What percentage of your take home pay goes to your monthly housing payment?

[DLgal]

Just curious about this. Don't give any actual $$$ numbers, just a %. Add in whether you rent or own.

In looking at various "how much house can I afford" calculators, I've gotten wildly different numbers based on different metrics (some ask for net income, some gross income). It kinda doesn't make sense to be looking at gross income, because that's not actually how much money you get. Also, advice seems to vary widely on how much your housing payment SHOULD be, compared to your income, and I see recommendations from 25-40%. Interested to know what people actually do.

We are exactly at 30%, renting.

 

[kanerf]

About 11%. I own and it is around 100 years old.

 

[sarah4770]

0. I bought less house than I could afford, so paid it off in 15 years. That’s what I would recommend. Calculating what you can afford to repay in 15 years.

 

[nicolita3]

20% and own.

 

[becauseimnew]

10% of take home income and own.

 

[kdonnel]

15% of take home and own.

 

[soccerdad72]

We paid off our mortgage last year.

We had various ratios over the years. I think when we first built the house, we were around 15% of take home pay. That would have been about the highest we had.

 

[mefordis]

Our mortgage is 13% of our take home pay.

 

[neverlandsky]

.

 

[#1hoosierfan]

5% of take home. We live in a well established neighborhood, but it is an older home that needed updating when we bought it. The basement still is in need of some in love. We intentionally bought well under our means to have money for retirement, boys college, and travel.

 

[jen7233]

24% and renting.

We were at 30% in 2019 with about $700 less rent, but I went back to work after a hiatus and rents here have increased in the NoVA area, plus we found a much better place where the windows actually open instead of being painted shut, and mold isn't in the walls.

 

[#1hoosierfan]

Edit to add: it was not 5% when we bought 9 years ago. Dh and I have both gotten raises since.

 

[NYCgrrl]

15% before retirement.
25% after.

 

[LYSE]

We own and it's about 50 percent of our take home salary, but that's after all withheld taxes and benefits including a handful of tax advantaged accounts..we also have addional income that is not salary and is paid every 3 months, it's variable but on the lower end it would make our mortgage 1/3 our take home.

(P+i+taxes+insurance)

 

[ml sumner]

10% of our take home and we own.

 

[YachtClubWoman]

Technically 0 since the house is paid off. I do set aside $350/month for the property taxes.

 

[Hook326]

18% if you count mortgage, real estate taxes (this is more than our mortgage!) and home owners insurance which are important things to factor in. 7% if you’re only counting our mortgage.

 

[fla4fun]

House is paid off, but I put aside money for taxes, insurance, and maintenance.

 

[ronandannette]

A little under 25% of our net; substantially less of our gross. Sucks though that mortgage interest is not tax-deductible in Canada.

 

[goofytinkerbell]

Almost exactly 30% of take home, and I own. This does NOT include property tax with the mortgage payment, and if I were you I'd aim for lower than that. However, I'm also doing everything myself. A couple could probably do this easier.
Edit to add that I'm also in Canada, so no tax break here either