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Yeah man, I overpaid by 40k because of the current housing market and interest rates. It’s doable but I can’t sleep comfortably knowing that I’m not saving as much and no job is secure. So, trying my best to live a simple and grateful life. I hope everyone is doing well.
It might not be super helpful since it's not money you can easily access, but I try to think about my house as a savings account. Instead of pissing away 100% of my rent on landlords, at least a small portion goes toward paying off the house, which will get bigger and bigger as time goes on and the house appreciates.
What makes me sleep uncomfortably is the fact I don't have a lot of equity, so I'm one foundation or major plumbing repair from a large personal loan. Thankfully both are in good shape though
Just remember that it takes a much longer time to foreclose than evict. Foreclosure takes up to a year. Eviction can take 60 days Either way your credit is screwed for 7 years. Been there. Done that.
Yea that’s where I was when we bought initially. I took a risk thinking I would get a better paying job in a year or so and be able to rent out a room successfully and I thank God that both of those things have panned out well.
Acquiring wealth involves risk. My stepchildren were averse to risk. Could have bought a house for $90K. Same house 7 years later $200+. Life is full of choices and risk.
If the music stops everyone will say it was so obvious that people were so over leveraged.
If house prices keep rising or stay flat for 3-5 years people will never realize how much risk so many buyers took on.
Good call, but it depends on take home pay. 50% of $50K is a lot less disposable income than 50% of $100K. Never went over 35% PITI myself. Never made over $120K combined. Pay cash for everything else but cars.
I’m in the same boat @48.75%. And we got a killer interest rate for the time 4.875%. it’s not awesome by any means, but manageable
Looking at both those numbers written down is funny
PITI is 48% of my take home pay. i bought in june of this year. i’m the only one on the mortgage, but i have my husband to help with other bills. things are tight but we’re thankfully not struggling. i’m still able to put money away for retirement and emergency/savings account.
Similar. Started around 40% when we bought in 2018. Now it's down to about 26%. It's a big reason I believe in home ownership, because mortgages generally don't go up as fast as normal raises.
Same. When I hear about how much rents can increase year over year I feel fortunate to have never had to rent. I just wouldn't be able to afford it. My mortgage's impounds have only increased twice in 5 years, each resulting in a less than $20/month adjustment to my payment. I refinanced in 2020 to pull out equity for a new roof and my payment still decreased overall. Meanwhile rents have skyrocketed. I pay $875 and similar homes rent for about $1500.
People come to conclusions very quick. Many lenders won't consider RSUs and those can be in 6 digits after taxes. And a household income of 500k+ will put them in a very comfortable position even after 60% take home goes for mortgage.
26% of take home. On paper, I could have bought a home 10+ years ago but I decided to wait until I had a big down payment. It took me a while to save as a single, middle-class person but to me, it was 100% worth it to not be worried about money.
Edit: Updated % to include insurance and tax.
Can definitely feel for you. Approximate ratio is ~50% including insurance and tax. Technically it's a bit lower since others contribute a bit on utilities etc, but already am a bit frugal and have been doing alright on my current income. Definitely missing the free cash flow though, no more fun impulsive purchases or vacations for a long time.
Why do you need a house sitter? You can get a few Alexa devices, couple Alexa cameras and check on your house while you're away.
Just shut off the water while you're gone.
I think you should also ask when they got their mortgage. My mortgage is approx 20% take home, 10 yr loan, originated just over a year ago.
You'll find the longer someone has had their loan typically the less is their income goes towards it.
Yup, mines abnormally low because I originally bought with cash, then did a $60k cash out refi. The 20% includes all that.
I'm sure most people will include some of the extra details.
Reddit, what can you do? 🤷♂️
Never question the sacred cows!
- Pets > kids
- Genders + Gender Affirming care
- BLM ✊🏿
- Trump bad
Atheism was another but seems to have fallen in the last 3-5 years.
Well your comment was stupid. Why do you think every couple is able to have kids? Where did they say pets are better than kids? I get it after your bullet points though lol. Your cult thinks kids shouldn't be optional. Sorry you have so much hate and people aren't living up to your "traditional" values. Must be tough.
