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Old Apr 18th 2006, 9:56 pm   #1
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Default What % Of Your Income Is Spent on Housing?

Just wondered since the USCIS "Welcome to America" information page states that most Americans spend 25% of their income on housing. I know this would vary state to state but it still seems a bit low. I know we spend closer to 40%.

So, my question is what percentage of your income is spent on housing whether you rent or buy?
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Old Apr 18th 2006, 10:01 pm   #2
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Default Re: What % Of Your Income Is Spent on Housing?

Quote:
Originally Posted by CaliforniaBride
Just wondered since the USCIS "Welcome to America" information page states that most Americans spend 25% of their income on housing. I know this would vary state to state but it still seems a bit low. I know we spend closer to 40%.

So, my question is what percentage of your income is spent on housing whether you rent or buy?

If you mean the mortgage for the roof over our heads, we manage < 5%
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Old Apr 18th 2006, 10:05 pm   #3
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Default Re: What % Of Your Income Is Spent on Housing?

Quote:
Originally Posted by fatbrit
If you mean the mortgage for the roof over our heads, we manage < 5%
Yep our mortgage is a pretty low percentage of income too.
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Old Apr 18th 2006, 10:05 pm   #4
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Default Re: What % Of Your Income Is Spent on Housing?

Quote:
Originally Posted by fatbrit
If you mean the mortgage for the roof over our heads, we manage < 5%
Live in California and cash out a couple of ex-wives. That'll soon raise that figure for you.
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Old Apr 18th 2006, 10:08 pm   #5
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Default Re: What % Of Your Income Is Spent on Housing?

Quote:
Originally Posted by CaliforniaBride
Just wondered since the USCIS "Welcome to America" information page states that most Americans spend 25% of their income on housing. I know this would vary state to state but it still seems a bit low. I know we spend closer to 40%.

So, my question is what percentage of your income is spent on housing whether you rent or buy?
That's a bit of personal question, innit?
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Old Apr 18th 2006, 10:11 pm   #6
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Default Re: What % Of Your Income Is Spent on Housing?

Quote:
Originally Posted by Celsius
That's a bit of personal question, innit?
40% -- she said!
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Last edited by fatbrit; Apr 18th 2006 at 10:12 pm. Reason: And then she edits it out. Oh well!
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Old Apr 18th 2006, 10:15 pm   #7
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Default Re: What % Of Your Income Is Spent on Housing?

Quote:
Originally Posted by Celsius
That's a bit of personal question, innit?
I guess, but you can only derive their income if you know the percentage and monetary value.

Mine's 0% at the moment, will soon be more like 30%.
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Old Apr 18th 2006, 10:17 pm   #8
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Default Re: What % Of Your Income Is Spent on Housing?

We spend about 30% of income on mortgage - we pretty much maxed out - I didn't see the point in not taking as much as we can get - at just over 5% fixed for 15 years with tax deductible interest, I reckon its a good call on the (overseas) bank rates alone, but also, over the term of the mortgage I think I can make a return on that capital of significantly more than 5%, so made sense to keep the capital free to play with.

Property taxes obviously add quite a bit to that 30% - our current rate is 4% of property value...
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Old Apr 18th 2006, 10:18 pm   #9
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Default Re: What % Of Your Income Is Spent on Housing?

Quote:
Originally Posted by anotherlimey
I guess, but you can only derive their income if you know the percentage and monetary value.

Mine's 0% at the moment, will soon be more like 30%.
Well there ain't nowt in LaLa land for under a squiggillion.
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Old Apr 18th 2006, 10:18 pm   #10
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Default Re: What % Of Your Income Is Spent on Housing?

Is the percentage just for the mortgage/rent or does it have to include utilities and insurance aswell? Makes a big difference.
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Old Apr 18th 2006, 10:18 pm   #11
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Default Re: What % Of Your Income Is Spent on Housing?

Quote:
Originally Posted by Celsius
That's a bit of personal question, innit?
Not really the done thing now is it, us Brit's seem to be a bit more reserved when it boils down to cash flow
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Old Apr 18th 2006, 10:20 pm   #12
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Default Re: What % Of Your Income Is Spent on Housing?

Quote:
Originally Posted by fatbrit
Well there ain't nowt in LaLa land for under a squiggillion.
I can only afford Donald Duck's shed.... when I'm older I might have enough to live in the Fairy Tale Palace.
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Old Apr 18th 2006, 10:35 pm   #13
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Default Re: What % Of Your Income Is Spent on Housing?

Quote:
Originally Posted by CaliforniaBride
Just wondered since the USCIS "Welcome to America" information page states that most Americans spend 25% of their income on housing. I know this would vary state to state but it still seems a bit low. I know we spend closer to 40%.

So, my question is what percentage of your income is spent on housing whether you rent or buy?
0%
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Old Apr 18th 2006, 10:51 pm   #14
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Default Re: What % Of Your Income Is Spent on Housing?

about 30%
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Old Apr 18th 2006, 10:54 pm   #15
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Default Re: What % Of Your Income Is Spent on Housing?

rent = ~30% in La La land.
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