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How much is your rent/mortgage?

How much you pay for your domicile?

  • 0-10%

    Votes: 23 18.5%
  • 10-20%

    Votes: 35 28.2%
  • 20-30%

    Votes: 50 40.3%
  • 30-40%

    Votes: 11 8.9%
  • 40%+

    Votes: 5 4.0%

  • Total voters
    124
The crackdown on low downpayment home buying in DC has been brutal for the mid-range rental market. I'd guess half my friends were thinking about buying a few years ago, but now you need $100k in cash to get a good loan on a $500k place. If you consider tax incentives, $1875 renting is probably around $2500 mortgage wise - right on the $500k sweet spot.

There's just a massive glut of people in DC who make enough to own a pretty decent house but don't have $100k in cash on hand to buy it - and they're all competing for modern rentals on the orange line or in the district.

True - Short of an inheritance or a loan from the family, scraping together $100k while paying off student loans and saving for retirement is near impossible. That's why we will never be buying in DC.
 
27.5 percent for RDToy and I, but we also did no money down with a 100 percent LTV loan, so I expected our monthly payment to be a little higher. I am also not counting her bonus or our rental incomes, so all told, it would be a slightly lower percentage, but that suffices for the purposes of this poll.
 
12.5% mortgage plus PMI and all that. We bought our townhouse when the market was bottoming out.
 
We stayed in our starter home until it was paid off, then moved.

That's what I wished we had done, but my wife gave me 7 years in my house when we got married and said enough as she hated my house. We only had 6 more years on a 15 year note, but I was denied.

Now I have 23% for 21 more years. At least I have peace with the wife.
 
CL, are you renting it out or did you sell?
 
principal+interest+escrow on primary residence is roughly 11% of pre-tax income, 19% of post-tax income. Voted 10-20%
 
7%, and that's not discounting for savings we get from the tax-free housing allowance. Clergy taxes FTW!
 
around 23%. In Winston. On 2 teacher salaries so we aren't getting a raise anytime soon.
 
Principal+Interest+Escrow = ~26% of take-home (not counting bonuses)

Rents are nuts in DC though. If we were to rent our house out, despite not being in a super popular area, it would rent for well above our mortgage. But as stated earlier, in a sought after area, studios and 1-bedrooms are simply ridiculous.
 
Damn. How far outside of DC do you live? Norfolk?

I'm right in town (maybe a 10 min walk to the bar we were at when you and I met). It helped that (a) we owned our old condo outright so when we bought our new house we had a good chunk to put down and (b) we got a great deal on our place (which is odd in DC).
 
A shade under 15%. But that includes water and $50/mo for a second parking spot.
 
18% in California. Real estate be crazy…the value of my home has yo-yo'd $250k in both directions since I moved here in 2005. Will have it paid off in 6 more years! Woo...
 
I assume you guys are using post-tax income?
 
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