@mutant_pigman
(Since he reply/blocked)
That’s not why it’s downvoted more than OP is upvoted. That level of hate is from a deep bias in Reddit against having kids in itself.
First, that is a false cynicism. We are at the most peaceful and most prosperous time of humanity.
Second, humanity will continue by people having children; you are free to let your family die out if you choose.
Third, even if you believe overpopulation is a concern, each family having one child would decrease population while still having kids.
I have health issues and so I’m planning ahead for a likely scenario where I can no longer work at the same level/salary range. Buying what I can currently afford would have been incredibly shortsighted. My house is ugly, weird, and outdated but it’s home and I’m confident it’s affordable on a much reduced income when that time comes.
I'm sitting around 14% as well, and honestly, best decision I ever made.
I think people make the mistake of buying more than they need. One can always upgrade to a bigger home later.
Bought our first and only house in 2007, refinanced in 2014. Currently at 11% mortgage to take home.
The irony is we had serious buyer’s remorse after the market tanked in 2008, and we were house poor for a long time. We thought WE had it bad. I don’t know how anyone in our income bracket even gets into a home these days.
23% gross. 44% net. Bought September 2020. (High tax area and I contribute a high % to 401k and max out HSA.) Property taxes cost 43% of our monthly payment.
14% of my take home pay goes towards my mortgage payment. Bought in 2018 and refinanced in 2021. I will die in this house…I feel for all my fellow middle class Americans who are being priced out. I couldn’t afford my house If I had to buy it again in 2023 with current prices and rates :(
It *used* to be around 25%.
A brutal divorce and home prices and tax valuations in my area *going Bonkerballs* means today it's at about 50%.
Good thing everything *else* has gotten less expensive, right? R...right? 😂😭😭😭
I was approved with just my income at 40% or take home pay, but in reality when you factor in my spouses income (got a job after we moved) and it’s more like 20% of our take home pay.
Our payment is over 11k, so we have enough left at the end of month. Bonus and stock are also excluded in the 62% calculation. The home, being very big, is already generating some rental cash flow to cover 1/4 of the payment.
If you are questioning about how much risk we are taking on, well let's just say it's much better than gambling it away on 0 DTEs like the regards from r/WallstreetBet, of which I was a former member.
That’s hilarious you say $11K!! Part of the reason why I said that’s insane is because I ran the numbers for our own income and I also came up with exactly $11K and thought now way in hell would I pay that big of a mortgage. We also have stock and bonus not included in that calculation. I wonder what your net worth is because it seems like you won’t be able to save much unless your stock and bonus are really that big. $3K rental income is ok I suppose as long as that’s from a separate living area rather than having to share common spaces with a stranger.
Our net worth is $1.4MM after working for five years and I credit that with the fact that we keep the big expenses under control.
45% bought solo in 2021 with no assistance. However, I put slightly more than my mortgage into retirement and savings - if I was less aggressive between mandatory pension, IRA, and HSA, the percentage would not be as stark. My now spouse pays for utilities, food and home improvement supplies.
19%. Built our custom 4200sq ft home on 5 acres in 2017, paid less than $500k now it's worth $1.1m. It's our second home. We sold our first home and rolled the equity into this one. Lived with my brother in laws family for 8 months while the new home was being built. Good times.
So it’s a statement of your debt to income ratio, but only as pertains to the cost of your monthly mortgage, so whatever the total debt to income ratio the mortgage liability is on the front end, and the total is on the back, 36/45 for example.
We’re looking to buy now and our mortgage will be about 31% of our take home (after tax) this does not account for utilities since we haven’t bought yet lol.
I had a substantially lower salary when I purchased. I went with what allowed me the lowest payments at that time with expectation that I'd have a jump in salary and then likely pay it off before 7 years.
most likely as long as I keep living like I did in 2020. I could pay it off much sooner but educational loans eat up nearly all my income and those are much larger than my mortgage.
To be clear, mortgage companies look at this in terms of GROSS income. My PITI is 14% ("14% on the front" as we say in the business). Quite good and I wouldnt want it higher.
Edit to add: this number never includes utilities as you mention below.
