rafiki Posted December 4, 2008 Share Posted December 4, 2008 . Quote Link to comment Share on other sites More sharing options...
Tracey in TX Posted December 4, 2008 Share Posted December 4, 2008 (edited) 21% DH's rule of thumb was below 25% including mortgage, insurance, taxes, fees, and maintenance. ETA: Edited for take-home numbers. Edited December 4, 2008 by Tracey in TX Quote Link to comment Share on other sites More sharing options...
Plucky Posted December 4, 2008 Share Posted December 4, 2008 That maintenance figure will kill homeowners. What do you think it a good rule of thumb for saving for maintenance and repair? Oh, ours is 25% and I wish it were less but we live in an expensive area and did buy after the price downturn. Quote Link to comment Share on other sites More sharing options...
Renee in NC Posted December 4, 2008 Share Posted December 4, 2008 Currently about 40%, but there is no way to go any lower without living in a tent.:D Quote Link to comment Share on other sites More sharing options...
rafiki Posted December 4, 2008 Author Share Posted December 4, 2008 . Quote Link to comment Share on other sites More sharing options...
Beth in Central TX Posted December 4, 2008 Share Posted December 4, 2008 Ours is about 23%, and I feel very comfortable with what we pay. Electricity, water, cable, phone, and internet take another 6% of take home pay which brings us up to 29% of our monthly take home pay for our total housing cost. I think this is reasonable. If we were spending 31% of our take home pay on the house alone with utilities, then I would pause and think twice too. However, in this economy it may not be wise to make a housing change, but I would look at tightening the budget in other areas if possible. Good luck! Quote Link to comment Share on other sites More sharing options...
Pamela H in Texas Posted December 4, 2008 Share Posted December 4, 2008 (edited) 32%. Electric, water, trash, septic maintenance is another 15%. Honestly though, it'd be hard for us to go much cheaper. Electric would be considerably cheaper if we lived in town but we'd never find a decent place in a decent area for what we pay or lower house wise. Edited December 4, 2008 by 2J5M9K Quote Link to comment Share on other sites More sharing options...
PariSarah Posted December 4, 2008 Share Posted December 4, 2008 . . . because it doesn't leave much for saving for maintenance (and because we still have utilities on top of that). But, until we're at full employment, that's just the way it's gotta be. 31% is a little much, if you think you're going to be at that income level for awhile. If you foresee it going up, or if you can do occasional part-time work to build up some savings or pay down the mortgage, it can still work. Quote Link to comment Share on other sites More sharing options...
TwinMominTX Posted December 4, 2008 Share Posted December 4, 2008 We are right at 25% including property taxes (which are $$$). Our utilities are very low so we are in good shape. Quote Link to comment Share on other sites More sharing options...
Jan in SC Posted December 4, 2008 Share Posted December 4, 2008 Ours is around 15%. We are thinking of moving in the next year or two and it would probably put us to 25%. Quote Link to comment Share on other sites More sharing options...
Wendi Posted December 4, 2008 Share Posted December 4, 2008 Our is 27%. I wish it was a little less, but considering the real estate situation, we'll be staying put. Wendi Quote Link to comment Share on other sites More sharing options...
Tracey in TX Posted December 4, 2008 Share Posted December 4, 2008 That maintenance figure will kill homeowners. What do you think it a good rule of thumb for saving for maintenance and repair? Oh, ours is 25% and I wish it were less but we live in an expensive area and did buy after the price downturn. Heard 2.5-3% is a good number to budget. Won't spend anywhere close until a major replacement is due. Quote Link to comment Share on other sites More sharing options...
Rhonda in TX Posted December 4, 2008 Share Posted December 4, 2008 We don't have an escrow account, so I would have to figure out the taxes and insurance and I'm too lazy to do it right now. Mortgage only is 17%, so I figure I'm safe claiming 25% for it all. Quote Link to comment Share on other sites More sharing options...
