How much do you spend on rent/house payment?

Joe · 12-26-2005, 10:44 AM

Going over my finances preparing to move, I thought it would be interesting to see how much of people's net income went to their housing. What is typically said is not to spend more than 33% of your net income on rent or house payment. What percentage do you spend? I wonder if it varies by region?

Philliesfan980 · 12-26-2005, 10:47 AM

Just doing a quick calc, I spend about 30% on my mortgage payment. This % represents my after deductions (Tax/life/health/401k) cash.

st.cronin · 12-26-2005, 10:51 AM

We are currently spending about 20% of our net income on housing. This doesn't include electricity costs.

FrogMan · 12-26-2005, 10:56 AM

we're at roughly 22% here...

FM

Airhog · 12-26-2005, 10:58 AM

I spend more than 33% about 40% I don't have a car payment, so I am able to afford it right now. Hopefully when my lease is up, I can move back into a smaller place.

Eaglesfan27 · 12-26-2005, 10:59 AM

Right now, I'm at about 8%, but I expect to jump up to about 30% when we buy our house in 2006. Both of my percentages are after deductions as well.

Ironhead · 12-26-2005, 11:01 AM

I would say anywhere from 35-45% on rent depending on my girlfriend's intake (varies from month to month). We are dying to buy.

JonInMiddleGA · 12-26-2005, 11:01 AM

Currently below 10%, pending whatever the heck we do re:new house in '06.
Still, depending on the particulars of that transaction, I don't expect to see the percentage rise to more than 15% at the most.

st.cronin · 12-26-2005, 11:02 AM

Quote:

Originally Posted by st.cronin

We are currently spending about 20% of our net income on housing. This doesn't include electricity costs.

I knew that didn't seem right so I got out a calculator. 11% is the correct number. Shopping for a house, though.

Philliesfan980 · 12-26-2005, 11:03 AM

After thinking about the tax consequences a little more, I'd probably say around 23-25% of take home income. I'm young, and right now, paying mostly interest since I'm at the early stages of my purchase. 25% also includes taxes.

Still though, I'm trying to get it down into the 12-20% range that some of the above posters have. Once the Student Loans and Car payments get paid off, I'll be socking more than my normal amount away towards the principal.

BuffaloHuskey · 12-26-2005, 11:16 AM

I am at 40% net of all payroll deductions but I have no car (live in Manhattan). It sounds a bit rediculous but is probably pretty standard for Manhattan.

When I lived in Upstate NY I was spending only about 20% of net pay. All in all I still end up saving more because my pay is higher in the city than it was Upstate

SFL Cat · 12-26-2005, 11:40 AM

Without pulling out a calculator, I'd say probably 25-30%.

Marc Vaughan · 12-26-2005, 11:41 AM

Around 40% of my actual physical pay-check .... but thats one of the hazards of having a large family, you need more physical room to pack them into (and houses in England are dashed expensive

) ....

pennywisesb · 12-26-2005, 11:43 AM

About 30% for me....

lighthousekeeper · 12-26-2005, 12:13 PM

35% of our gross income.

60% of our net income (accounting for tax, soc sec., 401K, life ins., health ins.)

(We have no other debt, barely ever buy stuff, and are trying to pay off the mortgage by the time we're 40.)

lungs · 12-26-2005, 12:20 PM

0% (not talking about living in my car, this is for real)

My job after I graduate from college provides free housing/satellite/internet.

oykib · 12-26-2005, 12:33 PM

A little over 10% for me. But my company subsidizes my apartment. It would be close to 20% otherwise.

jeff061 · 12-26-2005, 12:37 PM

About 20 now renting, plan on around 30-35 when I get my new Condo.

LastWhiteSoxFanStanding · 12-26-2005, 01:54 PM

66 percent, I win!

GoldenEagle · 12-26-2005, 02:06 PM

Mine is about 90% and I am just renting a two bed-room apartment. Being in college sucks.

Cringer · 12-26-2005, 02:18 PM

Loren and I figure about 38% or so.

Pumpy Tudors · 12-26-2005, 02:27 PM

Since I'm unemployed, my percentage is undefined. Since my wife is paying the rent, I guess I could ask her to figure out the percentage (I don't know how much she brings in after deductions), but I don't think I want to know.

hawk4669 · 12-26-2005, 03:29 PM

Own our home, and about 22% of the income.

Cheers!

Rizon · 12-26-2005, 03:56 PM

Fouts · 12-26-2005, 04:14 PM

About 28% but I am renting. If I were buying it would be about 50%. Bay area is a crazy place.

