What % Of Your Income Is Spent on Housing?
Apr 19th 2006, 3:28 pm
#31
Junior Showtime
Joined: Jul 2005
Location: Singapore
Posts: 3,759
Re: What % Of Your Income Is Spent on Housing?
Originally Posted by Angry White Pyjamas
Either you've got a huge income, had a huge deposit or you live in a shack. If its either of the first two I'm going to have to call you a capitalist pigdog.
Apr 19th 2006, 3:55 pm
#32
Just around the next bend
Joined: Sep 2002
Location: Missouri
Posts: 2,276
Re: What % Of Your Income Is Spent on Housing?
Mortgage is about 25% of our income, but we had a big chunk as a deposit. Our auto insurance is about 18% of our income 
Apr 19th 2006, 4:02 pm
#33
BE Forum Addict
Joined: Aug 2004
Location: Tampa, FL
Posts: 3,338
Re: What % Of Your Income Is Spent on Housing?
Less than 15% on mortage and property taxes, but with big (50%) deposit down.
Apr 19th 2006, 4:28 pm
#34
Mr. Grumpy
Joined: Jun 2003
Location: Nashville, TN
Posts: 3,100
Re: What % Of Your Income Is Spent on Housing?
Originally Posted by Yorkieabroad
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...
Property taxes obviously add quite a bit to that 30% - our current rate is 4% of property value...
that would have given you a lot more liquidity for investments i'm actually annoyed i didnlt go for an interest only
some of my property investments are give well over 20% cash on cash returns so it can make sense
Apr 19th 2006, 4:29 pm
#35
Mr. Grumpy
Joined: Jun 2003
Location: Nashville, TN
Posts: 3,100
Re: What % Of Your Income Is Spent on Housing?
our mortgage and prop tax make up about 4-5% of gross income
its a combination of
good combined income
living in a shack
its a combination of
good combined income
living in a shack
Apr 19th 2006, 6:10 pm
#36
.
Joined: Nov 2002
Location: Where bad things rarely happen in movies
Posts: 8,933
Re: What % Of Your Income Is Spent on Housing?
Originally Posted by BritGuyTN
out of interest why did you not get a 30 year fixed interest-only note?
that would have given you a lot more liquidity for investments i'm actually annoyed i didnlt go for an interest only
some of my property investments are give well over 20% cash on cash returns so it can make sense
that would have given you a lot more liquidity for investments i'm actually annoyed i didnlt go for an interest only
some of my property investments are give well over 20% cash on cash returns so it can make sense
Apr 19th 2006, 6:17 pm
#37
Back where I belong!
Joined: Aug 2005
Location: Melbourne, Oz to Banbury, England to El Mirage, AZ & now back to England!
Posts: 5,989
Re: What % Of Your Income Is Spent on Housing?
We're broke, ours is 50% of our income & it's interest only! 
:scared:
:scared:
Apr 19th 2006, 6:52 pm
#38
Septicity
Joined: May 2004
Posts: 23,762
Re: What % Of Your Income Is Spent on Housing?
Originally Posted by Partystar
We're broke, ours is 50% of our income & it's interest only! :scared:
:scared:Fixed?
Apr 19th 2006, 6:59 pm
#39
Powder Maggot
Joined: Nov 2004
Location: Nuevo Mexico
Posts: 4,452
Re: What % Of Your Income Is Spent on Housing?
Originally Posted by fatbrit
Fixed?
PS: keep a close eye on the market. You said you might be leaving in a while, so you don't want to be forced to sell in a depressed market with an interest-only. Keep an eye out for some good refi deals too.
Apr 19th 2006, 7:05 pm
#40
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Location: Melbourne, Oz to Banbury, England to El Mirage, AZ & now back to England!
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Re: What % Of Your Income Is Spent on Housing?
Originally Posted by fatbrit
Fixed?
Apr 19th 2006, 7:07 pm
#41
Back where I belong!
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Location: Melbourne, Oz to Banbury, England to El Mirage, AZ & now back to England!
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Re: What % Of Your Income Is Spent on Housing?
Originally Posted by AdobePinon
No, broke, she said.
PS: keep a close eye on the market. You said you might be leaving in a while, so you don't want to be forced to sell in a depressed market with an interest-only. Keep an eye out for some good refi deals too.
PS: keep a close eye on the market. You said you might be leaving in a while, so you don't want to be forced to sell in a depressed market with an interest-only. Keep an eye out for some good refi deals too.
Apr 19th 2006, 7:12 pm
#42
Lapine Member
Joined: Nov 2004
Location: Austin, Texas in my own little world
Posts: 21,691
Re: What % Of Your Income Is Spent on Housing?
Originally Posted by AdobePinon
As for me, about 20% right now. Started out nearer 30%, and I was still just months from being locked out of the market. 
Apr 19th 2006, 8:59 pm
#43
Forum Regular
Joined: Jul 2005
Location: Orange County, California
Posts: 83
Re: What % Of Your Income Is Spent on Housing?
About 22% on rent, although if we buy it'll be about 45% I think.
Apr 19th 2006, 10:58 pm
#44
Lost in BE Cyberspace
Joined: Jan 2006
Location: San Francisco
Posts: 12,865
Re: What % Of Your Income Is Spent on Housing?
Originally Posted by Partystar
Yeah, we've thought about all of that. Luckily we're not in a position where we have to do anything on a time scale. As David said before, a year or 2 of Tyler being in an American school here isn't going to hurt him, so worst case scenario is we stay a bit longer, or we rent it out, either way, we're pretty flexible & there are plenty of options. After all, the house is an investment & I see it going up a bit in the next 2 years & if not, we'll hold on to it for a bit longer.
Apr 19th 2006, 11:08 pm
#45
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Location: Melbourne, Oz to Banbury, England to El Mirage, AZ & now back to England!
Posts: 5,989
Re: What % Of Your Income Is Spent on Housing?
Originally Posted by Giantaxe
With over 42,000 resale houses on the Phoenix area MLS right now (up from 10,000 last July) you might be being a bit optimistic there!
However, a lot can change in 2 years. Just look how much the housing market has changed in the last 2 years here.