Currently, living in an upscale townhouse in DFW suburbs, 10% of our combined income goes to mortgage and HOA.
Looking for single family residence since we have kids now, and it seems if we want to live in similar upscale neighborhood with good schools, we will need to put 25% towards mortgage & HOA. 2 years ago, it would have been only 12-15%.
At the moment, about 46% of net, but I take the mortgage and utilities and my fiancee does food expenses, saves, and invests the rest of our joint income. The leftover is further saving or spending money, mostly.
That is 12% of my net income only, not total household income (wife's income, mother's social security, and soon-to-be expected income from our rental property, which has no mortgage).
Edit: For those of you with very favorable percentages, if you don’t mind, what part of the world/states are you in, and how much is remote work enabling this?
I was about to ask what country this is, because off the top of my head 5% in property tax sounds crazy - However just worked my own out at 4 to 5%... so that ruined my day a little :/
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[ 15.2 ms ] story [ 512 ms ] threadI live 15 minutes outside of town.
(If I were paying the rent and bills entirely myself, it'd be closer to 50%.)
Looking for single family residence since we have kids now, and it seems if we want to live in similar upscale neighborhood with good schools, we will need to put 25% towards mortgage & HOA. 2 years ago, it would have been only 12-15%.
It's right around 25% of our net joint income.
That is 12% of my net income only, not total household income (wife's income, mother's social security, and soon-to-be expected income from our rental property, which has no mortgage).
We live in rural Minnesota, wife is a nurse, I work remotely for a company out of NYC.