How much of a percentage do you pay in mortgage or rent?

[Killer Orcas]

My partner and I decided to move out to Calgary since we knew we’d never be able to afford to own or even live semi-comfortably in the lower mainland. We have a ton of friends in the same boat. Shit sucks man.

Edit- Don’t get me wrong I’ve loved things since moving out here, it just really sucks that we felt we had no other choice.

Yes a buddy did same thing moved to Airdrie I believe and they love it. He's got small lake behind him that here would be millions.

 

[awfulwaffle]

Dang I guess I"m in the higher echelon of % of take home pay. I'm paying about 32% of my take home pay on my mortgage/property taxes. I'm also paying extra, so that adds to the % I'm paying(to pay it off sooner). I just paid off my car, so going to pay my home improvement loan and then my student loans then all the extra is going to go back towards my mortgage to pay it off sooner.

 

[Rodgerwilco]

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35% of my monthly base pay (after taxes) goes to mortgage.

Did this happen to you? I'd be infuriated. A lot of the homes I've bene looking at recently have been getting purchased by these 'investors' too.

 

[TheGreenTBer]

Did this happen to you? I'd be infuriated. A lot of the homes I've bene looking at recently have been getting purchased by these 'investors' too.

Last year, my wife and I sold our little but lovely ~800 sq ft house for $116K over the asking price with inspection waived and a closing date in like 3 weeks. We had 35 bids, all well over asking price. Most offer letters came along with personal stories, pictures, etc...and we immediately discarded any offers that were not from families and/or young people wanting to start a family. In essence, we told developers to kick rocks and we still got excellent value for the property.

 

[Neil Racki]

Last year, my wife and I sold our little but lovely ~800 sq ft house for $116K over the asking price with inspection waived and a closing date in like 3 weeks. We had 35 bids, all well over asking price. Most offer letters came along with personal stories, pictures, etc...and we immediately discarded any offers that were not from families and/or young people wanting to start a family. In essence, we told developers to kick rocks and we still got excellent value for the property.

I’m 100% with you on wanting to give it to an actual family vs investor

But isn’t that against code or statute for an agent to slip in the “child is battling cancer” personal story?

 

[TheGreenTBer]

I’m 100% with you on wanting to give it to an actual family vs investor

But isn’t that against code or statute for an agent to slip in the “child is battling cancer” personal story?

The potential buyers were volunteering this information, we never asked for it nor did we count on receiving it. I also didn't say we were privy to all the information contained within these extra documents. When we originally bought the house, we sent in a letter to tell the buyers about us, too.

In this market (Metro Boston) you need to use any advantage you have to get in as a buyer. It just so happened that this young family also came in with the best overall offer in the first place, possibly in their attempt to beat a developer. Thankfully, they succeeded.

 

[Hockey Outsider]

I bought a condo in the suburbs of Toronto in 2010. At the time, my mortgage as a percentage of my take-home pay was almost exactly 20% (around 36% factoring in property taxes, insurance, and condo fees). I knew I'd have to be careful, but I was confident I could make it work.

I looked at how much it would cost someone today. I took the salary for that job today (which I estimate is about 20% higher - and that's generous), the price of the condo today (which has more than doubled), the interest rate today (which is less than half), and I assumed the same down payment. So, updating the calculation in 2022, the mortgage would be just over 40% of take-home pay (around 53% factoring in property taxes, insurance, and condo fees - assuming no changes in any of those amounts, which is unrealistic).

I feel terrible for young people in Toronto, Vancouver (and, from what I've read, many big cities in the US). Unless they're born into wealth and/or have lucrative careers (and are comfortable waiting many years to build up a large enough down payment), buying a condo (let alone a house) will stretch them thin. Many of them would be better off moving to smaller cities (though, of course, there are usually fewer quality job opportunities, not to mention this separates them from their families, friends and communities). I have a cousin who's graduating from university in another 18 months, and I think he's come to the realization that he doesn't have a future in Toronto. Older generations (mine included) have done a poor job of ensuring young people have a reasonable path to home ownership.

 

[Hunter Gathers]

My mortgage (including property taxes and insurance) is just a hair under 10% of my pre-tax income.

Granted, we bought in 2018. Had we bought in 2021 or 2022, the house would've been about $100,000 more expensive. So we lucked out quite a bit with the timing.

 

[G2P]

2%

Wait I thought this was interest.


