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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Poll: What percentage of your income goes towards your housing payment
To calculate this... its real simple.
Add your montly mortgage payment (include any PMI you pay or a HELOC/piggyback payment)... also add your homeowners insurance and your property taxes. If you live in a co-op... add your maintenance fees.
Then take your monthly housing figure and divide this by your GROSS monthly household income.
Example:
Husband and wife make a combined 150k a year (or $12500 a month).
They pay $2000 a month in mortgage (no PMI or 2nd loan)
They pay $600 a month in property taxes
They pay $100 a month for homeowners insurance.
Total monthly housing payment: $2700
2700 / 12500 = .216 or 21.6%
This family pays 21.6% of their income towards their housing.
Don't include anything else in this calculation. If you plan to buy... you can punch these numbers in and see where you stand.
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Posted 1/25/06 7:13 PM  |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: Poll: What percentage of your income goes towards your housing payment
thanks for the formula...i'm a math dummy I would not have been able to figure it out.
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| Posted 1/25/06 7:28 PM |
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CathyB
Member since 5/05 19403 total posts
Name:
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Re: Poll: What percentage of your income goes towards your housing payment
Just curious, what % do they recommend you not exceed?
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| Posted 1/25/06 7:53 PM |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Re: Poll: What percentage of your income goes towards your housing payment
Ours in in the 21 - 25 range. I didn't include the rental income because we have no tenants right now. However, if I include our apt, then its less than 1% as tenants cover Principal and Interest payment.
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| Posted 1/25/06 7:55 PM |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Re: Poll: What percentage of your income goes towards your housing payment
Posted by sarahsmommy
Just curious, what % do they recommend you not exceed?
They say 25% but I would like to see that realistically in NY. If you buy a house in this market, I would find it nearly impossible. They say that your house should cost no more than 2.5 to 3x your annually salary 
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| Posted 1/25/06 7:56 PM |
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julz33
i run for bacon
Member since 5/05 20584 total posts
Name:
julz
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Re: Poll: What percentage of your income goes towards your housing payment
22%... not including our rental income or bonuses from work
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| Posted 1/25/06 8:01 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Poll: What percentage of your income goes towards your housing payment
28% is the norm they say you should not exceed.
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| Posted 1/25/06 8:06 PM |
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Leeners
:)
Member since 5/05 4898 total posts
Name:
Eileen
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Re: Poll: What percentage of your income goes towards your housing payment
19.7% 
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| Posted 1/25/06 8:43 PM |
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Nik09
LIF Adult
Member since 5/05 1982 total posts
Name:
Nikole
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Re: Poll: What percentage of your income goes towards your housing payment
We're at 28% with just DH's salary. I haven't found a job since we moved to the West coast, but it will go down (I hope) soon!
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| Posted 1/26/06 3:00 PM |
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LIBOUND
Texting king
Member since 10/05 5289 total posts
Name:
Suzy
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Re: Poll: What percentage of your income goes towards your housing payment
We haven't closed yet, but we'll be at 23%. Glad to see it's pretty much the norm!!
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| Posted 1/26/06 3:17 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Poll: What percentage of your income goes towards your housing payment
I hadn't done this ... I am definitely surprised by the number - in a good way!
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| Posted 1/26/06 3:47 PM |
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Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
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Re: Poll: What percentage of your income goes towards your housing payment
10%
I like living in Philadelphia! 
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| Posted 1/26/06 6:21 PM |
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ddunne2
LIF Adult
Member since 7/05 4189 total posts
Name:
Doreen
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Re: Poll: What percentage of your income goes towards your housing payment
13%...Cincinnati, OH
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| Posted 1/26/06 7:15 PM |
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Re: Poll: What percentage of your income goes towards your housing payment
19%
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| Posted 1/26/06 11:50 PM |
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meghanmetz
LIF Adolescent
Member since 5/05 525 total posts
Name:
Meghan
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Re: Poll: What percentage of your income goes towards your housing payment
8%, but thats in Charlotte NC.
Are you supposed to look at your income gross or net? I would think that net would make a lot more sense.
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| Posted 1/27/06 8:33 AM |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Re: Poll: What percentage of your income goes towards your housing payment
Posted by meghanmetz
8%, but thats in Charlotte NC.
Are you supposed to look at your income gross or net? I would think that net would make a lot more sense.
Net would make more sense to me, but it is based on gross.
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| Posted 1/27/06 8:50 AM |
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krashnburn
I am Batman!
Member since 5/05 4093 total posts
Name:
I'm Batman, I tell you!
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Re: Poll: What percentage of your income goes towards your housing payment
Gross would be 27%. Net would be 73% 
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| Posted 1/27/06 11:35 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Poll: What percentage of your income goes towards your housing payment
Posted by meghanmetz
8%, but thats in Charlotte NC.
Are you supposed to look at your income gross or net? I would think that net would make a lot more sense.
They look at Gross because a major portion of your housing payment is paid with GROSS funds (property taxes, mortgage interest, etc.)
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| Posted 1/27/06 11:38 AM |
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Susan
Loving Mommyhood!
Member since 5/05 2391 total posts
Name:
Susan
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Re: Poll: What percentage of your income goes towards your housing payment
35% gross
60% net
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| Posted 1/27/06 9:40 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Poll: What percentage of your income goes towards your housing payment
16%
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| Posted 1/27/06 11:01 PM |
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MissJones
I need a nap!
Member since 5/05 22136 total posts
Name:
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Re: Poll: What percentage of your income goes towards your housing payment
Posted by Susan
35% gross
60% net
31% Gross
42% Net
I''m with ya girl!
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| Posted 1/28/06 4:11 PM |
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