MJ4H · 12-26-2005, 04:34 PM

We close on our new house tomorrow and will be paying about 28%.

Riggins44 · 12-26-2005, 06:26 PM

23% while renting apt... close on a house this Friday... 50%

duckman · 12-26-2005, 06:41 PM

17% (I have a roommate)

digamma · 12-26-2005, 06:43 PM

Just under 30%.

CleBrownsfan · 12-27-2005, 06:29 AM

My taxes and insurance are included in my mortgage - I'm at 38%. In April I get to refinance at a lower interest rate - that should lower my mortgage payment considerably

Toddzilla · 12-27-2005, 07:29 AM

24% here in NoVa

Huckleberry · 12-27-2005, 07:42 AM

23.8% on a mortgage payment.

Draft Dodger · 12-27-2005, 07:54 AM

I think it's about 25%, for mortgage, 2nd mortgate and taxes.

FBPro · 12-27-2005, 08:11 AM

Less than 10% not counting electric, etc.

JeeberD · 12-27-2005, 08:47 AM

Somewhere in the 25% area...

henry296 · 12-27-2005, 08:47 AM

We are around a 33% in Baltimore in a brand new home, but that is after all deductions including a rather large contribution to my 401(k). We also don't have any kids right now which can impact how much you can afford to spend on housing.

BC Bob · 12-27-2005, 07:30 PM

About 19% of take home income goes to principal, interest, taxes and insurance ("PITI"), but that percentage was much higher -- probably at least 33% -- when we first bought this house several years ago. This is the second house we've owned, and each time, we bought at the upper end of the standard percentage (where we expected that we'd be somewhat squeezed), but with the expectation that, over time, we'd earn more and the percentage would come down and we'd have more to spend on other things. Luckily, it has worked out that way both times.

Flasch186 · 12-27-2005, 08:04 PM

around 11% BUT that is not including utilities and me and GF are both 100% commission so that could fluctuate in years to come. ewww, i didnt discount my roommates money (she throws $325) so that lowers the percentage quite a bit.

Raiders Army · 12-28-2005, 07:46 AM

0% since housing and utilities are provided for me.

Klinglerware · 12-28-2005, 08:41 AM

When I first started out, living in Manhattan, I was at about 50-60%. Now it is at a manageable 15-20%.

ISiddiqui · 12-28-2005, 09:00 AM

Around 31% on rent.

Bee · 12-28-2005, 09:10 AM

About 16-17% of my take home pay. About 90% after my wife gets her cut.

Eaglesfan27 · 12-28-2005, 09:37 AM

Quote:

Originally Posted by Bee

About 16-17% of my take home pay. About 90% after my wife gets her cut.

12-26-2005, 10:51 AM	#3
st.cronin General Manager Join Date: Oct 2004 Location: New Mexico	We are currently spending about 20% of our net income on housing. This doesn't include electricity costs. __________________ co-commish: bb-bbcf.net knives out

12-26-2005, 10:56 AM	#4
FrogMan Hattrick Moderator Join Date: Jan 2003 Location: Pintendre, Qc, Canada	we're at roughly 22% here... FM __________________ A Black Belt is a White Belt who refused to give up... follow my story: The real life story of a running frog...

12-26-2005, 10:58 AM	#5
Airhog Captain Obvious Join Date: Aug 2001 Location: Norman, Oklahoma	I spend more than 33% about 40% I don't have a car payment, so I am able to afford it right now. Hopefully when my lease is up, I can move back into a smaller place. __________________ Thread Killer extraordinaire Yay! its football season once again!

12-26-2005, 10:59 AM	#6
Eaglesfan27 Hall Of Famer Join Date: Nov 2002 Location: New Jersey	Right now, I'm at about 8%, but I expect to jump up to about 30% when we buy our house in 2006. Both of my percentages are after deductions as well. __________________ Retired GM of the eNFL 2007 Super Bowl Champion Philadelphia Eagles (19-0 record.) GM of the WOOF 2006 Doggie Bowl Champion Atlantic City Gamblers. GM of the IHOF 2019 and 2022 IHOF Bowl Champion Asheville Axemen.

