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Real Estate
Reply to "What % of your income goes towards your mortgage?"
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[quote=Anonymous]Keep in mind that most other expenses don't scale linearly with income. So, the higher your income, the easier it is to maintain a higher percentage going to housing if that's what you want. You also have to factor in kids, student loans, etc. Rules of thumb are a poor substitute for writing down your own budget. We're about 18% of pre-tax income (~250k), so something like 27% post-tax. It's definitely not an issue at all, and it was considerably tighter than that with no issues before we refinanced in early 2021. Stretching a little bit at the outset for a good location has paid off handsomely in terms of appreciation as well. Ultimately, you just have to decide if housing is something you want to prioritize in your budget or not.[/quote]
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