Curiosity thread....rent/mortgage to gross monthly pay ratio

[vi edit]

I'm curious to see the distribution here. How much are your total living expenses including rent/mortgage payment, property insurance and taxes in relation to your gross monthly pay? (do not include utilities)

Gross pay is used because things like 401k contributions, health insurance premiums, and child support could skew net pay results.

I live in central Illinois, my total mortgage including escrow is 17% of my household gross income.

 

[acemcmac]

a lot higher than yours, but since I moved so close to the office, it's basically a wash against my gas savings. I'm young and completley single, so at least I'm building equity instead of pissing it away on rent

South Eastern PA

 

[skypilot]

Mortgage+ins+taxes, in WA state.

26% of single monthly income, wife still in school.

 

[Turin39789]

renting a house, still in school. 24% lexington ky

 

[trmiv]

22% of our (my wife and I) monthly income goes to rent.

Bay Area, CA.

 

[jhayx7]

33%, married and wife does not work. Living in AL.

 

[Tifababy]

23.8%, this includes my wife and my income. Southern Minnesota.

Forgot to include that we're young, so we're putt 15%+ into our 401k and company stock and I used net, not gross pay.

It'd be closer to 15% of total gross income.

 

[Turin39789]

Originally posted by: vi_edit
I'm curious to see the distribution here. How much are your total living expenses including rent/mortgage payment, property insurance and taxes in relation to your gross monthly pay? (do not include utilities)

Gross pay is used because things like 401k contributions, health insurance premiums, and child support could skew net pay results.

I live in central Illinois, my total mortgage including escrow is 17% of my household gross income.

By gross pay are you referring to pre-tax? or just pre insurance and 401k etc?

 

[wyvrn]

For myself and my wife, 15% of our gross. We live in a nice house (they are cheaper in TX), but insurance and taxes are relatively high in this state.

 

[z0mb13]

in CA (socal). My rent is 16% of my gross monthly wage (before tax, ssn, medicare, 401k).

I am only renting a room in a 2 bedroom condo. Yep housing is expensive here.

 

[Nutdotnet]

Originally posted by: Turin39789

Originally posted by: vi_edit
I'm curious to see the distribution here. How much are your total living expenses including rent/mortgage payment, property insurance and taxes in relation to your gross monthly pay? (do not include utilities)

Gross pay is used because things like 401k contributions, health insurance premiums, and child support could skew net pay results.

I live in central Illinois, my total mortgage including escrow is 17% of my household gross income.

By gross pay are you referring to pre-tax? or just pre insurance and 401k etc?

Gross typically means before any deductions are taken out.

13.8%

 

[EtOH]

Mortgage w/ Taxes and Insurance is 26% of my income. Wife is full time mom, so all income is derived from my job. Oh yeah, location is Atlanta GA

 

[vi edit]

I'm just using base gross pay. No deductions, no tax. I know it's not the best way to do it given different federal and state income tax levels, but it's the easiest way to keep things somewhat consistent.

 

[NetWareHead]

Mortgage payment + association fees to condo + prop taxes + insurance = 54% of reported income.

Single, in school, full time job living in Northeast NJ.

 

[nwfsnake]

16%, Alabama (15 yr Mortgage)

 

[GuitarDaddy]

Texas,married,single income

medium sized 3bdr brick on 1/4 acre that I've owned for 16yrs

12.6%

 

[thirtythree]

About 20% of income towards rent. In grad school.

 

[Adica]

About 25% goes to our mortgage. Massachusetts BTW.

 

[dullard]

19.4%.

I own a home that is much larger/better than I need. But it isn't wroth moving.

 

[FoBoT]

Missouri - out in the sticks so we could have a LARGE lot (3.5 acres) to keep the neighbors at bay

19.1% - we have almost no equity due to this being our "first home"

 

[AdamK47]

17%

 

[kranky]

9.8%, in PA.

 

[dquan97]

40% in Sacramento, CA

 

[Cutterhead]

35% Northern VA

 

[sygyzy]

What does this tell you? What if someone makes very little and lives in an expensive area?