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Mom Confessions Mom Confessions

How much house?

Anonymous
Posted by Anonymous
  • 15 Replies

Grossing $2500 a month, how much of that should go towards a house?

Posted by Anonymous on Feb. 19, 2013 at 4:02 PM
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Replies (1-10):
mtdew
by Silver Member on Feb. 19, 2013 at 4:03 PM

It would depend on how much you spend on other things, how many kids do you have, etc.

wkukid
by Beach Bum on Feb. 19, 2013 at 4:03 PM

I wouldn't go above 1000. And that's pushing it.

Trisha234
by on Feb. 19, 2013 at 4:05 PM
No more than $834 a month should be allocated to mortgage or rent. One third of your income is the general rule.
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Anonymous
by Anonymous 2 on Feb. 19, 2013 at 4:05 PM

Everyone's priorities are different, so only you can determine that.  Make a realistic budget, including items for emergencies.  What's left is what you can afford.  Remember that has to cover p & I, mortgage insurance if you don't put 20% down, home owners insurance, taxes, maintenance and capital improvements.

MomofHDFandNWF
by on Feb. 19, 2013 at 4:06 PM

The rule is 1/3 of your monthly income should go to cover your mortgage, taxes, etc... if it is more than that, then you fall into the "house poor" category, and may struggle financially.

Matriarch87
by Ruby Member on Feb. 19, 2013 at 4:07 PM
No more than 28%.
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Anonymous
by Anonymous 3 on Feb. 19, 2013 at 4:07 PM
However much you want and how many bedrooms you need. Someone is very capable of having a lot of money and living in a small house. Is this the entire income?
Anonymous
by Anonymous 4 on Feb. 19, 2013 at 4:07 PM
We gross a little more then $2500 monthly and our house payment is $600 monthly. We have enough saved for emergancies, and both kids have savings.
HousewifeNina
by Platinum Member on Feb. 19, 2013 at 4:08 PM
1/3
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KTU
by Kim on Feb. 19, 2013 at 4:09 PM

I think 1/3 of your take home income is the ideal.

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