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What percentage of your monthly gross do you spend on rent or mortgage?


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2010 Apr 19, 5:26am   15,631 views  73 comments

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10.3% for my monthly mortgage.

#housing

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45   sera   2010 Apr 20, 8:56am  

About 15% of gross on rent in Fremont. Not counting bonus or spouse income (riffed last week)

46   rcesar   2010 Apr 20, 9:37am  

About 16% on rent in Santa Clara.

47   burritos   2010 Apr 20, 10:01am  

jserachus says

About 15% of gross on rent in Fremont. Not counting bonus or spouse income (riffed last week)

Oh. If we aren't counting spouse's income then it's 23% of my gross or 35% of my net.

48   closed   2010 Apr 20, 11:13am  

Landru3000 says

10%

BTW, we rent and my half is 10% of my gross. If we go by household income, it's 13% gross.

49   soeren   2010 Apr 20, 11:39am  

I`m in an unusual and rather Kafkaesque situation. I'm stuck here on Long Island (due to the economy) paying about 15-20%(depending on O/T, which varies week to week)) of my *net* income for rent, while I own a home free and clear in SC who's property taxes("rent") would amount to 1/2 of 1 percent(.5%) of the same income, or about 30X cheaper than renting.

50   simchaland   2010 Apr 20, 11:41am  

middleman says

simchaland says


There must be some wealthy people on this board…

simchaland, Tell me about it. I feel better seeing you have to pay a bit to keep a roof over your head as well.

Tude says

simchaland says


31.7% of net on rent
22.8% of gross on rent
There must be some wealthy people on this board…

Some are wealthy, some have inheritances. My husband and I are middle class but living in a less than desirable area in the East Bay in a TINY 3/1 bungalow.

Well, I kind of asked for it. I made the decision to start a new career at 32. I moved here from Davenport, IA in June 2002 to go to grad school to become a psychotherapist. I was a web developer/designer making a nice corporate income. I was very unhappy and opportunities started to dry up after 9/11. I've worked for the same non-profit since August 2002. I graduated in September 2005. I took an extra year to get a specialization so my degree was 3 years full time while working full time for peanuts. I have massive student loan debt. I finally finished settlement with my credit cards last year. I just made my last payment on my car that was a 60 month loan. At this non-profit where I work, I'm on my 4th job. I'm an Intern. I just completed enough supervised hours of experience to sit for the 2 licensure exams. All of this costs money to get licensed. I figure it'll cost me around $1000 including study materials. And I still won't make close to what I made in real dollars back before I moved here.

So, I'm happy and I live a simple life. My income just covers expenses. I have a very hard time saving because of that, but I manage to put a little away here and there for a rainy day and vacations.

Meh, money isn't everything. It sure helps though.

Oh, and I've done it all as a single man. I've never had anyone else's income to supplement mine. It's all been just me, always. That makes a difference.

51   seaside   2010 Apr 20, 12:23pm  

For non-metropolitians, don't be suspicious or feel bad about anything.

Lots of partrickers come from western parts of sunny california where almost everyone is getting 100K/yr while they don't know what they're doing. :)
Their 100K is like your 65K because everything there is kinda expensive.

I respect woman's ability. The wife can do small things like paying rent, and I am taking care of bigger things like protecting earth from alien invasion in my dream. I ain't pay a thing and I let her pay them all, even for my smelly underwear. Am I lousy husband or what?

Just kidding. We live off of her income, and my income goes directly to our joint savings and investment accounts. That's the deal b/w us since 2002.

The rent is 17% of her gross income.

52   Austinhousingbubble   2010 Apr 20, 12:27pm  

Yet it’s easily affordable, due to savings and equity in the previous house.

You might want to give your smug glands a rest -- you had a major housing bubble that likely helped a bit with your equity.

53   azrob00   2010 Apr 20, 1:08pm  

-2%. I have a small mortgage, but two cousins live with me in my 2300 sq ft home here in Tempe. Their contribution is more than the mortgage. 3 dogs and 1 cat live here too, but I haven't figured out how to charge them...

54   elliemae   2010 Apr 20, 4:09pm  

azrob00 says

-2%. I have a small mortgage, but two cousins live with me in my 2300 sq ft home here in Tempe. Their contribution is more than the mortgage. 3 dogs and 1 cat live here too, but I haven’t figured out how to charge them…

At least make 'em do tricks for their food. It builds character.

55   Misstrial   2010 Apr 20, 4:16pm  

I rent at less than 1% of my gross annual income.

56   seaside   2010 Apr 20, 4:57pm  

Misstrial says

I rent at less than 1% of my gross annual income.

1%? Wow, I was like "another 7 figure person?". Then I saw the word annual instead of monthly. That still is quite low for housing cost. Good for you.

