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what proportion of your take-home income do you spend on your mortgage/rent? what do you think is a reasonable proportion of income to spend on housing? what other major bills do you have?

just wondering...

our rent ($650) is about 1/5 of our take-home income (after taxes, retirement, and insurance)

but then we also have a mortgage payment ($550), but we rent out that house & break even on it when it's rented out.

we also have child care expenses ($400), car payment ($160), utilities (about $150-200), phone/internet/tv ($100), car insurance ($150), college loans (now $66 but will be $200 starting in jan)

so what are your housing and other expenses like?

Answer Question
 
Anonymous

Asked by Anonymous at 9:22 AM on May. 3, 2010 in Money & Work

Answers (9)
  • your housing cost shouldn't exceed 35% say the experts. We spend about 1/3 of our income on housing. We have 3 other bills phone $125, cable $150, car insurance $100 that add up to about $350.
    Anonymous

    Answer by Anonymous at 9:27 AM on May. 3, 2010

  • It is even wiser to keep your housing costs to 25% of your income. Our mortgage, plus homeowners insurance and property taxes are $865/month and it is about 20% of our monthly take home pay. The only other bills we have are phones, satellite, car insurance, life insurance and that's about it. We don't have car payments or credit cards. Check out Dave Ramsey for good financial advice.
    Anonymous

    Answer by Anonymous at 9:59 AM on May. 3, 2010

  • Our house payment used to be 25% of our income. But since my hubby's hours are cut it is now 42% on top of that we have car payments, medical bills, insurance, and credit cards and not nearly enough to cover it. I am currently looking for a job opposite hours of hubby so we can get by.
    BlooBird

    Answer by BlooBird at 10:01 AM on May. 3, 2010

  • Right now my rent is 47% of my income. I have no other major bills other than normal living expenses which come in below $200 a month. For our small family this is fine as it allows us enough groceries and money left over to enjoy life. We do not qualify for public assistance.
    Anonymous

    Answer by Anonymous at 10:27 AM on May. 3, 2010

  • Our house note is around $900 and thats about 20% of our income but we have a lot of other bills (and food)that add up to almost 100% od income. Working on paying them off one at a time.
    Anonymous

    Answer by Anonymous at 11:22 AM on May. 3, 2010

  • Our house payment is $750.00 & is about 10% of our monthly income. Not really any other bills except utilities, gasoline, groceries & the like. Our son goes to preschool 3 days a week & that's $109.00 a month, which will end in September when he starts kindergarten. I will be homeschooling him, so that's a minor expense. Then our daughter will start preschool 3 days a week in September. Temporary expense is our oldest daughter's wedding which is in a couple weeks, but we've paid cash for everything so as not to accumulate any debt & it will all be paid in full by her wedding day.

    BlessedMommy64

    Answer by BlessedMommy64 at 11:42 AM on May. 3, 2010

  • Ya we are higher about 40%. We have no other debt, just regular expenses. DH makes good money and we are able to put 1500 in savings each month. We are very lucky.
    Anonymous

    Answer by Anonymous at 11:54 AM on May. 3, 2010

  • Our mortgage (which includes taxes and insurance) is $660. My hsuband brings home $3000-$3800 a month. So, it's really a very small part of what he brings home.
    Anonymous

    Answer by Anonymous at 12:12 PM on May. 3, 2010

  • Mortgage is $900 per months, which is anywhere from 10% to 20% of our income on a monthly basis (our income is not equal from month to month throughout the year). We also have car payments - $500, car insurance - $150, utilities -$200 - $300, daycare - $800 - $1,000, phone/internet/tv - $350, mortgage on house we have not yet sold - $900.
    Anonymous

    Answer by Anonymous at 12:15 PM on May. 3, 2010

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