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re: Homebuyers are now spending 40% of their gross income on mortgage and interest costs
Posted on 7/23/23 at 7:46 am to SirWinston
Posted on 7/23/23 at 7:46 am to SirWinston
quote:
I spend like 65% of my income on me mortgage terrible investment but at least it's nice
After taxes can you afford to eat?
1
Posted on 7/23/23 at 7:52 am to PhiTiger1764
Bought April 22' and mortgage is about 35% of net take-home income. Don't feel like feeling any squeeze but mortgage is also the only debt we carry. One income goes to the house and the other goes to living expenses and savings. 
Posted on 7/23/23 at 7:59 am to SuperSaint
My mortgage is 14% of our net. I wouldn’t want to go much higher than that.
Posted on 7/23/23 at 8:07 am to RedHawk
quote:
My mortgage is 14% of our net. I wouldn’t want to go much higher than that.
I guess it ultimately depends on what you bring in, but on the surface this is a pretty ridiculous take on the other end of the spectrum.
Posted on 7/23/23 at 8:31 am to PhiTiger1764
quote:
That’s a $4600/mo mortgage on $200k. That sounds fricking terrible.
It wouldn’t be great but not impossible. In some localities you may not have much of a choice unless you are ok with an hour+ commute.
Posted on 7/23/23 at 8:39 am to JAMAC2001
quote:
mortgage is only debt though so we feel quite comfortable.
That helps us as well. 28% for the house, but absolutely no other debt at all.
Posted on 7/23/23 at 9:07 am to SirWinston
quote:YOLO baw.
I spend like 65% of my income on me mortgage terrible investment but at least it's nice. Might be here until I die unless left wing politics force me to move. And I can't take the weather in most places.
Posted on 7/23/23 at 9:09 am to stout
I spend about 20% gross on rent and feel like i need to cut back
Posted on 7/23/23 at 9:16 am to CP3LSU25
It’s temporary while I made a career change. It’s been interesting 
Posted on 7/23/23 at 9:24 am to SirWinston
I don’t know how they do it now. My mortgage including taxes is less than 20%. Bought a few years ago. Now my mortgage would be double for the same house
Posted on 7/23/23 at 9:49 am to tigerbacon
We bought in 2018. With the price increase in our neighborhood and interest rates, if we bought now, our mortgage payment would be 2400 a month higher. That's insane and I don't know how people are buying the houses in our hood unless they are getting some type of inheritance to afford.
I don't live in a million dollar neighborhood but we had a house last year go for 1.05. Just stupid.
I don't live in a million dollar neighborhood but we had a house last year go for 1.05. Just stupid.
Posted on 7/23/23 at 9:58 am to hondapa26
As someone in the mortgage business someone with good credit get an FHA loan with total DTI at 56%
Posted on 7/23/23 at 9:59 am to Crowknowsbest
quote:
We had a couple lenders offer close to 40%. No one squirms at 28% in my experience.
You had lenders offer close to 40% what?
Posted on 7/23/23 at 10:02 am to ellesssuuu
quote:
As someone in the mortgage business someone with good credit get an FHA loan with total DTI at 56%
Correct, but the OP says homebuyer DTI of 40% is the same as homebuyers spending 40% of their gross income on a mortgage. It just isn’t.
Posted on 7/23/23 at 10:04 am to ellesssuuu
quote:
Is another Mortgage Crisis brewing? Homebuyer Debt-to-Income Ratios (DTIs) are now approaching 40% in the beginning of 2023. That means homebuyers are now spending 40% of their gross income on mortgage and interest costs.
That’s not what that means at all!
Posted on 7/23/23 at 10:04 am to hondapa26
I have no clue how some of you live this way. I would lose my mind if my mortgage was anywhere near some of these numbers.
Posted on 7/23/23 at 10:05 am to stout
We bought our first home back in the middle 1970s and the interest rate on our loan was 12% (Jimmy Carter years).
We lived in it one year…fixed it up… sold it (made a good profit) and bought another one. Repeated this several times and now debt free for many years. That’s when you can start building wealth.
As the country song says...” Buy Dirt.”
Good advice.
We lived in it one year…fixed it up… sold it (made a good profit) and bought another one. Repeated this several times and now debt free for many years. That’s when you can start building wealth.
As the country song says...” Buy Dirt.”
Good advice.
This post was edited on 7/23/23 at 10:06 am
Posted on 7/23/23 at 10:07 am to hondapa26
I understand but a few people here wonder how people are getting mortgages with high DTI
Posted on 7/23/23 at 10:09 am to stout
People can’t help themselves.
Anything to keep up with the Jonses. People will never own the homes they live in.
Anything to keep up with the Jonses. People will never own the homes they live in.
Posted on 7/23/23 at 10:10 am to stout
quote:
Homebuyer Debt-to-Income Ratios (DTIs) are now approaching 40% in the beginning of 2023.
quote:
Debt-to-income ratio is your monthly debt obligations compared to your gross monthly income (before taxes), expressed as a percentage. A good debt-to-income ratio is less than or equal to 36%. Any debt-to-income ratio above 43% is considered to be too much debt.
The first quote is from the OP. The second quote is a write up on DTI.
This post was edited on 7/23/23 at 10:11 am
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