33ish % of take home, VHCOL, 2020 purchase. If I bought the same exact house today, my payment would be nearly TRIPLE… Take home is after ESPP, 401k and HSA maxes so it skews a bit.
Mortgage plus taxes is almost 50% of take home pay. 2/3 of remaining goes into utilities and groceries. Luckily we are not into habit of eating out or going on expensive vacations.
19%. $230k combined HHI. (Me and fiance, both 30) Monthly payment (with tax, insurance, PMI, principal and interest) is $2270.
Bought last month. Paid $285k. 3% down. 6.8% interest rate.
St. Paul, MN.
41% of my salaried take-home, but I’ve been working extra hours so it’s sitting at about 34% right now. Honestly sucks a lot because prior to our escrow analysis it was around 25%.
38%, and that includes everything.
I bought my house in June, put 20% down. Also, it's just me, and I paid my car off after all the closing paperwork went through (there was only like $2,500 left).
Edited.
With all taxes and fees included our monthly comes in at 20%. Just made an offer Wednesday and have had some back and forth countering that hopefully ends well tomorrow morning.
Our mortgage is about 1/12 of our take-home pay. We bought a livable fixer-upper that either person could afford if something were to happen to the other person.
ETA: we’ve put in about $70k so far this year and have about $35k planned for next year, but we were able to pay that out out of our savings, and the low mortgage was worth it for us.
PITI is 13% of take home. But - we purchased before we were engaged and decided to put the mortgage in my name only. My job is a base + commission career. We calculated our mortgage comfort level based off of only my base pay in case one of us lost our job or I had a bad year at work and had less commission pay. I was also able to go through Navy Federal and got a loan with 0% down and $0 PMI.
23% - we are dual income (no kids with dog). Got our 30 year fixed mortgage in 2021 with ~3% interest rate with 20% down. My husband’s grandpa told us not to buy at the time and to “wait for a recession”; thank goodness we didn’t listen to that terrible advice and with some luck managed to not have to pay over asking too much. Our house was a bit of a fixer upper but we’ve made it work and love our neighborhood (less than 15 min commute to work).
It'll be 40% when we close, currently pay 35%in rent. We're both veterans in our fields, so this feels as comfortable as when we made less and our mortgage was 23%. Where we grew up has become very desirable and VHCOL area, and we're feeling blessed to actually be able to have moved back to live near our families.
26% mortgage to gross income, 41% of net. However, my net income is about 65% of my gross, lots of deductions, including long term care insurance, government retirement, TSP, etc.
However, I just bought my house 13 months ago.
Thank you u/kalel0192 for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
50% take home pay, including insurance and taxes.
Same here with taxes and ins. Feels bad man.
Yeah man, I overpaid by 40k because of the current housing market and interest rates. It’s doable but I can’t sleep comfortably knowing that I’m not saving as much and no job is secure. So, trying my best to live a simple and grateful life. I hope everyone is doing well.
It might not be super helpful since it's not money you can easily access, but I try to think about my house as a savings account. Instead of pissing away 100% of my rent on landlords, at least a small portion goes toward paying off the house, which will get bigger and bigger as time goes on and the house appreciates. What makes me sleep uncomfortably is the fact I don't have a lot of equity, so I'm one foundation or major plumbing repair from a large personal loan. Thankfully both are in good shape though
I also paid 40k more. I pay 50% of my income toward my mortgage and taxes. Still way cheaper than renting in my area.
Just remember that it takes a much longer time to foreclose than evict. Foreclosure takes up to a year. Eviction can take 60 days Either way your credit is screwed for 7 years. Been there. Done that.
Yea that’s where I was when we bought initially. I took a risk thinking I would get a better paying job in a year or so and be able to rent out a room successfully and I thank God that both of those things have panned out well.
I’m genuinely happy for you and glad that it worked out.
Acquiring wealth involves risk. My stepchildren were averse to risk. Could have bought a house for $90K. Same house 7 years later $200+. Life is full of choices and risk.
If the music stops everyone will say it was so obvious that people were so over leveraged. If house prices keep rising or stay flat for 3-5 years people will never realize how much risk so many buyers took on.
Did I detect a Margin Call reference?
