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JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
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How much are you supposed to spend on rent/mortgage?
I know it varies for everyone, but is there a rule of thumb (as in % of salary, etc?)
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Posted 4/5/07 3:17 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
baghag
:P
Member since 5/05 10278 total posts
Name:
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Re: How much are you supposed to spend on rent/mortgage?
I've read no more than 33% of your gross income.
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| Posted 4/5/07 3:25 PM |
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MsMitcia
27 dresses.?.ha..TY everyone
Member since 8/06 1527 total posts
Name:
Tina
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Re: How much are you supposed to spend on rent/mortgage?
I work in affordable housing and we use 30% as our guide.
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| Posted 4/5/07 3:25 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: How much are you supposed to spend on rent/mortgage?
about 30% of your gross income is the rule of thumb - i think....
Message edited 4/5/2007 3:29:25 PM.
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| Posted 4/5/07 3:28 PM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: How much are you supposed to spend on rent/mortgage?
When we were paying rent, our mortgage is not a little less than twice what our rent is, which I've been told is the estimate to go by.
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| Posted 4/5/07 3:37 PM |
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tray831
Dee-licious!
Member since 3/06 5355 total posts
Name:
His Baby
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Re: How much are you supposed to spend on rent/mortgage?
And I always forget........does this include the property taxes combined? Or strictly mortgage only?
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| Posted 4/5/07 4:00 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: How much are you supposed to spend on rent/mortgage?
Posted by PotofLuck06
When we were paying rent, our mortgage is not a little less than twice what our rent is, which I've been told is the estimate to go by.
I don't understand what this means, Betsy.
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| Posted 4/5/07 4:06 PM |
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tourist
Member since 5/05 10425 total posts
Name:
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Re: How much are you supposed to spend on rent/mortgage?
25-30%.
Some of the co-op baords we loked at wanted your mortage + maintanence to be no more than 25% of your income.
Ours is a little more, about 27 or 28 % I think.
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| Posted 4/5/07 4:41 PM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: How much are you supposed to spend on rent/mortgage?
IMO I would base the percentage on take home pay. For rent, 20-25%, for a mortgage, a little more, 30-35%. You can go a little higher when you are owning and to some degree paying yourself.
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| Posted 4/5/07 4:47 PM |
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Eleanor
LIF Adult
Member since 2/06 2223 total posts
Name:
Ellie
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Re: How much are you supposed to spend on rent/mortgage?
Posted by SweetTooth
Posted by PotofLuck06
When we were paying rent, our mortgage is not a little less than twice what our rent is, which I've been told is the estimate to go by.
I don't understand what this means, Betsy.
I agree - rents can vary completely - our first mortgage was less than our rent!
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| Posted 4/6/07 7:53 AM |
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