What Percentage of your take home pay goes to your mortgage?

[njmom47]

Ours is just less than 25% of dh's gross pay from his full-time job. I didn't include my pay or his pt job. That includes taxs and PMI.

 

[KDIPIAZZ]

16.67% including escrow for property taxes and insurance. Our mortgage will be paid off in 2017 I'm quite comfortable now, although I will not pay more than 25% for property and won't go with a mortgage any longer than 15 years.

 

[happydisneyfamily]

The home we are buying should be built by mid-July. Our house will be paid in full.

 

[jrw118]

We are at 29% with taxes included. Considering my taxes are $12,000 a year it is not too bad. Here on Long Island houses are very expensive in nicer areas This is also only my income since DH is Sahd now. Hopefully he will be back in the workforce soon. We knew this home was at the top of our budget but we got a great home at a great deal. We bought it in August of 2010 and it had been vacant and on the market for 10 months. It was listed at $629 k and we negioated it down to $465k. It is almost 4,000 sq feet on an acre of property in a fantastic school district.

 

[CAFarmerGirl]

The numbers in the poll actually amaze me. I never realized so many people have such low mortgages (or very high income). If my mortgage was 15% or below (like about 30% of the people who took the poll) we would be living in a cardboard shack. Actually, there is not a single listing in my immediate neighborhood that has a monthly payment amount that low (or anywhere near it - I checked on realtor.com).

That is what I was thinking.

 

[sherry7]

Take home pay really isn't an accurate calculation for us, since we have 401k, dependent care account, life insurance, union dues, etc taken out of our paychecks. Figuring on our gross pay, our mortgage (including property taxes and homeowner's insurance) is just shy of 15%. We were approved for over double the amount that we actually spent, which I would have been very uncomfortable with.

 

[undertheradar]

It is all relative to where you live. Affordable in a small midwestern town will not buy you a parking spot in major metropolitan areas. Comparing percentages is apples to oranges since they don't depict a true sample. It is the same as trying to survey household incomes on The Dis, the numbers never match the national averages. We live outside of Los Angeles and you cannot find safe, affordable housing for under $500k and stay within a 60 minute commute. Add in taxes and insurances and you will be heading upwards of $3500 to $4500 per month for housing alone.