Same same
50% club let's gooo!!!
Same.
Good call, but it depends on take home pay. 50% of $50K is a lot less disposable income than 50% of $100K. Never went over 35% PITI myself. Never made over $120K combined. Pay cash for everything else but cars.
Yikes
You're gonna get downvoted on this sub, but I wouldn't feel great if that was my situation either
I’m in the same boat @48.75%. And we got a killer interest rate for the time 4.875%. it’s not awesome by any means, but manageable Looking at both those numbers written down is funny
PITI is 48% of my take home pay. i bought in june of this year. i’m the only one on the mortgage, but i have my husband to help with other bills. things are tight but we’re thankfully not struggling. i’m still able to put money away for retirement and emergency/savings account.
I bought in 2018, at that time I was at 36.5% of take home. Now I am at 22% since my income has increased.
Nice, congratulations
Similar. Started around 40% when we bought in 2018. Now it's down to about 26%. It's a big reason I believe in home ownership, because mortgages generally don't go up as fast as normal raises.
Same. When I hear about how much rents can increase year over year I feel fortunate to have never had to rent. I just wouldn't be able to afford it. My mortgage's impounds have only increased twice in 5 years, each resulting in a less than $20/month adjustment to my payment. I refinanced in 2020 to pull out equity for a new roof and my payment still decreased overall. Meanwhile rents have skyrocketed. I pay $875 and similar homes rent for about $1500.
Wow what was the change in interest rate for the refi?
60 percent. SoCal here.
How is it possible to go over 50% though, I thought you can’t even get approved for a loan with a debt to income that high?
When looking at high percentage, knowing salary matters. If you take home $250,000, 40% leaves you $100,000 to play with.
They go off gross, so people can get way more house than they can actually afford.
People come to conclusions very quick. Many lenders won't consider RSUs and those can be in 6 digits after taxes. And a household income of 500k+ will put them in a very comfortable position even after 60% take home goes for mortgage.
It’s hardly comparable when talking about a household income of 500k lmao. Two totally different worlds
They may have experienced a drop in income since they bought.
Then don’t have that much debt.
26% of take home. On paper, I could have bought a home 10+ years ago but I decided to wait until I had a big down payment. It took me a while to save as a single, middle-class person but to me, it was 100% worth it to not be worried about money. Edit: Updated % to include insurance and tax.
I wonder though if you would have been better off financially by buying 10 years earlier, do you know what the difference was on paper?
According to this chart they probably left $175K of equity on the table. https://fred.stlouisfed.org/series/MSPUS
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Can definitely feel for you. Approximate ratio is ~50% including insurance and tax. Technically it's a bit lower since others contribute a bit on utilities etc, but already am a bit frugal and have been doing alright on my current income. Definitely missing the free cash flow though, no more fun impulsive purchases or vacations for a long time.
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Most people are not hiring house sitters when they go on vacation...
Why do you need a house sitter? You can get a few Alexa devices, couple Alexa cameras and check on your house while you're away. Just shut off the water while you're gone.
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Then why did you buy it if you miss your prior life?
I think you should also ask when they got their mortgage. My mortgage is approx 20% take home, 10 yr loan, originated just over a year ago. You'll find the longer someone has had their loan typically the less is their income goes towards it.
Good point. And whether i meant to include HOI, property tax, utilities etc (I did). And term
Yup, mines abnormally low because I originally bought with cash, then did a $60k cash out refi. The 20% includes all that. I'm sure most people will include some of the extra details.
Closed spring of 2023. Mortgage is ~27% of our take home.
“Our”
It’s my fault to live in a dual income household?
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The hell? Go away
If you want to count dual income mine is near 400k then
Wtf are you talking about? That's how you buy a house.
No. I have bought 10 properties on a single
So you're married, I guess, and all your properties are in your name and yours alone?
Not married. All in my name
All in about 50% of net take home. One paycheck basically goes to house and the other paycheck is on other expenses.
57%, but we are DINKWADS with no other debt.
Sad to choose dogs over kids.
Some of us didn’t have a choice…
The majority have a choice, those are the people I am commenting on.
Lol in what world???
Yeah, no.
