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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
DistrictDeacon

DistrictDeacon

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As a percentage of your household's take home pay?

I know DC is not a good representation of the rest of the county, but an apartment building opened near me that is charging $1875 a month for a studio, which I feel like is an insane amount for one person to pay to live in what amounts to a small box.

We're at ~25% of take home pay, which I feel is reasonable for the area, but is still a big chunk of the money we spend each month.
 
Around 20%. I put 10-20% because our mortgage will stay the same while our paychecks get bigger.
 
We were at 20% when we bought the house. My wife is getting her Master's for two years, so until next year it's more like 40%.
 
I try not think about it too much because we're going to be moving away from DC this summer after three years, but basically one of our two salaries goes toward our rent. The crazy thing is we actually feel like we're still getting a pretty good deal on our place.
 
Based on my W-2 last year just mortgage (not escrow) was about 6%.
 
DistrictDeacon said:
As a percentage of your household's take home pay?

I know DC is not a good representation of the rest of the county, but an apartment building opened near me that is charging $1875 a month for a studio, which I feel like is an insane amount for one person to pay to live in what amounts to a small box.

We're at ~25% of take home pay, which I feel is reasonable for the area, but is still a big chunk of the money we spend each month.
Click to expand...

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.
 
Mortgage/insurance/taxes on my newly purchased house = 36% of my take home pay and roughly 25% of my fiance and my combined take home pay when she moves in in a few months. (so i voted for 20-30%)
 
Baconwfu said:
Mortgage/insurance/taxes on my newly purchased house = 36% of my take home pay and roughly 25% of my fiance and my combined take home pay when she moves in in a few months. (so i voted for 20-30%)
Click to expand...

So you fiance doesn't make much?
 
We stayed in our starter home until it was paid off, then moved.
 
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