12-26-2005, 11:01 AM	#8
JonInMiddleGA Hall Of Famer Join Date: Nov 2000 Location: Behind Enemy Lines in Athens, GA	Currently below 10%, pending whatever the heck we do re:new house in '06. Still, depending on the particulars of that transaction, I don't expect to see the percentage rise to more than 15% at the most. __________________ "I lit another cigarette. Unless I specifically inform you to the contrary, I am always lighting another cigarette." - from a novel by Martin Amis

12-26-2005, 10:47 AM	#2
Philliesfan980 Banned Join Date: Feb 2003 Location: Exton, PA	Just doing a quick calc, I spend about 30% on my mortgage payment. This % represents my after deductions (Tax/life/health/401k) cash.

12-26-2005, 11:01 AM	#7
Ironhead College Prospect Join Date: Apr 2004 Location: Barnegat, NJ	I would say anywhere from 35-45% on rent depending on my girlfriend's intake (varies from month to month). We are dying to buy.

12-26-2005, 11:03 AM	#10
Philliesfan980 Banned Join Date: Feb 2003 Location: Exton, PA	After thinking about the tax consequences a little more, I'd probably say around 23-25% of take home income. I'm young, and right now, paying mostly interest since I'm at the early stages of my purchase. 25% also includes taxes. Still though, I'm trying to get it down into the 12-20% range that some of the above posters have. Once the Student Loans and Car payments get paid off, I'll be socking more than my normal amount away towards the principal. Last edited by Philliesfan980 : 12-26-2005 at 11:05 AM.

12-26-2005, 11:16 AM	#11
BuffaloHuskey Mascot Join Date: Aug 2005	I am at 40% net of all payroll deductions but I have no car (live in Manhattan). It sounds a bit rediculous but is probably pretty standard for Manhattan. When I lived in Upstate NY I was spending only about 20% of net pay. All in all I still end up saving more because my pay is higher in the city than it was Upstate __________________ "Buffalo is the grundle of the weather system" -T-Shirt

12-26-2005, 11:40 AM	#12
SFL Cat College Starter Join Date: Nov 2000 Location: South Florida	Without pulling out a calculator, I'd say probably 25-30%.

12-26-2005, 11:41 AM	#13
Marc Vaughan SI Games Join Date: Oct 2000 Location: Melbourne, FL	Around 40% of my actual physical pay-check .... but thats one of the hazards of having a large family, you need more physical room to pack them into (and houses in England are dashed expensive ) ....

12-26-2005, 11:43 AM	#14
pennywisesb College Benchwarmer Join Date: Apr 2004 Location: Los Angeles, California	About 30% for me.... __________________ Myspace Profile

12-26-2005, 12:13 PM	#15
lighthousekeeper College Starter Join Date: Oct 2000	35% of our gross income. 60% of our net income (accounting for tax, soc sec., 401K, life ins., health ins.) (We have no other debt, barely ever buy stuff, and are trying to pay off the mortgage by the time we're 40.) __________________ ... Last edited by lighthousekeeper : 12-26-2005 at 12:15 PM.

12-26-2005, 12:20 PM	#16
lungs Pro Rookie Join Date: May 2002 Location: Prairie du Sac, WI	0% (not talking about living in my car, this is for real) My job after I graduate from college provides free housing/satellite/internet.

12-26-2005, 12:33 PM	#17
oykib College Starter Join Date: Oct 2000	A little over 10% for me. But my company subsidizes my apartment. It would be close to 20% otherwise.

12-26-2005, 12:37 PM	#18
jeff061 Grizzled Veteran Join Date: Nov 2003 Location: MA	About 20 now renting, plan on around 30-35 when I get my new Condo. __________________ Last edited by jeff061 : 12-26-2005 at 12:38 PM.

12-26-2005, 01:54 PM	#19
LastWhiteSoxFanStanding College Starter Join Date: Jun 2003	66 percent, I win!

12-26-2005, 02:06 PM	#20
GoldenEagle Grizzled Veteran Join Date: Dec 2002 Location: Little Rock, AR	Mine is about 90% and I am just renting a two bed-room apartment. Being in college sucks. __________________ Xbox 360 Gamer Tag: GoldenEagle014

12-26-2005, 02:18 PM	#21
Cringer Grizzled Veteran Join Date: Oct 2000 Location: Edinburg,TX	Loren and I figure about 38% or so. __________________ You Stole Fizzy Lifting drinks! You bumped into the ceiling which now has to be washed and steralized, so you get NOTHING! You lose!

12-26-2005, 02:27 PM	#22
Pumpy Tudors Bounty Hunter Join Date: Oct 2000 Location: Pittsburgh, PA	Since I'm unemployed, my percentage is undefined. Since my wife is paying the rent, I guess I could ask her to figure out the percentage (I don't know how much she brings in after deductions), but I don't think I want to know. __________________ No, I am not Batman, and I will not repair your food processor.

