What % of your net income is your mortgage/rent?

[misshark122]

I just rent, but I was wondering what it should be. Ours right now is about 21.5%. We have no debt and I think we can afford a couple hundred more dollars on rent if we had to.... it's just that this area is so expensive! You do not get much for your money (San Diego).

Anyway I was just wondering if what we are doing is on the conservative side.

[childofhiphop]

16% of our net income is for housing in Southern California.

But we chose a very modest area with my MIL wanting us to move to a place that was $900 more per month.

Uh... no.

[Roc A Bee]

20% of net.

[mollybrown]

This totally depends on your area, and I would be willing to spend a higher percentage on a mortgage than rent. I don't think 21% is conservative for rent, but that sounds fantastic for SD.

Our current rent is about 10% of our net income, and our mortgage will be about 30% when we close on our house.

[cahabalily]

34%, VHCOL area..... if you add in utilities and insurance, we're closer to 50%. We rent, and I'm a full time graduate student, so this will improve once I graduate.

[futurepivko]

It's in between 14.5 and 15%.

We rent a condo here in FL (we plan on buying a house here next year) and our house in NC is rented out for 2 years, so that's out...but if we had that mortgage to pay for it would be about 30%.

[my4girls]

Right now it's 13% of our base, when we move we're looking at closer to 35%. I do get considerable bonuses as well, if I based it on what I got last year it would be 28% of our net but I try not to count bonuses

Edit- that's mortgage/ taxes/ insurance payment total

[madringal]

Our mortgage is 24% of our net income

[ladybrettashley]

We rent and right now it's about 21% of our net income but I'm the only one working right now. Once DH (hopefully) starts his job next month, it will be around 14%. We live in a MCOL area.

[misshark122]

And where we are IN San Diego, is an expensive coastal area, and because DH and I work in far opposite directions, we don't have much choice in where we can live. This is it.

[chicken]

Our percentage is much higher than that. However, we rent in a HCOL area, we have absolutely no debt, a healthy savings (including a down payment to buy a house when we see one we like), and I'm only working part-time now while finishing grad school.

[yellowumbrella]

Ours is really low - about 12% (renting in a MCOL area). When we buy a house it will likely be closer to 20%

[Dusky]

Our mortgage is about 25% of our net income.

[Deleted]

Our mortgage (plus taxes and insurance) is about 17% of our combined take home.

[Deleted]

38% hcol
It's tight but we make it work. It was a conscious choice we made.

[honeybee]

Our mortgage (with taxes and insurance as well) amounts to about 17% but we bought a whole lot less house then we were approved for and we bought in a LCOL area.

[dr.girlfriend]

Ours is about 27% (relatively HCOL, Philly suburb, good school district near train), but it's not too bad. Percentage really doesn't tell you too much, 27% of 2k net is much different than 27% of 10k net. Also, we have a lot taken out pretax, which makes our net quite a bit lower than it would be for most people who pay those expenses (daycare, mass transit) with after-tax funds. Our income is comfortable enough to spend that much and have one kid in daycare. Two kids in daycare would be tighter.

[FishChicks]

28% for HCOL. That's PITI. We're in the process of a refi that should drop it to 23-24%.

[ruthie7532]

Less than 10%. We're in a pretty LCOL area.

[PinkSquirrel]

Our rent is about 8-9% and that includes heat. We're in a MCL area of MA, but we've managed to pay 17% less a month than the rest of the building because they started renting it at an odd time of year, so as a promotion they priced the apartment based on number of people renting (2-4 people). They assumed they would get 3-4 college kids because it's a three bedroom, but the living room has a door so if you don't want that it can easily fit 4.

[phoenixrising]

I am moving into an apartment next month, and my rent will be about 25% of my net pay for the month. Another 25% goes toward my debt snowball.

[Deleted]

Right now, very low since we're only paying taxes and insurance. With the next house, it will be about 20% of net (after taxes/etc, FSA, 2 401k...)

[jentervention]

23% (PITI)

[BNL2]

PITI is about 18%.

[tripleshot]

We're closing on next week and it'll be 31% of net.

[cowboyjoe]

We bought a modest starter home in a VLOCL area that is about 8% of our net income.

When we lived in a higher cost of living area we paid closer to 30% for rent.

[heythere]

Our mortgage is currently about 27% of net income.

[rubytue]

19%, but it goes up to 44% if our renters don't pay. Luckily, they have paid every month.

[yellowbrkrd]

PITI is 19%, it would be less but I am currently unemployed.

[KaraOrNot]

PITI is about 17%