Are YOU able to keep your housing expenses at or below 28% of your gross pay?
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Anonymous
We don't have an HOA, DIY most things we can. So, yes, just utilities a few hundred a month. Very rare for regular maintenance but big things we can just pay for. |
Anonymous
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I just did the math on mine. If it was just my income, I'm at 18%. Dh makes the same as me, so that would drop ours down to 9%.
We lead a pretty modest lifestyle for dcum standards, and my mortgage (3bed/2.5 ba) is cheaper than rent for a 1 bedroom right now. Idk what our total % including utilities would be, but definitely still less than 28%. Our housing expenses are certainly not 3x the mortgage (thankfully!). |
Anonymous
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yes. We're very fortunate to have bought a very affordable home 13 years ago. Our income has almost doubled since then, so our PITI is less than 8% of our gross income. Our food budget is higher than that!
Even when you add in maintenance costs, it's still well below 15%. We could upgrade, but we prioritize travel and saving. |
Anonymous
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Our monthly gross income is about 34K if you count cash bonus and some stock but more like 26K if you just count regular checks.
PITI is $4,750, so about 13% or 18% depending on how you look at it. We put $ directly into savings and retirement and all of that but haven't been able to accumulate any liquid savings since purchasing a home about 6 months ago. So many initial expenses! Hoping to right that ship this spring. |
Anonymous
| Of course, if my housing expenses were 28% of my gross pay, they'd be nearly half of my net pay. And that's just insane. I've always kept housing expenses to less than 25% of net pay, though I'm willing to go a little above that in the right circumstances. |
Anonymous
No one includes or expects utilities and maintenance to be in the 28%. It is intended for PITI. |
Anonymous
| Si, senora. |
Anonymous
| Yes, but we refinanced our mortgage down to 2% when interest rates got that low, and we diy most home repairs. We have put almost nothing into the place though, and it is starting to show (we need paint, new carpet, new appliances, etc—pretty much everything). |
Anonymous
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Mortgage = $3,700
Taxes = $1,000 Insurance = $300 Utilities = $400 Lawn / Tree Service = $300 Maintenance = $300 Improvements = $400 Total Housing Expenses = $6,400 Monthly Gross Income = $44,100 Looks like we’re just under 15%. |
Anonymous
To avoid bring house rich and cash poor, bug less house than you think you can afford. |
Anonymous
Helps when you have family money and a negligible mortgage and nearly all your PITI is spent on taxes and insurance. |
Anonymous
| Ughh boomers |
Anonymous
| Yes, but we bought 10 years ago when interest rates were low and prices weren't as high, plus our house is small and old (1940s). Purchasing an equivalent (small/old) home in our neighborhood today would result in a much higher PITI. So we were conservative, yes, but we were also a bit lucky. |
Anonymous
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13%.
I bought what was affordable and since then income has gone up 60% but a 2.75% rate keeps me to the house. I don't mind, it's a pleasant house in a good neighborhood. |
Anonymous
We make $330k and are at 15% for our PITI and bought in 2020. I don’t think a lot of these posts are from boomers. |