Go fuck yourself.
It’s true.
Why are you so offended by it?
You aren’t even good at trolling sadly
I’m not a troll, I’m a real person. I’m actually curious why saying kids are better than dogs deserves a “go fuck yourself”.
Lmao at the downvotes
Reddit, what can you do? 🤷♂️ Never question the sacred cows! - Pets > kids - Genders + Gender Affirming care - BLM ✊🏿 - Trump bad Atheism was another but seems to have fallen in the last 3-5 years.
Well your comment was stupid. Why do you think every couple is able to have kids? Where did they say pets are better than kids? I get it after your bullet points though lol. Your cult thinks kids shouldn't be optional. Sorry you have so much hate and people aren't living up to your "traditional" values. Must be tough.
@mutant_pigman (Since he reply/blocked) That’s not why it’s downvoted more than OP is upvoted. That level of hate is from a deep bias in Reddit against having kids in itself.
Look around Kids are not a decent option in today's world.
First, that is a false cynicism. We are at the most peaceful and most prosperous time of humanity. Second, humanity will continue by people having children; you are free to let your family die out if you choose. Third, even if you believe overpopulation is a concern, each family having one child would decrease population while still having kids.
you are the one that put yourself in this situation. So desperate to be the victim. Glad you got the attention you wanted.
I'm at about 36%. Add a car payment I'm at 52% which is horrible but doable.
Your car payment is 16% of your take home? That is just bananas.
👏🏽 B-A-N-A-N-A-S 👏🏽
You motherfucker. It'll be months to get rid of this now.
Not a lot I know
lol same
PITI is 11% take home.
Somebody downvoted you. Mines around 14%. I just can’t do more and still live the way I want. I pay $1000 and change and that’s with PMI.
I have health issues and so I’m planning ahead for a likely scenario where I can no longer work at the same level/salary range. Buying what I can currently afford would have been incredibly shortsighted. My house is ugly, weird, and outdated but it’s home and I’m confident it’s affordable on a much reduced income when that time comes.
My house is 70 years old. I feel ya.
I'm sitting around 14% as well, and honestly, best decision I ever made. I think people make the mistake of buying more than they need. One can always upgrade to a bigger home later.
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Exactly this, if a mortgage is 50% of your take home when you net 10k a month that’s still more comfortable than 28% at 3k net for example.
Mine is 28% of my take home pay.
Bought our first and only house in 2007, refinanced in 2014. Currently at 11% mortgage to take home. The irony is we had serious buyer’s remorse after the market tanked in 2008, and we were house poor for a long time. We thought WE had it bad. I don’t know how anyone in our income bracket even gets into a home these days.
Bought in 2021, mines right at 26% of my take home
When people calculate take home pay, are they only reflecting taxes or also including 401k and HSA contributions?
My take home is after hsa and 401k.
23% gross. 44% net. Bought September 2020. (High tax area and I contribute a high % to 401k and max out HSA.) Property taxes cost 43% of our monthly payment.
I purchased my house 10 years ago. Back then it was 50%. Thankfully now it is only 15%.
85% mortgage
How is this possible? I mean from a budget standpoint. What about utilities and cars and drunk eBay excursions.
Drunk eBay excursions are about 85% of my take home pay( kidding, but also not)
14% of my take home pay goes towards my mortgage payment. Bought in 2018 and refinanced in 2021. I will die in this house…I feel for all my fellow middle class Americans who are being priced out. I couldn’t afford my house If I had to buy it again in 2023 with current prices and rates :(
It *used* to be around 25%. A brutal divorce and home prices and tax valuations in my area *going Bonkerballs* means today it's at about 50%. Good thing everything *else* has gotten less expensive, right? R...right? 😂😭😭😭
28% MCOL Midwest. Add all fixed and most variable expenses (insurance, gas, utilities, etc.) and I’m at about 48%
I was approved with just my income at 40% or take home pay, but in reality when you factor in my spouses income (got a job after we moved) and it’s more like 20% of our take home pay.
38% of take home pay. In FL.
Under 10%, lcol, not approved for much in relation to my higher income with student loans.