TraceyS/FL Posted December 4, 2008 Share Posted December 4, 2008 ~20% - and that is only taxes and insurance. The house is paid for. I'm afraid to open the insurance bill that just showed up.... how much did it go up this year? (it's gone from $800 to $1600 in the prior 4 years since we bought). Another ~20% to the electric company. We live on about nothing though...... i'm not a fair person to ask this right now! LOL!! Quote Link to comment Share on other sites More sharing options...
jonesloonybin Posted December 4, 2008 Share Posted December 4, 2008 Ours is 31% but that is it. We rent so we do not have "Maintenance" costs or property taxes. That is included in the rent as it the HOA dues. We had hoped for less and we are thinking about not renewing our lease in June but it depends on what else is out there. We do have our van paid off and our other car is almost paid off too. Quote Link to comment Share on other sites More sharing options...
Kari C in SC Posted December 4, 2008 Share Posted December 4, 2008 Disclaimer - I took Dayquil and my mind is fuzzy. We have an different situation. We rent our Florida house out and that covers both mortgages on our FL house and our SC house. That would make it a wash - sorta. We do not have escrow on either - so we still have to come up with what amounts to about 15% of our take home income for taxes and insurance on both properties. BUT... we get a wonderful tax write off for the rental and that helps with the taxes and insurance. We do pay for the pool service in Florida on the rental, so I am guessing it is still about 15% of our income. When/IF we ever sell the Florida house - the taxes and insurance would only be about 5% of our income. Then maybe we can save for retirement. We can hope, right? We lost a lot of our income when I lost my job in Florida. That is why we did this, so we could live on less income. Quote Link to comment Share on other sites More sharing options...
KS_ Posted December 4, 2008 Share Posted December 4, 2008 Ours is 24%. Quote Link to comment Share on other sites More sharing options...
Tree House Academy Posted December 4, 2008 Share Posted December 4, 2008 27% Quote Link to comment Share on other sites More sharing options...
KrissiK Posted December 4, 2008 Share Posted December 4, 2008 Ours is 23%+/- and that includes taxes and insurance. Quote Link to comment Share on other sites More sharing options...
Daisy Posted December 4, 2008 Share Posted December 4, 2008 19% if you don't include our small second that was for home repairs/upgrades like double pane windows 22% if you do. Both include taxes, insurance, garbage, and sewer. It does not include water or electricity. Quote Link to comment Share on other sites More sharing options...
Amy loves Bud Posted December 4, 2008 Share Posted December 4, 2008 We live on a steadily declining commission-only income, but I would say around 7% on average. That's tax and insurance, we don't have a mortgage. Before we paid off the mortgage it was about 15%. The biggest percentage we've ever paid was when we lived in D.C. It was somewhere in the 27-30% range. Unless you count the year Bud lost his job and started his business - then it was about 400%. That was unpleasant. Quote Link to comment Share on other sites More sharing options...
JFSinIL Posted December 4, 2008 Share Posted December 4, 2008 About 19% hubby says. Our first home (townhome) was 35%!!!! Quote Link to comment Share on other sites More sharing options...
TxMama Posted December 4, 2008 Share Posted December 4, 2008 15% Quote Link to comment Share on other sites More sharing options...
Plucky Posted December 4, 2008 Share Posted December 4, 2008 Love the pug picture! We are hoping to get a pug in a couple years. Thanks. She is really fun. I warn you though pugs may attach themselves to a particular person above all others. She is in total love with my oldest dd because she gives her the most care. She loves all people but especially dd. I was supposed to be her main squeeze but alas that was not the case. LOL Quote Link to comment Share on other sites More sharing options...
PrairieAir Posted December 4, 2008 Share Posted December 4, 2008 Approximately 20%. We built this house ourselves and dh got contractor discounts for materials, so that helps. And we've had help from his family. I feel like we're in a good place as far as how much we owe on this house. Property taxes, on the other hand, are killer. They keep hiking them up, up, up. I'd like to know when our roads out here will be paved with all those property taxes they're collecting. The answer is that they probably will not be paved in my lifetime. There are streets in Wichita that are still not paved.:glare: Quote Link to comment Share on other sites More sharing options...
