Consumption and Real Estate
Money to spend on a house mortgage versus monthly salary?
Question : Money to spend on a house mortgage versus monthly salary?
I’m wondering if anyone has an idea of what percentage of your monthly salary should go towards a house mortgage. Right now I’m spending about 16% to rent an apartment (it’s an expensive apartment). My lease is ending in a couple months and I’m wondering whether or not I should jump into a house or stick with an apartment. By the way, I do have a boyfriend who I would like to marry one day, so I would like to save for that.
house mortgage
Best answer:
Answer by mari B
I have heard all household expenses including mortgage or rent should not exceed 1/4 of your income.
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#2 written by shiprepairwoman 1 year ago
They used to say 28% of your salary. I say look at other debts and priorities. If you had huge student loans and were supporting your children and your parents you might not be able to even afford 10% but some of us that don’t have debts like car payments or kids to support might be able to pay 50%.
If you consider an expensive wedding more important than a better house you will need to save for it first or get a much smaller mortgage. -
#3 written by Dave D 1 year ago
Not sure where you live, but I would love to be only spending 16%.
Anyhow, now would be the time to buy a house.
If you can get a house for 25% of you income, I would do it.
Housing prices are down and so are interest rates. It has been probably 2 decades since both housing prices and interest rates have been down at the same time. - Comment Feed for this Post
Do a search on line for a mortgage calculator. The often have a feature to let you calculate how much house you can afford.