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@808love: Maybe? We're currently paying 15% of our monthly income and we will be paid off in 12 years. I imagine if we paid a larger percentage, we could get it paid off in less time.
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Our house is worth just shy of double our annual income. Is that what you mean? You don't mean mortgage balance, right?
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Our mortgage is 2x our income, but our home value is probably 2.5. We're looking at homes that are closer to 3.5x our income though. Since we're looking at homes now, I think that's an interesting question. I would be more curious about monthly mortgage payment to monthly income ratio though. I'm not sure what reasonable percentage of our income should be going to our mortgage.
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House value to income ratio sounds high compared to most others at 2.9x!
But our mortgage to income is 2x so that doesn't seem so bad.
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@808love: With interest, you'll end up paying more, and therefore it will take longer. Also, the way most mortgages work, is they stack on the interest in the beginning, so you're paying more towards interest and not very much towards principal, and as time goes on, the interest goes down and the principal goes up, even though your payment stays the same.
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When we bought our home the cost was 2.5 times out income now. But it has increased in value dramatically and now is worth 3.5 times our income. We don't have more money tied up in it. It is just worth more now.
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It was about 3x when we bought. Both our house value and incomes have increased in the meanwhile, but I'd guess we're somewhere around 2.5x now.
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We bought for less than 2x annual income.
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Our mortgage is 1:1 with our income.
We bought close to that so we could buy a rental property.
Both those added together is probably 2.5 our income. (Not subtracting rent we get).This is so interesting!
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Our current condo is worth 2-3 times household income, but we need to move soon. Places that we want to live in are worth more like 4-5x and are a little out of reach.
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@808love: I was calculating based on gross income. Our mortgage is about 25% of our take-home pay which is way less after taxes, insurance, and retirement savings. I WISH we could be done in 8 years! Hopefully we'll be paid off well before the end of our 30-year term (which we have 29 years left).
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Somewhere around 5x
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.9 currently. If we move it'll probably be 1.5-2. Though DH is expecting a hefty raise so hopefully we can justify a little more than we currently can!
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Purchase price to now income 1.6x
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It's worth just over 3 times. But we owe about 2 times our income.
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Purchase price to now income is 1.2x but we bought a short sale so the actual appraisal amount at purchase vs our income was 1.8x. We had instant equity.
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This has been really interesting even though there are still so many factors that go into what is the right situation for everyone. We need to get an updated appraisal of our house because I think/hope our value has gone up.
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Wow these are really low ratios! Ours is close to 7 on the house we are about to close on - that's based on value, not mortgage. I think a ratio of 2 would be unusual in England.
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@Bubbles: I was about to say the same thing. Also in England, and we're currently buying - 5X our combined annual income and we are buying at a lower price than we could!
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@imbali: I just looked it up and the average income is £22k, the average house price is £280k (ish)! So no wonder
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About 4x. Cheapest house in the area at the time and we bought it at a pretty low point in the market (2009). The value has increased, but so has our income, so it's about the same. There isn't a single dwelling in our area, even 1BR condos, that would sell for 2x what we make, but that's Seattle for you.
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@Bubbles: @imbali: For our city, the median home sale price is $170k, median family income is $60k. So that would put at a ratio just about 2.8
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@Bubbles: SO ridiculous isn't it
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I'm estimating the current value is about 2.5 x our annual incomes. The original purchase price 3.5 years ago was about 1.8 x our current combined incomes. We live in an up and coming part of town, so our house has increased in value a good bit since we moved in.
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We purchased for 3x our annual income, 3 years ago.
eta: I just looked it up--the median home value is 5.5 times more than the median income in my area. Nuts!
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Our house is valued about 3.5 times our income. Our mortgage is about 2.5 times higher than our income, because we had equity from our first house to use as our down payment.
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When we purchased about 3 years ago, it was 3x our salary. Now, going down to one income and the housing market shooting up in our area, its probably about 5x our income.
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House is about 3x annual income...(SoCal)
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It's currently worth about 2.7 times our gross income. When we bought it, the ratio was closer to twice our income but we're making a little more now and house prices have gone up pretty dramatically. We owe about 1.3 times our income on the mortgage, so we have quite a bit of equity now.
@meganmp: It's ridiculous, isn't it? We've had two neighbors (well, around the corner so not actually on our street, but close enough) sell for about $120k over asking in the past couple months. I feel incredibly lucky that we got our house when we did.
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Our house is worth roughly half our household income.
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7.14. We live in a big city with an insane real estate market. Luckily DH bought this place long before the value really went bonkers!!
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The purchase price on our house is somewhere between 1.5-1.75x our income. But we bought conservatively - I think our forever house would be more like 2.5-3x. We've paid off my school loans and need to finish paying off DH's loans and do some renovations to this place and then we should be ready! A few more years!
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@Bubbles: @imbali: I'm in England too and I was getting a bit envious of the low ratios on this thread! We're commuting distance to London so the norm around here is astronomical
We bought our house for a price that was 4.1x our annual income. A year and a half later, it's now worth nearly 5x our income, although we owe closer to three times our income, which is fairly normal and not a source of stress or worry thankfully.
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It's worth about 1.55 times our gross income. We bought very conservatively.
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Our mortgage is pretty dead even with what we bring in annually. So 1:1.
Our house is worth more than that, though. We live in a lower cost area and were lucky enough to buy the house way way under value during the bubble.
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1.07. But we pay 1.5 times our mortgage in grad school loan payments monthly, so....it all evens out.
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Oh wow all these numbers seem really low, maybe I'm not calculating it right?! Our current house value (what we could sell it for tomorrow) is about 10-11x our gross income
to be fair, the value has probably almost doubled in the last two years (since we moved here). I'm not gonna lie though, we have a huge mortgage!
ETA: we bought our house for about 5.8x our gross income two years ago... -
Were in the nyc suburbs and house hunting now. 2 times our income wouldn't buy us anything. We're looking at about 4 times our income and been out bid many times! Starting to look at almost 5 times our income.
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1.66x in Austin
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I live in the Bay Area, CA and in SF itself and neighborhoods outside the city with good schools, you're looking at $1.5-$2 million for a decent 3 bedroom single family home. I'm not even joking. I don't know too many folks making $750k-$1m a year, so around here I'm guessing the income/home value ratio is VERY high!
But those insane prices are why I'm still renting so I can't play.
But our mortgage to income is 2x so that doesn't seem so bad.
to be fair, the value has probably almost doubled in the last two years (since we moved here). I'm not gonna lie though, we have a huge mortgage!
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