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Our mortgage, tax and insurance is roughly 25% of our combined take home. We make enough in a week to pay thosd 3 things but then there's trash, water, electricity, etc which throws it way over 25%!
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Less than 10%. Because of this, our plan is: when I *do* start working, my full paycheck will go to mortgage, so we can pay it off within 8-10 years instead of the 20 years that our contract states.
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Our rent (no utilities) is 26% of our monthly paychecks, but it's a little less than that of our actual take home pay because they take our health insurance premiums out of our checks. So I guess that is on the low end of the recommended range. Honestly, though, I think we pay more than we should for rent! We are going to move in with my parents' to save money, and then I hope to have a mortgage payment that is around 20% or less.
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Rent, excluding utilities, is around 12% of our income.
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I knew exactly what this was pre-baby, but now I'm not sure. We increased our ultilities (we keep the house much warmer during winter), DH work doesn't require him to work overtime, and I stopped working. It should be quite a bit more than before, and now I'm curious so I'll come back and post when work some numbers out.
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Zero. We own our house in the states, free and clear. We get a housing allowance for our house here and we stayed under it so we didnt have to pay out of pocket.
Utilities are another story. Our utilities/bills are probably close to 10-15%. Our gas and electric is scary expensive here.
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I hate living in NYC for this reason! soooo much of our pay goes into rent it's ridiculous, and we actually have a really reasonably priced apartment considering it's Manhattan...I cannot wait until we move out of the city some day and can buy a house!
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About 12% without utilities.
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It's just under 20% of our combined take home pay.
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@daniellemybelle: great idea about moving in with your parents for a while, if you can stomach it. I did that for 9 months when I didn't want to pay ridiculous DC prices and wanted to save for a house. I was able to save a nice chunk for a down payment!
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under 10% before utilities
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@mediagirl: Thanks! It's great to hear from someone who did it and lived to tell.
It will be a big change, and we're moving in right before the baby is born, but I know it's the right decision for many reasons.
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22%
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@daniellemybelle: I asked my parents if I could do that once after my ex moved out... They said if I needed money they'd give me money but that there was no way I was moving back in with them (in their 5br house with just the 2 of them).... Awkward.
glad it worked out better for you!
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@mrs. bird: Haha! Well, it hasn't happened yet so we will see
I think it will help that our LO will be a newborn the majority of the time, so we'll already be in need of the help and used to a lack of normalcy!
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Ours is about 15%.
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About 18-20% of our take home pay depending on bonuses.
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our mortgage, tax, & ins is about 13% of our income
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13.5% mortgage, 18% with property taxes on my currently reduced mat leave income.
New house (August!) will be 27%, 36% including property taxes, plus utilities of course, so it will be a *bit* of a jump, but when I go back to work in October, pay will increase again, but still....we'll just have to be a little more money conscious.
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@daniellemybelle: @mediagirl: I think that is a great idea as well! Both DH and I have a great relationship with my parents and it's something we considered as well. Unfortunately my parents place is very quaint and with kids still at home they just didn't have room for us. I wish I could do 6-12 months with them - we could save SO much!!!
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I'm shocked at how low the %s are!
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33%.
Yikes.
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@NorCalWayfarer: me too! Makes me want to leave NYC.
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@Plantains: Makes me want to leave the SF Bay Area
Ok not really, I love it here! But I don't love my mortgage....
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We have a really good mortgage b/c we put a lot down when we bought...BUT we live in Boston where housing prices are high. So, it was about 17% of our combined salaries. But we just sold our place AND went down to 1 salary....sooo...not sure about the new numbers yet!
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34.5% ahhh. DH just got a promotion though and I think the percentage should be bumped down to 28% soon.
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@NorCalWayfarer: yeah I love it here too much to leave but the mortgage and maintenance are crazy high. The only consolation is that we would be paying the same or more to rent.
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My DH is out of work, so our mortgage and property tax is 50% of my pay and it SUCKS. I've been managing paying everything by myself for quite some time though, so I guess I'm used to it. I blame our NJ property taxes - they're over $10k a year now. UGH.
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Our rent is 18%. Our mortgage (when we ever win a bidding war) will be about 30%. Eventually our salaries will rise but the mortgage will always stay the same.
I've done the 50% of income and it was so tough. You girls are strong. -
Morgage is 28%, with utilities it's like 35%.
edit: Our morgage inclues taxes and house insurance.
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My house is paid for thankfully, so with only paying house insurance and property tax, it's 1% of my income.
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Yikes! Mine is a whopping 35%! This includes taxes & insurance AND PMI, since we did not put down 20% (we put down a mere 10%). While we don't feel crunched financially, it would definitely be nice to have some of your numbers!
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Our mortgage (which includes insurance, PMI, and taxes) is 27% of our take home
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Our mortgage is 25% of our take home pay, but in NYC you also pay maintenance (which includes taxes, building services and your portion of the underlying mortgage of the building) so after that is factored in we're up to 38%. Not too bad for NYC, but I see we are super high compared to the rest of the country lol!
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For the life of me I can't remember what we took home after taxes last year, but it's about 6.5% of our gross so I'd guess probably 13% of our net take home. That includes our property taxes but not our utilites.
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We are closing next week...and our mortgage (PITI) is going to be 31% of take home pay., 22% of pre-tax.
The only other debt we have though is DH's student loan, which is $300. Thank goodness.
It will be a big change, and we're moving in right before the baby is born, but I know it's the right decision for many reasons.
glad it worked out better for you!
Ok not really, I love it here! But I don't love my mortgage....
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