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re: What % of your income should your mortgage be?
Posted on 5/7/13 at 3:04 am to Paul Allen
Posted on 5/7/13 at 3:04 am to Paul Allen
quote:I've seen this figure various places.
28-33% of take home
Would this include property tax, insurance, and utilites??
Or is that just the mortgage payment?
1
Posted on 5/7/13 at 9:06 am to WhalingVessel
I'm at around 30.5% of my after tax and 401k "take home pay" for mortgage, PMI, taxes, insurance, and HOA. This does not include my wife's income.
Not saying that's right, but I've been told 35% is normal. 35% is flirting with "house rich, cash poor" to me to be honest. I'd stay under 30%.
There is always something that you'll have to spend money on with the house. Furniture, repairs, landscaping, termite contracts.....it adds up. Unless you are buying brand new, you should consider those added costs.
Not saying that's right, but I've been told 35% is normal. 35% is flirting with "house rich, cash poor" to me to be honest. I'd stay under 30%.
There is always something that you'll have to spend money on with the house. Furniture, repairs, landscaping, termite contracts.....it adds up. Unless you are buying brand new, you should consider those added costs.
This post was edited on 5/7/13 at 9:18 am
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