% of rent to salary?
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- monkeyshine
Now that I'm no longer a home owner and renting again, curious what % to salary ya'll pay for rent or mortgage? I'm having a bit of sticker shock. :/
- tFour0
roughly around 40% before, and 25% after tax returns (mortgage)
- huh?eficks
- the benefit of mortgage is you get to deduct $$ so 40% turns into 25%.monkeyshine
- i get to deduct part of the interest yestFour
- err, tax.. i'm dutch :)tFour
- orrinward0
I pay about 40%. Just starting out though so I'm lucky it's not more than that!
- monkeyshine0
40% seems like a lot. I'm freaking out over 30%.
- d_rek0
still can't bring myself to divest upwards of %40 of my income to something which I will never own.
Going to buy a house soon... my mortgage, utils and prop taxes will probably be less than rent for a shitty appt or sublet combined.
- you will never own anything. you don't live forever.CanHasQBN
- eficks0
my rule is never to pay more than a third for rent. this included living in one of the best areas of hong kong, one of the most expensive areas of the world. i didn't have a big salary.
- WhiteFace0
46% - good old London
- maikel0
about 38% of my missus and I combined.
large 2 bed house, posh area of london, very good deal.still shit load of money but i don't have 50k to spare for a deposit...
: (
- ntimm0
9% for me > I own a duplex (large 3bed house), so rent covers part of the mortgage, + I get tax return since I work from home.
Life is good in Montreal. Fucking cold though.
- domacle0
20.1% and I live in a 2 bedroom place with my mate, with a backyard in a great area in East London. I wouldn't say I'm on a massive salary either.
I'm with people saying you shouldn't pay 30%+ of your salary on rent. Having said that, you need to get lucky and find the right place with a decent landlord (private landlords preferably).
- LukeO0
Funny you ask that - I was looking into this last night. eHow have a good formula to work it out. I can dig out the link later if you want it.
Seems when you live in a city it shoots right up. I'm London zone 2 on average designer salary and I'm at 20% as my rent is cheap - but we have to move and it's looks like it will shoot up to 35% - if were lucky - rental prices went through the roof in the last year.
- vivid0
about 25% on my mortgage (Derby, UK)
- monkeyshine0
LukeO, I looked at eHow last night too. :) I live in Boston which is also pretty expensive...particularly in city. I guess I'm lucky that I'm just paying 30% - still feels brutal though.
- georgesIII0
30%
I've got a awesome landlady which didn't increase our rent in 5 years :)
- tgqt0
13% - NYC - I live like a barbarian
- how is this possible in NYC?randommail
- you live with 7 others in a 2 bd? lol.akrok
- monospaced0
17% before taxes
30% after taxes- what?! yur doin it wrong.monkeyshine
- nup - means he is not freelancer/contracte... that means that the IRS fucks him up. Oh good old US taxes...maikel
- It means that my rent is 17% of my salary every month. It is 30% of my paychecks though, because I pay taxes on incomemonospaced
- Our income tax is around 30%. Is that really being fucked?monospaced
- hey maikel, the taxes are equivalent in the UK. Just sayin'monospaced
- also, it's not just taxes. It's retirement savings and other things that are taken out of my pay checkmonospaced
- ross0
35%, Toronto, detached house.
- slappy0
26% on mortgage (after tax), I bought my first house 7 years ago though...
- dirtydesign0
30-40% NYC
- timeless0
23% before taxes/bennies/investments/saving...
33% after
- JSK0
88%