How much do you spend on rent/house payment?

[Joe]

Going over my finances preparing to move, I thought it would be interesting to see how much of people's net income went to their housing. What is typically said is not to spend more than 33% of your net income on rent or house payment. What percentage do you spend? I wonder if it varies by region?

[Philliesfan980]

Just doing a quick calc, I spend about 30% on my mortgage payment. This % represents my after deductions (Tax/life/health/401k) cash.

[st.cronin]

We are currently spending about 20% of our net income on housing. This doesn't include electricity costs.

[FrogMan]

we're at roughly 22% here...

FM

[Airhog]

I spend more than 33% about 40% I don't have a car payment, so I am able to afford it right now. Hopefully when my lease is up, I can move back into a smaller place.

[Eaglesfan27]

Right now, I'm at about 8%, but I expect to jump up to about 30% when we buy our house in 2006. Both of my percentages are after deductions as well.

[Ironhead]

I would say anywhere from 35-45% on rent depending on my girlfriend's intake (varies from month to month). We are dying to buy.

[JonInMiddleGA]

Currently below 10%, pending whatever the heck we do re:new house in '06.
Still, depending on the particulars of that transaction, I don't expect to see the percentage rise to more than 15% at the most.

[st.cronin]

We are currently spending about 20% of our net income on housing. This doesn't include electricity costs.

I knew that didn't seem right so I got out a calculator. 11% is the correct number. Shopping for a house, though.

[Philliesfan980]

After thinking about the tax consequences a little more, I'd probably say around 23-25% of take home income. I'm young, and right now, paying mostly interest since I'm at the early stages of my purchase. 25% also includes taxes.

Still though, I'm trying to get it down into the 12-20% range that some of the above posters have. Once the Student Loans and Car payments get paid off, I'll be socking more than my normal amount away towards the principal.

[BuffaloHuskey]

I am at 40% net of all payroll deductions but I have no car (live in Manhattan). It sounds a bit rediculous but is probably pretty standard for Manhattan.

When I lived in Upstate NY I was spending only about 20% of net pay. All in all I still end up saving more because my pay is higher in the city than it was Upstate

[SFL Cat]

Without pulling out a calculator, I'd say probably 25-30%.

[Marc Vaughan]

Around 40% of my actual physical pay-check .... but thats one of the hazards of having a large family, you need more physical room to pack them into (and houses in England are dashed expensive :() ....

[pennywisesb]

About 30% for me....

[lighthousekeeper]

35% of our gross income.

60% of our net income (accounting for tax, soc sec., 401K, life ins., health ins.)

(We have no other debt, barely ever buy stuff, and are trying to pay off the mortgage by the time we're 40.)

[lungs]

0% (not talking about living in my car, this is for real)

My job after I graduate from college provides free housing/satellite/internet.

[oykib]

A little over 10% for me. But my company subsidizes my apartment. It would be close to 20% otherwise.

[jeff061]

About 20 now renting, plan on around 30-35 when I get my new Condo.

[LastWhiteSoxFanStanding]

66 percent, I win!

[GoldenEagle]

Mine is about 90% and I am just renting a two bed-room apartment. Being in college sucks.

[Cringer]

Loren and I figure about 38% or so.

[Pumpy Tudors]

Since I'm unemployed, my percentage is undefined. Since my wife is paying the rent, I guess I could ask her to figure out the percentage (I don't know how much she brings in after deductions), but I don't think I want to know. :D

[hawk4669]

Own our home, and about 22% of the income.

Cheers!

[Rizon]

11%

[Fouts]

About 28% but I am renting. If I were buying it would be about 50%. Bay area is a crazy place.

[MJ4H]

We close on our new house tomorrow and will be paying about 28%.

[Riggins44]

23% while renting apt... close on a house this Friday... 50% :eek:

[duckman]

17% (I have a roommate)

[digamma]

Just under 30%.

[CleBrownsfan]

My taxes and insurance are included in my mortgage - I'm at 38%. In April I get to refinance at a lower interest rate - that should lower my mortgage payment considerably

[Toddzilla]

24% here in NoVa

[Huckleberry]

23.8% on a mortgage payment.

[Draft Dodger]

I think it's about 25%, for mortgage, 2nd mortgate and taxes.

[FBPro]

Less than 10% not counting electric, etc.

[JeeberD]

Somewhere in the 25% area...

[henry296]

We are around a 33% in Baltimore in a brand new home, but that is after all deductions including a rather large contribution to my 401(k). We also don't have any kids right now which can impact how much you can afford to spend on housing.

[BC Bob]

About 19% of take home income goes to principal, interest, taxes and insurance ("PITI"), but that percentage was much higher -- probably at least 33% -- when we first bought this house several years ago. This is the second house we've owned, and each time, we bought at the upper end of the standard percentage (where we expected that we'd be somewhat squeezed), but with the expectation that, over time, we'd earn more and the percentage would come down and we'd have more to spend on other things. Luckily, it has worked out that way both times.

[Flasch186]

around 11% BUT that is not including utilities and me and GF are both 100% commission so that could fluctuate in years to come. ewww, i didnt discount my roommates money (she throws $325) so that lowers the percentage quite a bit.

[Raiders Army]

0% since housing and utilities are provided for me.

[Klinglerware]

When I first started out, living in Manhattan, I was at about 50-60%. Now it is at a manageable 15-20%.

[ISiddiqui]

Around 31% on rent.

[Bee]

About 16-17% of my take home pay. About 90% after my wife gets her cut.

[Eaglesfan27]

About 16-17% of my take home pay. About 90% after my wife gets her cut.
:D