Post by hbomdiggity on May 13, 2012 0:31:47 GMT -5
We are renting at 18% but this is a pretty good deal. We are looking to buy and piti will likely be 35%. We are in a similar situation - living along the coast is not cheap.
About 20%- much better than what we were paying before. But the rental market has exploded in our area and most new construction is starting at $1500-$1600 for a small one bedroom.
Post by clickerish on May 13, 2012 12:04:52 GMT -5
Ugh, as suspected, I win something I would rather not win. Our % is about 49% of reliable net income. It sounds slightly more dramatic than the reality although we do live in a HCOL. This percentage is budgeted based of fixed income, includes all utilities and means only driving the car once a week for groceries since we're across from a bus stop. Also, we work at home part time, so living in a one bedroom would mean murder so we had to pay for two. However, whatever we make in the summer is extra, and I am obsessed with budgeting off the minimum.
Post by orchideous on May 13, 2012 12:20:00 GMT -5
We are at about ~10% in the house we rent. The plan was to stay here for 5 years while we saved, but I'm not sure if we should buy sooner before the market makes a full recovery.
Post by wanderlustmom on May 13, 2012 14:06:12 GMT -5
Ours is 18 percent, we bought it when I was SAH and I started my business sooner than planned. We have done some remodeling here and like having a smaller mortgage to free up more money for travel so we are staying. I do admit it's more modest than most of my friends' homes but I've mostly let that go.
Ours is 18 percent, we bought it when I was SAH and I started my business sooner than planned. We have done some remodeling here and like having a smaller mortgage to free up more money for travel so we are staying. I do admit it's more modest than most of my friends' homes but I've mostly let that go.
Good for you for letting that go. I can relate to that completely. You just have to be and do by you. No sense in playing the "keeping up with the Joneses" thing.
Post by indianchica on May 13, 2012 15:33:48 GMT -5
40%. High, but we have no daycare costs (except for when my parents go to India once a year), no student loans, car loans, etc. We don't even have cable - take that MM!
PITI is 31.2%. We live in HCOL and our taxes are $12,000 per year so that is a big part of it. We don't have any other debt and made sure to pay off our student loans and car before we bought so for us it is comfortable.
It is about 10% including utilities. We are in the pittsburgh suburbs, decent SD. I am pushing to move back to NY in 2 years so I am using our low payments now to build up a bigger downpayment for the next house.