What percentage of your income do you spend on housing?

[skyking]

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

:awe:

Does she have a single sister?

 

[rh71]

With utilities it's 1/3 of net. Family of 4. Want another kid but prob can't afford it around here... won't be able to save anything per month.

 

[UDT89]

im confused. you guys spend 25% of your net right? im in long island and 25% of my net gets me a tent on the beach

 

[goog40]

Damn I'm poor. I'll probably be at ~50% of net after taking out 401k and Roth IRA contributions.

 

[HelloWorl]

I'm in California and looking at about 60% of net, but if I rent out a room or two I can get it down to 40%

 

[Parasitic]

What's the average housing cost in your area? What about the average income?

I used to spend 50-60% of my monthly income on rent and utilities living in Northern California and New York (not NYC).

 

[rh71]

im confused. you guys spend 25% of your net right? im in long island and 25% of my net gets me a tent on the beach

dual income... it's 33% of my net plus 33% of her net (we make nearly the same but her bonus is ridiculously good). We split everything... that's the only way it can work around here. The other hint is get out of NY if you don't take advantage of the city, the beaches, or the good school districts because then it's totally not worth it.

 

[Tech_savy]

I spend about 50% on housing and the rest on my wife.............

 

[Via]

About 20%

 

[Aimster]

73% of my net income a month is spent on housing (mortgage + utilities + HOA + Verizon FIOS + Alarm system)

 

[SearchMaster]

I don't know the exact number but around 16% of gross household income, probably under 25% of take home. It will be paid off in about 3 years which will drastically lower the percentage

 

[ebaycj]

0% on "housing". Maybe 3-5% on all ordinary living costs.

 

[bignateyk]

Below numbers are percentages of net (after tax) income.

21% of my income and my wifes income combined goes toward the (mortgage + property tax + home owners insurance)

8% goes toward utilities (gas, electric, cable/internet, cell phone, water, trash)

10% goes toward loans (car, student)

I usually budget about 15% a month for general spending (groceries, entertainment)

That leaves us about 40% to save/invest.


edit: As for the mortgage, my wife and I decided to buy a house that either one of us could afford on our salary alone. Much more financial freedom and less financial stress. If one of us loses our job, or decides to quit, we don't have to worry about how we will pay the bills.

 

[ebaycj]

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%.

You thought VERY, VERY wrong.

 

[Riverhound777]

My income varies from month to month so I'm not really sure. I would say on avg 25% of net.

 

[HumblePie]

Single, 31, net is about $4K a month.

rent = $1200
elec + waste = $80~$100
water = $10~$20
phone = $35
internet = $55 (damn time warner)
Insurance = $100 (auto + renters)

I spend about $1500 to $1700 or so in bills (depending on the CC payment I make if I use it). This leaves me a little over half left which as of late has mostly been going to getting new furniture since I threw out all my old stuff.

 

[Rubycon]

None. As a matter of fact the way it works it could be considered a negative value.

 

[SpunkyJones]

For me and the wife, mortgage and utils is around 14-15 % of gross, not sure what the net would be off hand.

 

[lokiju]

I spend about 20% of my net household income.

 

[skyking]

Single, 31, net is about $4K a month.

rent = $1200
elec + waste = $80~$100
water = $10~$20
phone = $35
internet = $55 (damn time warner)
Insurance = $100 (auto + renters)

I spend about $1500 to $1700 or so in bills (depending on the CC payment I make if I use it). This leaves me a little over half left which as of late has mostly been going to getting new furniture since I threw out all my old stuff.

OP, let's use this post as an example. He has no car payment so that matches up with your situation.
After humblepie gets his furniture he has an easy $1400 to spare.
I'd buy something that suits my current situation, no more space than you and a potential spouse/girlfriend need, and make double payments on it whenever you can.
There is nothing quite like having no mortgage payment at all.
Those of you who rail about investments and tax writeoffs, remember you only get 28% back out of that "writeoff" for interest.

 

[Fritzo]

I do about 28%. Works well.

 

[child of wonder]

20% of my wife and I's combined take home pay goes to our mortgage payment.

 

[TwiceOver]

Mortgage + Utilities: ~23% of Gross household income.

 

[Demon-Xanth]

I just bought a house, and pay extra on my mortgage every month so it's currently about 75% of my take home pay (utilities included). In a few years it'll be able to drop to below 50%.

I'm also a single guy living alone with a paid off car. So my house and food are really the only major expenses.

 

[surfsatwerk]

50% of my take home covers mortgage, property taxes, insurance and all that jazz.