Mortgage is like 20%?

 

[Summer Rose]

3 bedroom, 2 bathroom, 1800 square foot single-family home in Gainesville, Florida. We just refinanced and the minimum monthly mortgage payment is 4.5% of our monthly gross income. We pay well above that to pay it down sooner. Might buy it out at the end of the year.

 

[awfulwaffle]

I bought a condo in the suburbs of Toronto in 2010. At the time, my mortgage as a percentage of my take-home pay was almost exactly 20% (around 36% factoring in property taxes, insurance, and condo fees). I knew I'd have to be careful, but I was confident I could make it work.

I looked at how much it would cost someone today. I took the salary for that job today (which I estimate is about 20% higher - and that's generous), the price of the condo today (which has more than doubled), the interest rate today (which is less than half), and I assumed the same down payment. So, updating the calculation in 2022, the mortgage would be just over 40% of take-home pay (around 53% factoring in property taxes, insurance, and condo fees - assuming no changes in any of those amounts, which is unrealistic).

I feel terrible for young people in Toronto, Vancouver (and, from what I've read, many big cities in the US). Unless they're born into wealth and/or have lucrative careers (and are comfortable waiting many years to build up a large enough down payment), buying a condo (let alone a house) will stretch them thin. Many of them would be better off moving to smaller cities (though, of course, there are usually fewer quality job opportunities, not to mention this separates them from their families, friends and communities). I have a cousin who's graduating from university in another 18 months, and I think he's come to the realization that he doesn't have a future in Toronto. Older generations (mine included) have done a poor job of ensuring young people have a reasonable path to home ownership.

I think people need to try to look for places without an HOA. That will severely decrease the monthly cost for people. Plus, HOA's are pretty worthless as they are.

 

[The Marquis]

Just did the math. 15%

3 Bedroom, 3 bath, 2100 square foot house on an acre in Southwest Washington state.

Around here I'd consider that insanely good.

 

[Conrad McBenis]

I have health so I r literally billionaire

.000000015%

 

[The Crypto Guy]

I have health so I r literally billionaire

.000000015%

But you don't have your internet boyfriend

 

[Conrad McBenis]

But you don't have your internet boyfriend

You have no dignity.

 

[beenhereandthere]

Just did the math. 15%

3 Bedroom, 3 bath, 2100 square foot house on an acre in Southwest Washington state.

Around here I'd consider that insanely good.

You're probably making (your own business but anyway) easily over 100k a year if you're only paying 15%.

 

[The Crypto Guy]

You have no dignity.

Poor boy go back to your McDonalds shift.

 

[Smirnov2Chistov]

I just don’t understand why the ‘Northeast’ is such an attractive place to live.

living in Rhode Island and Massachusetts all my life, I’ve seen RI housing/rent prices skyrocket;through the roof the past few years. It’s very demoralizing to attempt to look into a home. i remember my barber of all people sharing a news article from a local paper saying people from Connecticut and Massachusetts are come to my state and driving up the price so they can have a home.

my Wife already said it, if the heat in the summer wasn’t an issue, we would move down immediately (South/North Carolina area)

 

[Conrad McBenis]

Poor boy go back to your McDonalds shift.

Poor loser that invests real money into fake money says what?

 

[Sweetpotato]

17% of monthly income.
1.27% interest.

 

[Conrad McBenis]

Imagine not buying property with cash lmao

 

[Jiminy Cricket]

900 Dollar`s, that was before my Operation. Lost over 250 Pound`s. But now I`m on a Payment plan, the Goverment help`s with Rent. Picking up Extra Shift`s, our McDonald`s lost a couple Worker`s durin`g Covid. So We`re finding a way to make End`s meet.

 

[The Crypto Guy]

Poor loser that invests real money into fake money says what?

LMAO, man oh man, I feel bad for poor folk like you. Go fix the McFlurry machine, peasant.

 

[MVP of West Hollywd]

Around 65% range on rent but I intentionally work less hours and live by myself to cut myself a break during mental health issues period. I inherited 16 thousand from my grandparents a while back and have still managed to not dip below that in savings despite doing this for a few years.

 

[beenhereandthere]

Around 65% range on rent but I intentionally work less hours and live by myself to cut myself a break during mental health issues period. I inherited 16 thousand from my grandparents a while back and have still managed to not dip below that in savings despite doing this for a few years.

When do you have time away from work if you're paying that much towards rent?