ST Alpha - "so since st is smart. I am trying to look for a new place to live, and looking at prices etc, is there a % of your income that " (Reading a Post)

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so since st is smart. I am trying to look for a new place to live, and looking at prices etc, is there a % of your income that

Posted by tRuMaN (aka Truman) Feb 18 '09, 05:56

most places will say that you should keep your housing costs under?

and is it a percentage of take home pay, or gross pay?

Responses:

FWIW, assuming you are staying in your current area, you should do decently with the 'normal' percentages - ty97 Feb 18, 06:08
Depends on the market and other expenses. most place 25% of gross is a good guideline. Places like NYC, 35-40% or higher is more common. - znufrii, cliqueless Feb 18, 06:06 12
- MTA passes are soon going to equal a car payment...... -- nm - ty97 Feb 18, 06:08 9
  - heh...not even close - znufrii, cliqueless Feb 18, 06:09 7
    - [deleted] 5
      - that's why I parked in the street. Gas was not bad at all. Prices weren't especially high, and it's not like I logged a lot of mileage. -- nm - loosilu Feb 18, 06:25
      - that's why you register the car at your parent's house :) -- nm - decline Feb 18, 06:17 1
        
        [deleted]
      - . -- (link) - ty97 Feb 18, 06:17 1
        
        [deleted]
    - well, not close yet.... - ty97 Feb 18, 06:11
  - the killer in NY is the insurance. you wouldn't believe the rates. -- nm - loosilu Feb 18, 06:09
- the not having a car is a good point. -- nm - loosilu Feb 18, 06:07 1
  - I cannot imagine paying as much as I do and having to pay for a car as well. -- nm - znufrii, cliqueless Feb 18, 06:08
Depends on your credit score. Over 700 and they will give you up to 42% here, under and it's more like 35%. - Subversive - VCP Feb 18, 06:06
as someone who just bought in November....its 40% of gross is what you are pre-assessed for....however.... - Walt_Disney Feb 18, 06:03
This discussion suggests 28% of gross income. I tend to hear numbers in that area. - ty97 Feb 18, 06:01 7
- I always heard 35%-40% of net when renting. that seems very high to me. -- nm - all the presdients love mandy lane Feb 18, 06:02 6
  - I think that's location dependent. in NYC, for instance, it's hard not to go that high. -- nm - loosilu Feb 18, 06:02 5
    - I'm just at 25% now, for the first time since I've moved here. - znufrii, cliqueless Feb 18, 06:11 4
      - *sigh* - ty97 Feb 18, 06:12 3
        
        It's not easy, but it's worth it. -- nm - znufrii, cliqueless Feb 18, 06:13 2
        
        hrmmm - ty97 Feb 18, 06:19 1
        
        it's an adjustment, for sure. -- nm - znufrii, cliqueless Feb 18, 06:27
31.250% -- nm - oblique, better than nubby Feb 18, 05:58
mortgage lenders traditionally used 31% of gross pay as their template, - decline Feb 18, 05:58 2
- sigh. I never end up following a budget - tRuMaN Feb 18, 05:59 1
  - yeah, I don't follow one either, but when I had to find a rental after selling my house I was able to ballpark it - decline Feb 18, 06:03
I've heard 25-30% of gross. -- nm - loosilu Feb 18, 05:56 11
- is that just housing, or housing plus utilities? -- nm - tRuMaN Feb 18, 05:57 10
  - Mortage (P+I), property taxes, any PMI, homeowners's fee. Doesn't include utilities. - ty97 Feb 18, 06:07
  - housing -- nm - Don Homer Feb 18, 06:00
  - I believe the number depends on whether you'll be buying or renting since so many tax cuts apply to homeowners. -- nm - all the presdients love mandy lane Feb 18, 05:58 6
    - not tax cuts, sorry. like, since interest and taxes are deductible, your overall tax rate is lower if you own than if you rent. sorry for the error. -- nm - all the presdients love mandy lane Feb 18, 05:59
    - renting. -- nm - tRuMaN Feb 18, 05:58 4
      - i pay about 25% of gross for renting. -- nm - Andie Feb 18, 06:07
      - I pay around 27% (of gross) - utilities included -- nm - decline Feb 18, 06:02
      - I pay 25%, utes included. -- nm - loosilu Feb 18, 05:59
      - sfek, more than likely. -- nm - tRuMaN Feb 18, 05:58
  - someone smarter than me needs to answer. -- nm - loosilu Feb 18, 05:58

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so since st is smart. I am trying to look for a new place to live, and looking at prices etc, is there a % of your income that

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