Tutor Posted December 4, 2008 Share Posted December 4, 2008 (edited) Currently about 40%, but there is no way to go any lower without living in a tent.:D That's about where we are, too. ETA: we rent, btw Edited December 5, 2008 by Tutor see above Quote Link to comment Share on other sites More sharing options...
Desert Rat Posted December 4, 2008 Share Posted December 4, 2008 We're at 24% for our mortgage and extras and about 7% for utilities. What hurts us are our vehicle payments and insurance which is another 20%. I'm comfortable with the housing numbers but I'm working on getting those dang car payments outta here! Quote Link to comment Share on other sites More sharing options...
dragons in the flower bed Posted December 4, 2008 Share Posted December 4, 2008 Ours is twenty percent. It's an older house so the maintenance kills us. Quote Link to comment Share on other sites More sharing options...
Ferdie Posted December 4, 2008 Share Posted December 4, 2008 Our mortgage is paid off - yeah!! Approximately 10% of my dh's take home pay goes toward property taxes and house insurance - booo!! Quote Link to comment Share on other sites More sharing options...
Scarlett Posted December 4, 2008 Share Posted December 4, 2008 principal, interest, taxes and insurance? Ours is 31% and I feel it's too much of a house for us. Dave Ramsey strongly suggest no more than 25% of takehome go toward housing mortgage/taxes/insurance. If you were to call his show he probably would not suggest you sell your home since you already have it, unless you are deeply in some other type of debt. Ours is 21%. That doesn't include utilities...but it does include taxes and insurance on the house. Quote Link to comment Share on other sites More sharing options...
homeschoolmomtutu Posted December 4, 2008 Share Posted December 4, 2008 9.5% including mortgage, insurance, taxes Quote Link to comment Share on other sites More sharing options...
mamaof2andtwins Posted December 4, 2008 Share Posted December 4, 2008 I am in the 40% club. Quote Link to comment Share on other sites More sharing options...
Snickerdoodle Posted December 4, 2008 Share Posted December 4, 2008 I am in the 40% club. Yep. Quote Link to comment Share on other sites More sharing options...
Pamela H in Texas Posted December 4, 2008 Share Posted December 4, 2008 If you were to call his show he probably would not suggest you sell your home since you already have it, unless you are deeply in some other type of debt. Yeah, I can't imagine getting much lower myself without living in a drafty old 2 bedroom in a bad part of town at least. Thankfully, though our credit is shot, we don't have credit cards or anything like that. We also don't have extras like cable or whatever. Quote Link to comment Share on other sites More sharing options...
LisaKinVA Posted December 4, 2008 Share Posted December 4, 2008 Ours will be about 30% when everything is said and done... but our payscale is heading on a steady upward schedule for the next 5-10 years, so that percentage will go down a bit more each year (plus, the extra payment a year will help too). We are also owner-building the house, so we'll owe tremendously less on it than buying it already done, but that's pretty much sweat equity. On our lot right now, we are at about a 40% equity position... Quote Link to comment Share on other sites More sharing options...
ssexton Posted December 4, 2008 Share Posted December 4, 2008 Ours is about 23%, including taxes and insurance. Unfortunately, our health insurance is about 16%. :( Quote Link to comment Share on other sites More sharing options...
joannqn Posted December 4, 2008 Share Posted December 4, 2008 It used to be about 31% for mortgage, taxes, and insurance. Then DH's job cut his pay and it went up to 47%. So, he quit his job to go self-employed. I can't say what it is now because we don't have any income figures yet. We are living off of what he's making plus his cashed-out IRA until he gets his business up and running. Quote Link to comment Share on other sites More sharing options...
