If you purchased your home after 2005, what % of your income is your mortgage?

[Anonymous]

And how much do you have left over after bills,etc for retirement and college savings?

We are having a really hard time running these numbers.

[Anonymous]

16% of our gross (not net) salary. We purposefully bought less house than we qualified for because we wanted to leave open the option for private school tuition, while maxing out retirement, saving for college, etc.

Of course, this percentage would slide depending upon your salary. It's much harder to spend a smaller percentage on house if your salary is on the lower side.

[Anonymous]

18% of our gross salary. It was closer to 26% when we bought in 2007 but our salaries have gone up since then. We've also had a child since then so our costs have risen significantly with childcare.

[Anonymous]

it is now 28% of our gross salary. It is a lot--by far our biggest expense. We are pretty frugal in other areas though--no big vacations, cars, clothes, no ipad, etc. We still manage to save for retirement and have two kids in childcare. we both work full-time and wish we could scale back, but it didn't look like we'd have any part time options anyway with our careers in the near future, so we got the house we wanted. It is inside the beltway in a good school system so it has retained its value and even probably grown in value since we bought 5 years ago.

[Anonymous]

You mean what percentage of our annual gross income is our total annual mortgage payment, right, OP?

Mortgage only - about 8% of gross.

PITI - about 13% of gross.

[Anonymous]

We pay 26% of gross.

We still save for retirement and college, but have little cash savings right now. We have no other debt. I don't work, but will go back in a few years when the kids are in school.

Great neighborhood, close in and walk to metro. Totally worth it.

[Anonymous]

22% of gross. With daycare and a car payment, it's a bit tighter than we would like.

[Anonymous]

15% of our gross. We just bought our first home.

We max out retirement with 20% of our income.

We have 4k left to cover bills, food, clothing, home improvement and entertainment. We pay one daycare and one preschool, and nothing else. No car debt, no loans, no credit card debt.

[Anonymous]

Yeah PP, you need to get much more precise with your number crunching! Mortgage only, or PITI? Gross or net HHI?

For us, mortgage is 10% of gross HHI. PITI is 15%. Including a repair fund of 1% of the home value (which should be considered part of owning a home), the total cost is 19%.

[Anonymous]

PITI is 18 percent of gross HHI.

[Anonymous]

What is PITI?

[Anonymous]

OP here- sorry should have been more specific. PITI % and net income.

[Anonymous]

PITI is 17% of gross. (not sure what our net actually is).

[Anonymous]

PITI is 15% of our gross HHI.

[Anonymous]

PITI is 8% of gross. We bought after 2005, but previously owned a house so we had a lot of equity.