What % of your net income goes towards mortgage/rent?

[guppy]

I posted this on my financial blog and got some interesting responses, so I thought I'd post here as well.

28.7% of my monthly net income goes towards my mortgage, property taxes, and homeowners insurance for my 15-year 4.5% interest rate mortgage. Unfortunately, an additional 6.3% goes towards my rental property since we haven't been able to get any tenants in that will cover the entire amount.

what's your situation look like?

[Beppington]

I posted this on my financial blog and got some interesting responses, so I thought I'd post here as well.

28.7% of my income goes towards my mortgage, property taxes, and homeowners insurance for my 15-year 4.5% interest rate mortgage. Unfortunately, an additional 6.3% goes towards my rental property since we haven't been able to get any tenants in that will cover the entire amount.

what's your situation look like?

Thanks to my parents' & grandfather's manual labor help, I got a great head start on my future at age 20 (41 now). We built my somewhat modest home using some money I had saved prior to starting & whatever I earned during construction. Now I pay only property taxes ($1,500/ yr). The house is worth ~$250K now (+/- $20K). I didn't realize how beneficial this was at the time, but now I know I don't think I can ever thank them enough.

Edit: Oops I didn't really answer your question: Prop tax (~$1,500) + insurance (~$1,000) equals 1.9% of gross, 2.8% of net for '09. But bonuses cause my income to vary a lot from year to year.

[wincrasher]

7% is all

[disneysteve]

We're at about 19.8% of net.

[Caoineag]

I answered on your blog but for those who don't go over there 28.2% for my 15yr PITI

[gertymac]

23.6% of net goes to PITI

[Snodog]

10.8% - Bought our home 17 years ago when we first got married with no money down. Never made any extra payments or took a home equity loan and now we find ourselves with $130K in equity.

[Slug]

32%. That's close to house poor in my opinion, but I bought in Dec '08 at well below market price in a place where home values have remained stable so it was an acceptable risk, and I got a pool :-)

[ea1776]

21.2% goes to rent and insurance. Hoping to reduce that soon by down-sizing rental and up-sizing income.

[Ima saver]

zero percent goes to mortgage payments. I too got off to a good start when I bought my first home at age 21, paid it off by age 32 and paid cash for every new house we built after that. (It helps that my husband is a builder too) My house has a value of at least $500,000.

[disneysteve]

zero percent goes to mortgage payments

You do still pay taxes and insurance, though.

[srblanco7]

approx 21% for mortgage, taxes, and insurance.

[guppy]

Interesting responses!

I just realized I spend 26.48% of net income on mortgage/taxes/ins. Forgot to take into account there's 26 pay periods a year (Not quite sure how I forgot about that!)

[Fizgig]

21%, but it's a 30 year.

[LivingAlmostLarge]

WHAT'S NET INCOME? I know gross but what constitutes net???