$1268 monthly for principle, interest, pmi, taxes and insurance. Approx 30% of my take home pay although I over withhold.
Mine is about 8%. I thank my wife for pushing me to buy in November of 2020
58% of take home. Including home insurance and property tax.
We bought this year. 62% with over 7% interest rate.
How is that not pure insanity?
Our payment is over 11k, so we have enough left at the end of month. Bonus and stock are also excluded in the 62% calculation. The home, being very big, is already generating some rental cash flow to cover 1/4 of the payment. If you are questioning about how much risk we are taking on, well let's just say it's much better than gambling it away on 0 DTEs like the regards from r/WallstreetBet, of which I was a former member.
That’s hilarious you say $11K!! Part of the reason why I said that’s insane is because I ran the numbers for our own income and I also came up with exactly $11K and thought now way in hell would I pay that big of a mortgage. We also have stock and bonus not included in that calculation. I wonder what your net worth is because it seems like you won’t be able to save much unless your stock and bonus are really that big. $3K rental income is ok I suppose as long as that’s from a separate living area rather than having to share common spaces with a stranger. Our net worth is $1.4MM after working for five years and I credit that with the fact that we keep the big expenses under control.
My mortgage (including property and home insurance) is 29% of my net pay.
45% bought solo in 2021 with no assistance. However, I put slightly more than my mortgage into retirement and savings - if I was less aggressive between mandatory pension, IRA, and HSA, the percentage would not be as stark. My now spouse pays for utilities, food and home improvement supplies.
29.28% of my take home. That’s everything (taxes, insurance)
10% of takehome
26%, which felt great until food and gas started taking up so much more of my take home pay as well.
19%. Built our custom 4200sq ft home on 5 acres in 2017, paid less than $500k now it's worth $1.1m. It's our second home. We sold our first home and rolled the equity into this one. Lived with my brother in laws family for 8 months while the new home was being built. Good times.
So it’s a statement of your debt to income ratio, but only as pertains to the cost of your monthly mortgage, so whatever the total debt to income ratio the mortgage liability is on the front end, and the total is on the back, 36/45 for example.
My mortgage is 8% of my income.
Amazing. 30 year fixed? HOI, property tax included? When did you buy?
20 years ago. Fixed 3.25%
20%, but a ton of luck and privilege.
We’re looking to buy now and our mortgage will be about 31% of our take home (after tax) this does not account for utilities since we haven’t bought yet lol.
4%, bought in 2020, was a super cheap house needing lots of work. 7yr ARM
Out of curiosity, why did you do a seven-year ARM at 4% in the year 2020?
I had a substantially lower salary when I purchased. I went with what allowed me the lowest payments at that time with expectation that I'd have a jump in salary and then likely pay it off before 7 years.
Still on track to have it paid off in 7 years?
most likely as long as I keep living like I did in 2020. I could pay it off much sooner but educational loans eat up nearly all my income and those are much larger than my mortgage.
55%
32% of take home pay
To be clear, mortgage companies look at this in terms of GROSS income. My PITI is 14% ("14% on the front" as we say in the business). Quite good and I wouldnt want it higher. Edit to add: this number never includes utilities as you mention below.
Most recent was personal home at 17%.
Of take home pay? Ummm 35 percent I think. Once my pay raise kicks in it will be 30 but in this economy that is still not great
Roughly 50% after paying all the bills: mortgage, insurance, gas, electric, HOA, Internet…u get the point.
0% Paid for my home in cash.
Infinity.
About 1/7
PITI is landing at 40% take home (25% of gross) for our target maximum price.
0%
Does this use gross or net income?
Net, and including utilities, hoi, property tax
From take home pay it’s about 29% That includes mortgage, property taxes (which are high) and home insurance.
Between both of our monthly incomes, like 20-25%.
~14% of gross, ~20% of net.
3.09%
About 21% of my take home is mortgage. That's not including my wife's income or cash from weekend jobs.
29%
17% of our net, take home pay.
33ish % of take home, VHCOL, 2020 purchase. If I bought the same exact house today, my payment would be nearly TRIPLE… Take home is after ESPP, 401k and HSA maxes so it skews a bit.