Okie Posted December 4, 2008 Share Posted December 4, 2008 I guess I'm just astounded by other's mortgage payments being such a huge percentage. Ours in only 20% of take-home and I feel it's large. Makes me feel better. Quote Link to comment Share on other sites More sharing options...
Nestof3 Posted December 4, 2008 Share Posted December 4, 2008 We pay insurance and taxes separately, and we have flood insurance on top of homeowners. Taxes and mortgage is 15 % of net. We have a small house, and my husband has had this house since 1988. If we had to buy it today, it would be a much greater %. He bought it for around 60,000, and now it's worth 200,000. Quote Link to comment Share on other sites More sharing options...
Snickerdoodle Posted December 4, 2008 Share Posted December 4, 2008 I guess I'm just astounded by other's mortgage payments being such a huge percentage. Ours in only 20% of take-home and I feel it's large. Makes me feel better. We live in a major urban area where unfortunately the cost of living is extremely high. Quote Link to comment Share on other sites More sharing options...
LisaKinVA Posted December 5, 2008 Share Posted December 5, 2008 We live in a major urban area where unfortunately the cost of living is extremely high. Unfortunately, we do too. Now, our area is currently being hit very hard by the bursting of the housing bubble, but housing is still a long ways from what it was in 2001, when we could buy a QUALITY completed new house for less than $100 a square foot. Some of the cheapest builders in the area are about that, but the flip side is that you're dealing with minimum code... and higher utility/maintenance costs. Quote Link to comment Share on other sites More sharing options...
Melissa B Posted December 5, 2008 Share Posted December 5, 2008 50% without taxes and insurance - so probably 55%. Quote Link to comment Share on other sites More sharing options...
Mad Jenny Flint Posted December 5, 2008 Share Posted December 5, 2008 for mortgage, tax, interest, insurance, and utilities. Possibly a bit more. However, it's a fifteen year mortgage. It is by far the biggest thing we spend on, and we could live on a good bit less, if we ever needed to, while paying down this house. Quote Link to comment Share on other sites More sharing options...
Mommyof4ks Posted December 5, 2008 Share Posted December 5, 2008 18% with taxes and ins., but we are looking to 'upgrade' in a few months, so that might go up. We should save some for maintenance, but so far we never have. We have had to replace a few appliances and our roof, but nothing really big yet (that was not covered by ins). Quote Link to comment Share on other sites More sharing options...
Quiver0f10 Posted December 5, 2008 Share Posted December 5, 2008 (edited) 23% and we are renting. Edited December 5, 2008 by Quiver0f10 Quote Link to comment Share on other sites More sharing options...
Ria Posted December 5, 2008 Share Posted December 5, 2008 28% Ria Quote Link to comment Share on other sites More sharing options...
SheilaZ Posted December 5, 2008 Share Posted December 5, 2008 Ours is 14% not including utilites. I'd love more house but I sure don't want more house payment. We were fortunate to get our house at a good price and it has increased in value...even with the housing market at its current state. At least that's what I keep telling myslef that as I covet newer, bigger houses with lovely cabinets and hard wood floors. Quote Link to comment Share on other sites More sharing options...
rafiki Posted December 5, 2008 Author Share Posted December 5, 2008 . Quote Link to comment Share on other sites More sharing options...
MyThreeSons Posted December 5, 2008 Share Posted December 5, 2008 We're at about 23% for mortgage, taxes and insurance. Our utilities are almost as much. Quote Link to comment Share on other sites More sharing options...
Michelle T Posted December 5, 2008 Share Posted December 5, 2008 DH is a commission-only loan consultant and his take home pay varies wildly from month to month. Most months, our mortgage ends up being around 50% of what he makes. Some months, he doesn't even make enough to cover it. Some months, he does very well, and things are great. The past 1.5 years have been very hard on us. The housing market fell hard here, and his work has been very tough. Our house is worth less than we owe now, so selling isn't an option. Michelle T Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.