What percentage of your income do you spend on housing?

[Kerouactivist]

I got a new job, I'm single, 30, no kids, no car payment, no student loans, around 3k credit card debit..
My net income is going to be around 4,800 a month this year (after IRA up to matching, Taxes, Medicare, SS...etc)

What's a reasonable amount to spend on housing (rent+utilities etc)? I've been living in kinda dumpy places since college and I'm wanting rent a nice house or condo with some amenities for my first six months or year to be sure this job sticks and then buy. My new boss is pushing me to go ahead and buy but I would prefer to wait?

 

[jme5343]

I spend about 15-20% of my take home. I'm probably a little more frugal than I have to be, but it works.

 

[newb111]

I got a new job, I'm single, 30, no kids, no car payment, no student loans, around 3k credit card debit..
My net income is going to be around 4,800 a month this year (after IRA up to matching, Taxes, Medicare, SS...etc)

What's a reasonable amount to spend on housing (rent+utilities etc)? I've been living in kinda dumpy places since college and I'm wanting rent a nice house or condo with some amenities for my first six months or year to be sure this job sticks and then buy. My new boss is pushing me to go ahead and buy but I would prefer to wait?

I pay 20% of my net income for rent+utilities. Saving for a good down payment on a house when my lease runs out.

 

[vi edit]

Right now...it's about 8% of net income. But that's because we're living in a little rental home while we build. Once that's done it will be about 25% of net.

But percents are just a guideline. 25% of $4800 leaves you with $3600 left over. 25% of 2000 only leaves you $1500. But if you make $10,000 a month it's still $7500 left over.

It also really depends on your local markets. Even if I wanted to buy in California, I probably couldn't (responsibly). But in the midwest housing is much more affordable and it's an easier decision.

 

[FoBoT]

my house payment (with insurance/taxes/principal/interest) is about 16.3% of my gross monthly income
i live on 3.5 acres in a rural county, away from people

 

[Kelvrick]

Its around 30% for me and the wife.

EDIT: 30% of our net

 

[Red Squirrel]

I make 2k per month, and these are my aprox expenses (that I can think of)

hydro: 100
gas: 100
insurance: 100
phone/internet: 80
mortgage: 800 (400 biweekly)

So total: $1180 give or take, a bit more then half my income.

I'm also not counting things like groceries and other consumables. All my spare money goes on my loan. Currently I have about 400 on my credit card but I just put it on my card (recent purchases) to be on the safe side. Paying it off when I get my pay. I never hold a balance on my CC.

Soon city taxes will get tacked on (I paid a chunk when I moved in but changed it so it will be monthly). I'm expecting that to be a couple hundred per month. I paid like 3k and that was for 6 months I think. What sucks about city taxes is it always goes up and it's not really money we see. They waste it all the time.

Once my loan is paid I'll probably increase my mortgage. I have the option to pay as much as double if I want.

 

[mugs]

20% of gross including taxes and insurance.

Not sure about net, I have no idea what my wife's net income is.

 

[rudeguy]

I always heard 25% is the Max.

Currently for me its between 10 & 20%. My income fluctuates quite a bit.

 

[IronWing]

14% of gross, 25% of take home on mortgage.

I'll have to go dig up the utilities but my guess is 8% of take home.
Property tax is ~4% of take home.

 

[Electric Amish]

It's about 20% of net.

 

[jlee]

I got a new job, I'm single, 30, no kids, no car payment, no student loans, around 3k credit card debit..
My net income is going to be around 4,800 a month this year (after IRA up to matching, Taxes, Medicare, SS...etc)

What's a reasonable amount to spend on housing (rent+utilities etc)? I've been living in kinda dumpy places since college and I'm wanting rent a nice house or condo with some amenities for my first six months or year to be sure this job sticks and then buy. My new boss is pushing me to go ahead and buy but I would prefer to wait?

I pay 24-25% of net for housing/utilities (calculating net monthly as 4 weeks, so it would be slightly less).

 

[Scouzer]

12% of Gross
17% Of Net

 

[datalink7]

My house payment is 32%. But I actually pay more every month. Added in with bills it is about 50%.

I don't have any other debt outside of some student loans (no credit, car, etc), and I am single, and make decent money, so I feel this is fine.

 

[Kerouactivist]

So around 1250-1350 with utilities wouldn't be unreasonable?

 

[IronWing]

So around 1250-1350 with utilities wouldn't be unreasonable?

It depends on where you live in the country. In my hood, you could rent a decent little house for that. In small towns you could rent a palace. In California you'd get wax paper windows in your cardboard box.

 

[Red Squirrel]

For those paying such low percentages are you living in apartments or actual houses? Just seems quite low. I thought I was doing good at a bit more then 50%.

 

[IronWing]

For those paying such low percentages are you living in apartments or actual houses? Just seems quite low. I thought I was doing good at a bit more then 50%.

It depends on how much house you bought, how long ago, and the interest rate. When I bought the mortgage was about 40% of net. But my salary has gone up since then.

 

[amdhunter]

4000/mo should be perfect and get you a really nice place.

 

[vi edit]

For those paying such low percentages are you living in apartments or actual houses? Just seems quite low. I thought I was doing good at a bit more then 50%.

Dual incomes make a big difference.

 

[JulesMaximus]

Dual incomes make a big difference.

Jesus wants you to support your wife and family...if your wife works you aren't a real man.

 

[vi edit]

Jesus wants you to support your wife and family...if your wife works you aren't a real man.

My wife makes 2x what I do. Real man or not....I'm A-O-K with it.

:awe:

 

[Red Squirrel]

Dual incomes make a big difference.

Oh right, was not even considering that. :twisted:

 

[Nebor]

0% living in a house paid for by you guys. And you guys are freakin' slum lords!

 

[skyking]

taxes + insurance + utilities = ~8% of net