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What percentage of your income is your rent/morgage?

We are trying to set up a new budget based on DH's new income and want to know what is reasonable3 mos ago we were paying almost 50% of our income to rent, but now we aren't and don't know what is really reasonable?

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auroura

Asked by auroura at 9:27 PM on Sep. 24, 2009 in Money & Work

Level 4 (39 Credits)
Answers (18)
  • We pay roughly 25% to 30% of my DH's income to mortgage.

    louise2

    Answer by louise2 at 9:38 PM on Sep. 24, 2009

  • That of coarse includes property tax and home owners Insurance.

    louise2

    Answer by louise2 at 9:39 PM on Sep. 24, 2009

  • We pay about 10% to this house. We bought a foreclosure so saved a ton of money. We are also paying for another house that hasn't been rented out yet and that is another 10%. We plan on budgeting for about 15% when we get rid of these two houses.
    Petie

    Answer by Petie at 9:43 PM on Sep. 24, 2009

  • My house is paid off.
    Anonymous

    Answer by Anonymous at 10:46 PM on Sep. 24, 2009

  • Nope I am in my thirties too

    Anonymous

    Answer by Anonymous at 10:47 PM on Sep. 24, 2009

  • Ours is about 20%
    FL2AK

    Answer by FL2AK at 11:15 PM on Sep. 24, 2009

  • We pay much more than we should to rent our apartment.. we dont live in the greatest area though.. We either pay a lot for a nice place or something more affordable but not so safe.. so we decide to spend more than we should for a nicer place.
    ashleyuc07

    Answer by ashleyuc07 at 11:25 PM on Sep. 24, 2009

  • Apartments to rent usually want you to make 3 times the rent.

    That's about the ratio of my rent to income. But we have a lot of bills,daycare included, always broke LOL!
    prettyrayray

    Answer by prettyrayray at 12:19 AM on Sep. 25, 2009

  • We pay about 1/3 of our income towards our mortgage. At the time that we bought this house (in 2000), however, our mortgage payment was less 1/4 of our income. At that time hubby brought home $1000 more a month and we had a 30 year mortgage. After 4 years we refinanced to a 15 year mortgage and our payments were right at 1/4 of our income and then a year later things changed a bit for hubby at work and hours changed a bit so our income shifted a smidge. We can afford what we pay with no issues though so it's not a bad thing.
    Anonymous

    Answer by Anonymous at 12:19 AM on Sep. 25, 2009

  • We pay about 23% on rent in florida.
    ycatstouch

    Answer by ycatstouch at 12:36 AM on Sep. 25, 2009

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