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re: What % of your income goes to Mortgage?
Posted on 9/27/22 at 2:07 pm to BayouBengals21
Posted on 9/27/22 at 2:07 pm to BayouBengals21
Percentage doesnt matter.
What matters is how much money do you need to do the things you want/need to do? If your house payment infringes upon that, then you shouldn't do it. If you can afford everything you want to do and need to do while paying for the house and still have disposable cash every month, then do it.
Some people are house poor at 5% of their income because they have massive car payments, clothing expenses, entertainment expenses, etc.
Some people live stress free with a 60% mortgage payment because they are homebodies or outdoor types that dont spend much money on useless stuff they dont need or enjoy.
As a single income home with 3 kids and a stay at home wife, I have found that having about $2k/mo of disposable cash every month works well for us
What matters is how much money do you need to do the things you want/need to do? If your house payment infringes upon that, then you shouldn't do it. If you can afford everything you want to do and need to do while paying for the house and still have disposable cash every month, then do it.
Some people are house poor at 5% of their income because they have massive car payments, clothing expenses, entertainment expenses, etc.
Some people live stress free with a 60% mortgage payment because they are homebodies or outdoor types that dont spend much money on useless stuff they dont need or enjoy.
As a single income home with 3 kids and a stay at home wife, I have found that having about $2k/mo of disposable cash every month works well for us
This post was edited on 9/27/22 at 2:08 pm
1
Posted on 9/27/22 at 2:23 pm to notsince98
I guess I'll give the percentages anyway:
cost.....gross%/take home%
mortgage - 11%/18%
HOA ------ 0.3%/0.5%
Home Insurance - 0.8%/1.3%
Prop Taxes - 4.1%/6.6%
Maintenance - 0.7%/1.1%
Utilities - 2.5%/3.9%
So generally my house costs me about 19.4% of my gross pay and 31.4% of my take home pay.
cost.....gross%/take home%
mortgage - 11%/18%
HOA ------ 0.3%/0.5%
Home Insurance - 0.8%/1.3%
Prop Taxes - 4.1%/6.6%
Maintenance - 0.7%/1.1%
Utilities - 2.5%/3.9%
So generally my house costs me about 19.4% of my gross pay and 31.4% of my take home pay.
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