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| What percentage of your monthly income do you spend on accommodation? |
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Michael Jensen
Member #2,870
October 2002
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~%33
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Bob
Free Market Evangelist
September 2000
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Rent: $800 This works out to 17% of after-tax income. Edit: Quote: 5% per year on a $100,000 mortgage is under $420 per month You're assuming no payment towards the house itself. On a 15 year mortgage, that's $790/month. The median house in the US sells for $246,000, which is $1,945/month for a 5% / 15 year mortgage over the whole amount. -- |
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HardTranceFan
Member #7,317
June 2006
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Quote: You're assuming no payment towards the house itself. Yes, this is interest only payments, no payments to the principle. Quote: The median house in the US sells for $246,000 [census.gov], which is $1,945/month for a 5% / 15 year mortgage over the whole amount.
1. Buy a 4 bedroom place for $246K Actually, in about 10 years time you'll have a house worth $492K and you'll only have paid a fraction of the mortgage repayments. -- |
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Neil Walker
Member #210
April 2000
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nobody gets 15 year mortgages unless you've already had 10 years of it. Well, they're 25 in the UK anyway. Neil. wii:0356-1384-6687-2022, kart:3308-4806-6002. XBOX:chucklepie |
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Thomas Fjellstrom
Member #476
June 2000
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My place had a 15 year mortgage on it. Till it was payed off by moving it onto a line of credit, then payed off by another sale. Course the original principle was only like $30k. -- |
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nonnus29
Member #2,606
August 2002
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I was paying about $1200 a month including home owners association dues. That was a $127k, 1 bedroom, 1 bath. I put down 5% and had two mortgages, one was at about 5.5% the second was 6.25% I believe. Fifteen year ARMs. I sold after 8 months for $165k. Then 6 months later the bubble started deflating.... |
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Michael Jensen
Member #2,870
October 2002
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Quote: I was paying about $1200 a month including home owners association dues. That's about what rent is going to cost me (the 33% I quoted) -- I'd much rather be buying than renting, I just don't have any credit. Most of the house payments I hear about from people are pretty close to what rent in the same areas cost.
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decepto
Member #7,102
April 2006
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Quote: (income: -12,000 a year)
Quote: lucky you i have to pay the every semester. im so happy because im on my last semester.
That's negative 12,000 per year. I'm in the red until I graduate. -------------------------------------------------- |
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Indeterminatus
Member #737
November 2000
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Approx. 20% of household income go into accomodation. When we were choosing our appartment, we heard from several sources not to spend more than a third of the income on rent/mortgage. _______________________________ |
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ImLeftFooted
Member #3,935
October 2003
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My first job I lived in an incredibly luxurious apartment and paid 65%-85%, depending on how many hours I worked. My latest job I paid 14%. Most of my money went into savings (although I went out too much. Hard to resist when your savings add up). Now I'm living off the savings from my last job and credit cards until my company gets profitable. |
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nonnus29
Member #2,606
August 2002
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Quote: Now I'm living off the savings from my last job and credit cards until my company gets profitable. I'd love to do that, I even have a really good niche market to fill. But I have an unreasonable fear of being poor (again). |
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ImLeftFooted
Member #3,935
October 2003
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Like most things in life, I just view it as practice. I'm not starting a company to get rich, I'm starting a company to learn how to get rich. Maybe this sort of attitude would make it easier for you? |
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