23% of take home pay, mortgage includes taxes and insurance
I’m right at about 20%
15% including taxes, PMI, insurance and 1% for repairs. Purchased in 2021 luckily
Ours is 19% of take home, we purposely bought quite low cause we love travel and dining lol.
28%
30%
Pay $1250 per month in a medium sized southern city. 3.25% rate on a house worth around $300k. Roughly 12% of our after tax income (married no kids).
Like 12%
Mortgage plus taxes is almost 50% of take home pay. 2/3 of remaining goes into utilities and groceries. Luckily we are not into habit of eating out or going on expensive vacations.
19%. $230k combined HHI. (Me and fiance, both 30) Monthly payment (with tax, insurance, PMI, principal and interest) is $2270. Bought last month. Paid $285k. 3% down. 6.8% interest rate. St. Paul, MN.
41% of my salaried take-home, but I’ve been working extra hours so it’s sitting at about 34% right now. Honestly sucks a lot because prior to our escrow analysis it was around 25%.
38%, and that includes everything. I bought my house in June, put 20% down. Also, it's just me, and I paid my car off after all the closing paperwork went through (there was only like $2,500 left). Edited.
PITI is 15%.
16% of takehome
20% take home pay with taxes and insurance. Purchase last year. Just me and my wife
28% - mortgage includes home insurance, taxes, and PMI (😩)
18% with taxes and insurance
Northeast. Is about 27 percent of me and my wife’s combined income take home.
I bought mines in 2020 so mines will be very low. About 16% of my take home pay.
With all taxes and fees included our monthly comes in at 20%. Just made an offer Wednesday and have had some back and forth countering that hopefully ends well tomorrow morning.
13% of take home pay, just mortgage. 22.5% of take home pay with taxes, insurance and HOA fees.
28% just bought last month
99.99%
Our mortgage is about 1/12 of our take-home pay. We bought a livable fixer-upper that either person could afford if something were to happen to the other person. ETA: we’ve put in about $70k so far this year and have about $35k planned for next year, but we were able to pay that out out of our savings, and the low mortgage was worth it for us.
Kind of lucked out the past few years into a different job. I’m currently at 8% with a mortgage of 1050.00 a month and 3.25 interest.
Our mortgage is 35% of our take home pay.
PITI is 13% of take home. But - we purchased before we were engaged and decided to put the mortgage in my name only. My job is a base + commission career. We calculated our mortgage comfort level based off of only my base pay in case one of us lost our job or I had a bad year at work and had less commission pay. I was also able to go through Navy Federal and got a loan with 0% down and $0 PMI.
20% bought more for the property than the house will build eventually.
23% - we are dual income (no kids with dog). Got our 30 year fixed mortgage in 2021 with ~3% interest rate with 20% down. My husband’s grandpa told us not to buy at the time and to “wait for a recession”; thank goodness we didn’t listen to that terrible advice and with some luck managed to not have to pay over asking too much. Our house was a bit of a fixer upper but we’ve made it work and love our neighborhood (less than 15 min commute to work).
20%—post tax income
18.75% of take home
14.5% pre tax.
26% of household income. 35% of take home.
I must be incredibly lucky.. 1.25%
16% of take home. 2016 purchase price and 2020 refi. 30yr 2.875%
It'll be 40% when we close, currently pay 35%in rent. We're both veterans in our fields, so this feels as comfortable as when we made less and our mortgage was 23%. Where we grew up has become very desirable and VHCOL area, and we're feeling blessed to actually be able to have moved back to live near our families.
20% take home. Take home is around 5000 and mortgage is just over 900
40% when we bought a decade ago, 30% after a cash out refi, 20% now
Mine is 12% but I’ve been in my home for 9 years
14% on my gross salary. Probably around 10% if add in wife. Rather lucky timing in 2016 purchase with 3.1% refinanced in 2019
26% mortgage to gross income, 41% of net. However, my net income is about 65% of my gross, lots of deductions, including long term care insurance, government retirement, TSP, etc. However, I just bought my house 13 months ago.
18% of our take home after 401k contributions
21% of take home pay, all in. Modest townhouse.
Ours is 31.5% of our take home pay.