Reply to Are YOU able to keep your housing expenses at or below 28% of your gross pay?

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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][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]

PP here. 3k feels pretty darn average in our UMC suburban area. Most of our friends homes are bigger! We also have kids and two parents who work from home. So the house always feels full. [/quote]

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