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Reply to "Are YOU able to keep your housing expenses at or below 28% of your gross pay?"
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[quote=Anonymous][quote=Anonymous]Yes. Our mortgage and taxes are just under 10% of our HHI. We put down 50%, but even if we’d put down the standard 20%, it would be 12% of our monthly gross. It was a higher percentage when we bought 6 six years ago but we were in our twenties and our income has grown. We were lucky to refinance to a 3% mortgage rate during the pandemic. We also have not bought a bigger house since our income increased - a big reason being the increased rates. Having a lower % of our income going to housing gives us financial flexibility. House is 3k sq ft - not huge not tiny. Bought an average size house for precisely this reason- so we would not entirely outgrow it and could comfortably stay it the market changed in 10 years, which it did. In hindsight probably would’ve bought a completed forever house but definitely would have been a stretch at the time[/quote] LOL at 3000 sq ft being an average size house. Never change, DCUM![/quote]
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