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% of wage to spend on rent

% of wage to spend on rent

Old May 18th 2013, 8:05 pm
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Default % of wage to spend on rent

what is the % of your wage would/ or do you spend on your rent in australia??

here in belgium we spend +/- 20%, but seeing that we have a good combined income here I'm sure it won't be the same in Oz when we finally get there..
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Old May 18th 2013, 8:17 pm
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Default Re: % of wage to spend on rent

Currently I spend 16% of my net take home pay on rent, but I'm sharing a house with 2 friends so that helps a lot.
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Old May 18th 2013, 10:51 pm
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Default Re: % of wage to spend on rent

50% of our weekly wage goes on rent. We manage to pay the school fees, utilities and groceries with what's left. Just.
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Old May 18th 2013, 11:06 pm
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Default Re: % of wage to spend on rent

When we were renting it was between 35 and 40% of salary. Now we are buying, it is about 30%, but we did have some equity to put into the house so the mortgage is "only" 400k!!
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Old May 18th 2013, 11:12 pm
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Default Re: % of wage to spend on rent

Originally Posted by carolinephillips View Post
When we were renting it was between 35 and 40% of salary. Now we are buying, it is about 30%, but we did have some equity to put into the house so the mortgage is "only" 400k!!
Ours was almost exactly the other way around

We didn't rent for long, about 8 months, the rental at the time we took it on was 30% of Himself's take home pay and the mortgage we have now was 38% of Himself's take home pay (at the time - it's slightly less as a percentage thanks to pay rises over the last 3 years we've lived in this house)

We do also pay fortnightly, so we are paying more than we need to so we can pay it off quicker.
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Old May 18th 2013, 11:16 pm
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Default Re: % of wage to spend on rent

Probably about 30%, but looking to move to a cheaper rental!
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Old May 18th 2013, 11:16 pm
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Default Re: % of wage to spend on rent

We pay about 25% of take home on rent, it was more like a third but then OH got a promotion.
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Old May 19th 2013, 1:48 am
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Default Re: % of wage to spend on rent

Originally Posted by carolinephillips View Post
When we were renting it was between 35 and 40% of salary. Now we are buying, it is about 30%, but we did have some equity to put into the house so the mortgage is "only" 400k!!
I just bought an off-the-plan apartment to take advantage of the first home buyers grant and free stamp duty. I plan to initially stay there for 6 months to comply with the legal requirements, then move back to shared rent with friends at <1/2 the cost of my mortgage repayments (being my "relevant cost"). All my savings will be shoved into the offset/redraw account to minimize my interest expense.

I'll rent out the unit so I can claim tax depreciation and other expenses, for at most 6 years at a time, so I can still claim main residence exemption for capital gains tax purposes in the end. I plan to make the taxman and tenant pay for my equity in the first few years.

Last edited by commonwealth; May 19th 2013 at 1:51 am.
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Old May 19th 2013, 2:58 am
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Default Re: % of wage to spend on rent

Living alone and renting, living in a decent suburb-- and not in a shitty little box-- I always allowed for 35% +/-5% , sharing 25-30% again +/- 5%.

I always earned better than the national average wage--not much more on occasion-- but more.
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Old May 19th 2013, 5:50 am
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Default Re: % of wage to spend on rent

Originally Posted by Dreamy View Post
Ours was almost exactly the other way around

We didn't rent for long, about 8 months, the rental at the time we took it on was 30% of Himself's take home pay and the mortgage we have now was 38% of Himself's take home pay (at the time - it's slightly less as a percentage thanks to pay rises over the last 3 years we've lived in this house)

We do also pay fortnightly, so we are paying more than we need to so we can pay it off quicker.
Same as us. Currently forking out about 35% of monthly wages for fortnightly mortgage payments. Rent was just under 25% over 3 years ago but in a much smaller house with no garden and in a very different suburb.
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Old May 19th 2013, 8:16 am
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Default Re: % of wage to spend on rent

we'll be looking into buying a business when we arrive, so just having a think about the net profit the business should be producing for us to have a nice lifestyle

ATM I don't want to spend more than 25% on rent, but that could be the difference between a shitbox and a dream house

thanks for the replies!!
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Old May 19th 2013, 10:45 am
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Default Re: % of wage to spend on rent

Originally Posted by BASHO View Post
Living alone and renting, living in a decent suburb-- and not in a shitty little box-- I always allowed for 35% +/-5% , sharing 25-30% again +/- 5%.

I always earned better than the national average wage--not much more on occasion-- but more.
Forgot to mention---in Sydney.
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