How much is your mortgage payment in comparison to your monthly (after tax) income?
For example, your mortgage payment is 0.00 a month, but you bring in ,200 a month after taxes.
Is this amount affordable? Or are you barely scraping by, or not making it at all?
I'm not asking if that scenario would work, I'm asking what your PERSONAL payment is and how it compares. If you don't want to share this information, then don't answer.
There's no way where I live you could do that, btw. With both of us working, we make moderate income for our area. Yet, 25% would MAYBE buy us a 2 bedroom 1 bathroom house in the terrible part of town. This market is in terrible shape because real estate prices are unreasonable.
…. And people have over-extended themselves.
I can't believe that we make moderate income and it will be impossible for us to ever own a decent house.
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Tags: bad shape, btw, moderate income, mortgage comparison, mortgage payment, personal payment, real estate pricesTags: bad shape, btw, moderate income, mortgage payment, personal payment, real estate prices
Ours is about 29% and we're very comfortable. I reckon it depends on what other debt/expenses you have as well. We have no credit card debt, have no car payments, and I stay home with our son, so no daycare expenses.
I should add that's 29% of my husband's take home salary after not only taxes, but insurance and his 401k contribution are taken out. So that makes a difference too!