Mortgage versus income - Page 2

swishina · 09-11-2008, 11:16 AM

Ours is about 3.5 times!

But our income will increase significantly, and we just bought the house last year.

cwaltz · **Housing**

We only owe another $10,000 on our home so it is less than 50% of our income. Our payment on housing falls well under the 28% rule that used to be considered standard.

Blue_Sunday · 09-11-2008, 07:20 PM

This is our 3rd home together and all of our homes cost us 2-3 times our annual salary, but we were lucky enough to make a profit in each home that we put into our next house. So this house had a mortgage equal to 100% of our annual income and now it's less than 75% our income. I'm HOPING it will be paid off in under 10 yrs. I live in MA and housing was really high.

bargainbabe · 09-13-2008, 04:27 PM

Quote:

Originally Posted by Lancelotacres

I chose 150%, but it's closer to 125. I've never really paid attention to ratio...we always look at our mortgage PAYMENT amount compared to our net income.

Interesting to see these figures.

That is where we are, too. We just bought our very first house about 3 months ago, so that percentage is going down (albeit very slowly). We were able to do the 15 year mortgage.

LawDawg · 09-13-2008, 09:58 PM

OUr total mortgage is about 1.5% of our salary, but the monthly payment is less than 25% of our monthly take home.

amc82199 · 09-16-2008, 09:51 AM

Right now we owe nothing on our home. We bought the land and a 1971 single wide mobile home outright with the profits from the sale of our previous home 3 years ago during the realestate boom. However, we are getting ready to buy a new double wide to put on our exisiting property and that will be twice our yearly income until I go back to work once I'm done with college.

calimari · 09-16-2008, 10:28 AM

Approx 65% of our annual salary is owed on the house.

ember15 · 09-17-2008, 08:23 AM

I am also closer to 250% they just don't sale houses in our area for 100% of an average salery

mommyinpa · 09-17-2008, 09:10 AM

We owe approx. 150% of dh's annual salary on our home. Our monthly payment is 18% of dh's monthly income. We borrowed far less than the ratios indicated we could, and we can easily make our mortgage payment even if dh lost his job. I don't work, so it was very important to us that we do not become over extended.

booker81 · 09-17-2008, 09:28 AM

Currently 200% - the house was purchased three years ago, so not much cut into the mortgage yet, and our salary was cut in half when I quit working - so if I were still working, it would be 100%.