What is your rent as % of net income?

[GasX]

They need to get rid of the income tax so people can use their 401ks to pay off their mortgage early. The income tax is another form of corporate welfare.

 

[GotIssues]

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..

There are numerous ways it's possible that doesn't involve being rich.
1) Could have bought 10-15 years ago. As mentioned, mortgage is (usually) static and pay (generally) increases
2) Could live meagerly, living with roommates or renting out portions of their house
3) Could live well below means. Just because you make more doesn't mean you spend more
4) large downpayment

Just to name a few.

What income, exactly, do you consider "rich"? I find that to be a sliding scale from person to person.

 

[Born2bwire]

All his posts are crazy like that. I just wish he would be more entertaining like Nemesis1 or al981.

 

[vshah]

rent 35%
commute 8.7%

fuck NYC

 

[Aikouka]

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..

My rent is definitely less than $1000 a month and I live by myself. I am on a pretty sweet deal as I get around $180 off every month.

 

[Lifted]

Rent 32%
Subway 1.5%

NYC

 

[invidia]

Roughly 48% for rent.
Less than 1% for transportation.

This is DC

I own my car but rarely use it. Im single, even with the high rent to income ratio, 1500 still goes into savings per month for home downpayment, aside from my company's 401k.

 

[Balt]

~35% for rent. Unfortunately rent will be going up when I renew my lease (if my I don't move). A mortgage would actually be cheaper on a decent 2 bedroom house, but I don't want to commit to living here for a long time.


Basically nothing for my car. It's paid off and I only have liability on it.

 

[Jumpem]

Mortgage is 16% of net. Car payment, gas, and insurance is 11% of net.

 

[mrCide]

What income, exactly, do you consider "rich"? I find that to be a sliding scale from person to person.

Granted, I am looking at recent numbers. My mother recently purchased a house in my area and I think she's paying $1200 on her mortgage. Rentals for homes are $1350-1800 if you want something that's not trash.

To answer your question, rent or mortgage being only 8-15% and judging those numbers above, i'd judge someone on a single income to be well off. Rich is an exaggeration of course, but I was making a point.

Of course I could buy a condo for $40-60k or townhouse for $100-120k but I guess I'm just thinking in terms of single family homes in the area.

 

[IEC]

~15% with utilities

 

[Dumac]

inf%

because I have no income

 

[Juked07]

25% rent
1% subway
nyc

 

[Scouzer]

Mortgage: 19.7%
Car: No payment, but 7.5% of my net goes to insurance and gas.

 

[Jeff7]

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..

$450 monthly rent, + electric, gas, and Internet service, for somewhere around 600-700 square feet.
The building's shared with a convenience store. They take care of the water, sewer, and garbage.

Mortgage - houses around here can be cheap too.
I think my parents were paying <$500/month on their mortgage, but that was in a rural area over on the other end of the state.

 

[GotIssues]

Granted, I am looking at recent numbers. My mother recently purchased a house in my area and I think she's paying $1200 on her mortgage. Rentals for homes are $1350-1800 if you want something that's not trash.

To answer your question, rent or mortgage being only 8-15% and judging those numbers above, i'd judge someone on a single income to be well off. Rich is an exaggeration of course, but I was making a point.

Of course I could buy a condo for $40-60k or townhouse for $100-120k but I guess I'm just thinking in terms of single family homes in the area.

If you split a 3 bedroom house that cost $1500/mo ($500/mo per person), to make rent equivalent to 15%, you'd need to make $40k/year (~$53k-ish if you want to go net), which I think we can agree isn't "rich" or even "well off." In college, I was living in a $350/mo house with a bunch of friends. I made like $8.50/hour, and my ratio was still around 24%. Had I been willing to grind my face with a cheese-grater (aka - telemarketing), I could have been making $12/hr and dropping the ratio to 17%.

It's more of a ratio of spending vs means. The "recommended maximum" to spend on a mortgage payment is 30% (iirc). Maximum doesn't mean that you have to spend that much, it just means its the most you should spend assuming life remains peachy. Some choose to max it out, others don't feel the need to do that.

 

[IAteYourMother]

rent+utilities = ~33%

 

[Kanalua]

Honolulu: ~31% Rented one-bedroom apartment.

 

[RockinZ28]

Rent = 45% net
Gas, water, electric and internet = 5%
Cigarettes = 5%

Calculated with a 40 hr week, good thing those are rare. And fuck I need to quit smoking lol.

 

[HamburgerBoy]

inf%

because I have no income

$0 * a value between 0 and 1 = infinity?

 

[Meghan54]

0---own the house, kennel and the 3 acres of land they sit upon outright....Cape Cod.

Vehicles----own both outright, only maintenance, gas, ins. costs

Utilities vary greatly.....oil heat, propane stove/oven, elec. for lights, etc. Oil costs a bit during heating season, propane use is small, and elect. costs vary as season does---summer the elect. costs go up, winter it drops.

 

[Dumac]

$0 * a value between 0 and 1 = infinity?

what you posted makes no sense

 

[HamburgerBoy]

Misread the thread title to mean "What percent of your income does your rent consume", lol, apologies bro.

 

[HAL9000]

70%

 

[JimmiG]

Rent: 28.5% for a 2-bedroom, 820 sq ft apartment, electricity, heating
Commute: 6% (I travel 2x40 miles by bus every day)