12-26-2005, 03:29 PM	#23
hawk4669 High School JV Join Date: Dec 2004 Location: Northern California	Own our home, and about 22% of the income. Cheers! __________________ Hawk4669 www.hbfire.org

12-26-2005, 04:14 PM	#25
Fouts College Starter Join Date: Nov 2003 Location: California	About 28% but I am renting. If I were buying it would be about 50%. Bay area is a crazy place.

12-26-2005, 04:34 PM	#26
MJ4H Coordinator Join Date: Jan 2002 Location: Hog Country	We close on our new house tomorrow and will be paying about 28%. __________________ My YouTube channel My Twitch channel My Sharona

12-26-2005, 06:26 PM	#27
Riggins44 High School JV Join Date: Nov 2000 Location: Ontario, CA. USA	23% while renting apt... close on a house this Friday... 50%

12-26-2005, 06:43 PM	#29
digamma Torchbearer Join Date: Sep 2001 Location: On Lake Harriet	Just under 30%.

12-27-2005, 06:29 AM	#30
CleBrownsfan Pro Rookie Join Date: Jul 2001 Location: C-Town	My taxes and insurance are included in my mortgage - I'm at 38%. In April I get to refinance at a lower interest rate - that should lower my mortgage payment considerably __________________ *XBox Gamertag:* Pronk32 FOOL-X - Cleveland Naps FOOL - Cleveland Cyclones SLOP - Cuyahoga Spiders

12-27-2005, 07:29 AM	#31
Toddzilla Pro Starter Join Date: Jan 2001 Location: Burke, VA	24% here in NoVa

12-27-2005, 07:42 AM	#32
Huckleberry College Starter Join Date: Dec 2001	23.8% on a mortgage payment. __________________ The one thing all your failed relationships have in common is you. The Barking Carnival (Longhorn-centered sports blog) College Football Adjusted Stats and Ratings

12-27-2005, 07:54 AM	#33
Draft Dodger Coordinator Join Date: Jan 2001 Location: Keene, NH	I think it's about 25%, for mortgage, 2nd mortgate and taxes. __________________ Mile High Hockey

12-27-2005, 08:11 AM	#34
FBPro College Starter Join Date: Aug 2001 Location: SE	Less than 10% not counting electric, etc. __________________ GM RayCo Raiders-est. 2004-2012 Charter member of the IHOF-RayCo GM GM Tennessee Titans PFL 2011-2014 GM Tennessee Titans FOWL 2020-2025

12-27-2005, 08:47 AM	#35
JeeberD General Manager Join Date: Nov 2002 Location: The Town of Flower Mound	Somewhere in the 25% area... __________________ UTEP Miners!!! I solemnly swear to never cheer for TO

12-27-2005, 08:47 AM	#36
henry296 College Starter Join Date: Oct 2000 Location: Pittsburgh, PA	We are around a 33% in Baltimore in a brand new home, but that is after all deductions including a rather large contribution to my 401(k). We also don't have any kids right now which can impact how much you can afford to spend on housing. __________________ "It's a great day for hockey" - "Badger" Bob Johnson

12-27-2005, 07:30 PM	#37
BC Bob n00b Join Date: Mar 2002 Location: Tampa	About 19% of take home income goes to principal, interest, taxes and insurance ("PITI"), but that percentage was much higher -- probably at least 33% -- when we first bought this house several years ago. This is the second house we've owned, and each time, we bought at the upper end of the standard percentage (where we expected that we'd be somewhat squeezed), but with the expectation that, over time, we'd earn more and the percentage would come down and we'd have more to spend on other things. Luckily, it has worked out that way both times.

12-27-2005, 08:04 PM	#38
Flasch186 Coordinator Join Date: May 2002 Location: Jacksonville, FL	around 11% BUT that is not including utilities and me and GF are both 100% commission so that could fluctuate in years to come. ewww, i didnt discount my roommates money (she throws $325) so that lowers the percentage quite a bit. __________________ Jacksonville-florida-homes-for-sale Putting a New Spin on Real Estate! ----------------------------------------------------------- Commissioner of the USFL USFL Last edited by Flasch186 : 12-27-2005 at 08:05 PM.

12-28-2005, 07:46 AM	#39
Raiders Army Coordinator Join Date: Oct 2000 Location: The Black Hole	0% since housing and utilities are provided for me.