40% is around 10K it should b enough.. I'm talking bout penthouse folks