What is your rent as % of net income?

[gorcorps]

My rent is ~20% of my take home income after tax, insurance, 401k etc.

If I consider transport to be my car loan + insurance + gas it's probably similar.

 

[PrinceofWands]

I own outright, but if I were to a rent a house similar it would be about 33-45% of my average gross. Utilities are another 8-10%.

I buy my vehicles outright, so I have no idea what it would cost in monthly payments. There is no public transportation to speak of. Limited bus service that I could get for about .03% of my usual annual gross, but since the town is only about 5-7 miles across I see no point.

 

[Saint Nick]

My rent is approximately 17% of my net income.

 

[DrPizza]

Mortgage, including escrow (taxes and insurance) is about 7% of our monthly take-home income. That excludes income made as profits/losses on the farm. Rural western NY.

 

[DrPizza]

OP, many people own their own place and may/may not have a mortgage. Recommend asking what % of net income is rent/mortgage.

For me: 0%

0% if you live with your parents. I think that if you have a mortgage, you should include property taxes & insurance. If you own the property outright, then again, property taxes & insurance.

 

[thegimp03]

Mortgage, utilities, and property taxes are about 15%.

Bay Area

 

[highland145]

0% if you live with your parents. I think that if you have a mortgage, you should include property taxes & insurance. If you own the property outright, then again, property taxes & insurance.

Heh, S.C. FTW. City and county tax on the house $555.56. Damn truck tax was ~$625.00.


Insurance, maybe $800/year. It's drafted with all of our other insurance costs so I'm not sure.

 

[EagleKeeper]

Mortgage is about 1/8 (one check/invoice can cover about 2 payments) 12.5%

 

[EagleKeeper]

Mortgage is about 1/8 (one check/invoice can cover about 2 payments) 12.5%

No vehicle payments

 

[Aikouka]

~20% for Rent
~15% for Vehicle

I'll be glad when my car payment is gone in March.

 

[randomrogue]

How is 0% even possible? Don't you guys pay property taxes? Insurance? Utilities?

 

[PricklyPete]

How is 0% even possible? Don't you guys pay property taxes? Insurance? Utilities?

They live with their parents.

 

[highland145]

How is 0% even possible? Don't you guys pay property taxes? Insurance? Utilities?

What is your rent as % of net income?

Course mine wasn't rent.

Posted the taxes/insurance a few back.

Water $35.00
Last power $175.00

 

[FoBoT]

one million

 

[silverpig]

Rent: 29%
Subway: 2%
Car: 5%

I want to get rid of the car, but we have about 8 months left on the lease.

 

[PrinceofWands]

0% if you live with your parents. I think that if you have a mortgage, you should include property taxes & insurance. If you own the property outright, then again, property taxes & insurance.

Not everyone carries insurance. Small point, but thought I'd put it out there.

 

[tokie]

I just find it hard to believe that people are spending < 25% on housing.

I guess that's the price I live for living in the middle of a big city.

 

[GotIssues]

12% for Mortgage, Insurance, Taxes, and Utilities
10% for cars (2) + insurance + gas

Minneapolis Area

EDIT:

I just find it hard to believe that people are spending < 25% on housing.

I guess that's the price I live for living in the middle of a big city.

It's a Mortgage/Income equation. It's quite possible some people just have higher income. A lot of people spend more as they make more, but not everyone does. I live out in the 'burbs, but my house price is the same or higher than most of the houses in the city.

 

[BurnItDwn]

Mortgage + 2nd Mortgage + Property Taxes + Homeowners Insurance .. about 30% take home pay
(take home defined as: gross - state & federal income tax withdoldings, FICA SS and Medicare taxes, retirement account (profit sharing, similar to 401K), health & dental insurance)

car payment + car insurance + fuel + budgeted money for maintenance ... under 10% of "take home" pay (note: when car is paid off, I budget the same amount as the car payment towards repairs & down payment on another car ... )

 

[PrinceofWands]

I just find it hard to believe that people are spending < 25% on housing.

I guess that's the price I live for living in the middle of a big city.

A nice place here is about $120,000, rent between $700 and $1000 usually. Those are 3bd 2ba, averaging 1600sq', often have a garage, lots about 70'x160'. You can get a little apartment for $450-600 if you look a little and aren't too picky on age or area. I've seen cheaper areas, out of the way Wyoming and such, but it's always been fairly cheap.

Not sure how those numbers mesh with your reality, but that's what they are.

 

[BurnItDwn]

I just find it hard to believe that people are spending < 25% on housing.

I guess that's the price I live for living in the middle of a big city.

Lots of people took out a mortgage many years ago, unlike rent, mortgages usually don't go up over time (unless they took ARM or upgraded house), meaning while income goes up over time... mortgage is pretty much static ....

Currently, I'm paying 30% of my take home... at the time I first bought my house, it was closer to 40% of my take home pay ....

In 10 or so years ... if my income were to only go up by 2% to account for inflation/cost of living per year .... that 30% would turn into 25% ...

Eventually, when it's paid off ... all that'll be left is the insurance and tax portion ... which is like 5% or so of my take home ....

Of course I might opt to sell it and buy a bigger house if I have kids in the future ... which means I'll be likely to be paying a higher percentage ....

 

[mrCide]

are you all rich or is rent/mortgage less than $1000 for you folks? Rental if you want a small house it's $1500, and i'm not in the market to buy. Fort Lauderdale area..

 

[gorcorps]

are you all rich or is rent/mortgage less than $1000 for you folks? Rental if you want a small house it's $1500, and i'm not in the market to buy. Fort Lauderdale area..

Well it IS ATOT, so we're all self made billionaires.

But seriously, I pay $750 for my one bedroom apartment which includes most utilities... I pay for electric which is usually ~$30/mo. Cable/internet/etc are extra as well as you'd expect, but since those are optional I'm not counting them. It's a decent apartment with washer and dryer in unit. Only thing I don't have is a garage, but I have a carport that works well enough for my uses.

House rentals might be a tad more, but I've already found decent houses in the area that would cost close to what my rent is in a mortgage... except then you'd have your own utilities, maintenance and such.

 

[TridenT]

Depends. I get money from the government some months. When those months happen then it's usually something like $400/$957. It you include Internet then it's (463-20)/957. Two people pay me 10 for access to my interwebs.

Edit: I am also very fortunate that I found a cheap apartment where I live in Seattle.

 

[gorb]

rent/mortgage: 0% (my parents live in another state, but they pay the mortgage/taxes/insurance/etc. it's a pretty good deal for me i of course pay the hoa dues/general maintenance/lawn care/etc)
utilities: ~15%
car: ~8% (gas & insurance)