57   elliemae   2010 Apr 20, 11:35pm  

I simply don't make enough money. How's about, when I finally get my book done, each of you buys about 10,000 copies? That would help. :)

58   edub10304   2010 Apr 21, 1:50am  

16% gross Rent

59   simchaland   2010 Apr 21, 5:55am  

elliemae says

azrob00 says


-2%. I have a small mortgage, but two cousins live with me in my 2300 sq ft home here in Tempe. Their contribution is more than the mortgage. 3 dogs and 1 cat live here too, but I haven’t figured out how to charge them…

At least make ‘em do tricks for their food. It builds character.

Shave them periodically and sell their fur to people who make thread and yarn out of dog and cat fur.

60   elliemae   2010 Apr 21, 11:54am  

Really? I hadn't thought of that angle. I have enough hair in my rugs and in corners to knit another dog or cat... I'm gonna be rich!

61   Michinaga   2010 Apr 22, 4:09am  

My loan repayment is 29% of net. If building insurance and maintenance fees are added to that, it becomes 39%.

But I actually have enough savings to (barely) pay off the whole thing now, leaving me cash-poor and home-rich. So in a very real sense, my obligations are zero.

Congratulations to all of you folks making huge salaries and living comfortably. No vacation until you make your first million? That would leave me working every day for decades!

62   Leigh   2010 Apr 22, 5:13am  

OK, finally did the math...14% of gross income goes to rent.

63   chrisw   2010 Apr 22, 6:10am  

The mortgage is about 20% of gross income from me and my wife (DINK)s, that includes taxes, insurance, pmi, etc. If it was just me it would be 33%.

When I was renting a 1/1 apartment in Irvine, CA next to my work it was about 15% of my gross. Moving about 15 miles a way I am paying 5% more for a 2(+den)/2 with a pool on a good sized lot. We contribute to our retirements, and we still vacation. My wife throws money each check in to savings for our next vacation. We are in no way hurting but we are also not lavish spenders.

64   TechGromit   2010 Apr 22, 6:50am  

31% gross income, about 39% net income, this includes Mortgage, Real estate taxes, Home owners Insurance and PMI. After the PMI is paid off, it will drop to around 35% of net salary (assuming salaries don't increase)

65   OnTheFence   2010 Apr 22, 8:02am  

Gross: 20%
Net: 39%

66   knewbetter   2010 Apr 22, 9:30am  

Misstrial says

I rent at less than 1% of my gross annual income.

So you're still living with your parents?

67   knewbetter   2010 Apr 22, 9:33am  

TechGromit says

31% gross income, about 39% net income, this includes Mortgage, Real estate taxes, Home owners Insurance and PMI. After the PMI is paid off, it will drop to around 35% of net salary (assuming salaries don’t increase)

Weren't you in Boston for a while too?

68   Eliza   2010 Apr 23, 3:48am  

Rent runs about 16% of gross for us. That seems to be a pretty typical percentage on this board.

I stay home with the kids, so in a sense we do have a second potential income in reserve, though of course childcare expenses would take up a lot of a second income for awhile.

69   pkennedy   2010 Apr 23, 4:21am  

Actually these percentages are all over the place really, and probably not too useful. As has been pointed out before, the more you make the more you can buy, and the reverse is also true, the less you need to rent as well. If you're making 200K/year, your disposable income is fairly large, meaning you could easily push this money into housing, savings, lifestyle, etc. If you're making 50K/year, you're more likely to be locked into a solid 20% of income for rent, just because you've got less choices. Trying to drop it to 10% probably means ghetto, while 10% rent at 200K is going to be not as nice, but still pretty decent for your income level.

70   OnTheFence   2010 Apr 23, 7:56am  

Jeez when I see that I am paying 39% of my net pay on an apartment it kills me. I new I was probably paying to much of my net in rent, but when I see it right there, 39%, wow.

If only there were cheaper one bedrooms, or I could some how squeeze into a studio...

71   Payoff2011   2010 Apr 23, 1:25pm  

PITI 14% of gross. Currently paying extra P to be mortgage free next year.
But a cheap mortgage payment doesn't tell the whole story, maintenance costs keep going up. We purchased a 1974 SFH in 1991. Will pay several thousand $ this year to replace overgrown bushes, remove an old willow tree, replace all interior doors, replace back entry door.
That doesn't even count paying for lawn care, leaf removal, gutter cleaning, snow removal.
Houses eat money.

72   Leigh   2010 Apr 24, 11:25am  

OnTheFence says

Jeez when I see that I am paying 39% of my net pay on an apartment it kills me. I new I was probably paying to much of my net in rent, but when I see it right there, 39%, wow.
If only there were cheaper one bedrooms, or I could some how squeeze into a studio…

I thought mine was high, too, until I calculated it using gross income. Maybe if I'd stop putting so much into retirement the % of net wouldn't look so bad;O)

73   jobcat   2010 Apr 24, 7:46pm  

rent: 17% of gross salary
not counting bonus & investments

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