{ "media_type": "text", "post_content": "Is it normal to have 35% of your take home income go towards your mortgage monthly? What percentage are you all and whats an ideal percentage?", "post_id": "6026cafdf31e4b002ad82ee6", "reply_count": 67, "vote_count": 8, "bowl_id": "5e6fe1c31f5e51001d267e46", "bowl_name": "The Work-Life Bowl", "feed_type": "bowl" }
null

Is it normal to have 35% of your take home income go towards your mortgage monthly? What percentage are you all and whats an ideal percentage?

like
Posting as :
works at
You are currently posting as works at
Highlighted IconHIGHLIGHTED

Conventional guidance is no more than 25-30% of gross pay less taxes (before subtracting 401k). In general going above that makes you “house poor” but if you make $400k and have $200k after tax and 401k and use 40% on housing you still have $120k to live on. Different story for someone making $75k.

likehelpful

For 30 year? Do you mind me asking what your gross income and your wife’s gross income is?

like

Mine fluctuates based on my freelance income, to be 10-25% approximately. But I also deliberately bought an apartment that would be affordable even in times of drought. I opted to be extremely attractive as a buyer for the market I targeted, vs overextending and trying to get as much as I could. Located in Brooklyn.

likesmart

I say buy what you can feel comfortable about vs long term. It might not be long term for you to live in, but, for example, I’m doing some renovations and then renting my place out. I’m holding onto it for the long term, but not living in it forever. Whatever you can invest in is a better investment than nothing. I roll my eyes at the people on here who say you have to spend a million or don’t bother.

Recent IconRecent

Who cares? Everyone’s situation is different. If you can afford the payment without stress and you feel you’re getting good value what does someone else’s option of “ideal” tell you?

like

^me too, glad you’re asking OP!

like

95% of salary towards rent. (Living in NYC)

likefunny

Move to Jersey - slightly better albeit your commute will be trash

White male here. My mortgage is 10% of net pay.

likefunny

Haha ok you got me there take your 😂

like

Inferring here - but I remember it being house poor with a lot of my income going to my mortgage when I first became a homeowner. Now it's a small fraction of my paycheck 🙏

like

Yeah thats good to know. I mean im only 2 years into my career at $100K so doubling my income in the next few years will lower the %. If you can afford the shorter terms then why not?

like

Lol my rent takes half of what I take home

like

Same. Not the first time I've been in this position too.

like

0%, my rental unit in my 2-unit building pays the mortgage. Best decision my life to buy a 2-flat. Took about 10 years, but now the rent is high enough to pay the mortage! 🙃

like

PWC 1, oh well, was only referring to the percentage of my salaried income.

Our mortgage/insurance/hoa/taxes is 30% of my monthly take home pay. On the months my wife pays for her part, it’s much lower lol

funny

Nice! Yeah its much lower if you have a contributing partner

like

I think you’d need to understand how you spend money. For instance, my husband is not a spender of extra $$, doesn’t care to eat out, rarely shops, works out at home, never buys Starbucks so he is really comfortable in that 30-35%. I am a serious spender, so I like to live in the 20% range.

like

Thats an insightful comment! I am definitely more like your husband. My spending seasons usually comes after passive income is available.

like

I'm a senior and at about 25% of just my salary but ideally that will become a much smaller portion over the years.

like

That is how I was. By the time I was sr manger, the payments were no big deal at all.

like

Depends where you live and other factors. Most starting in home ownership in NYC or Seattle or SFO will be house poor.
Remember a big chunk of that mortgage check is forced (though illiquid) savings.

like

Yeah I think thats what makes me relaxed because most of the payments are investments and will provide some form of future return.

35% of take home seems reasonable, but you also have to take into account your other liabilities also, like car payment, student loan...etc. and if you are still relatively young, and expect your salary to increase in the foreseeable future, that percentage could be slightly higher as well.

like

Yes, just 2 years into my career and bought a pretty expensive home in the mid 600s. I guess as most have said, over time, the % will decrease as my income increases. Just wasn’t just if 35% was really bad.

like

What percentage of your income goes to rent? If you can own vs rent and keep costs the same or less I view it as a win, esp if your income will continue to rise over time and you upgrade in what you own via more space, private yard, etc.

like

Mortgage and HOA and saving for repairs is currently at 37% of my monthly take home (but that's because I've frontloaded my 401k accounts to the beginning of the year). Over the year I think it'll average out to about 32% of take home (not including bonus).

like

My mortgage is only 15% of monthly net. 35% seems quite high but then again it all depends on your other monthly obligations

like

We did a large down payment, but ours is 5% of our joint income (10% if you include property taxes)

like

When I purchased my first home my mortgage was about 20-25% of my net after tax pay.

like

30% DC (married).

Likely to sell again in the next 2 years and likely have an even higher mortgage...but hopefully pacing to still only 30%

like

30% with two potentially high incomes? Your home must be in the millions?

37% and suits me fine.

like

Nice!

Additional Posts in The Work-Life Bowl

Importance of having your name appear in Law360 articles and the like for developing your reputation as a litigator? Is anyone paying attention/reading?

like

How do I redeem these zs recognition points?

like

totally shouldve bought a Chanel bag last year instead of putting it into the market 🤦🏻‍♀️🥴

likefunny

Can Anyone please tell me the in hand monthly salary for Cognizant with regards to the below compensation. Please note that I have home loan and LIC as investment.
Home loan principal comp+LIC = 80c, 1.5 lakh
Home loan interest component = 2 lakhs done.
Also pls let me know if any other ways to save tax or any tips in Cognizant.

Post Photo
like

Is Nokia calling people to the office or people can still work from home?

Need your suggestions

Post Photo
like

Hello everyone, please help with 12 likes to unlock dm!

like

Vent post: My 9.5 month old started daycare on Tue this week and already has a runny nose so staying at home. Cranky as hell and just doesn’t want to lie down and wants to be in our arms at all times! We are going to see our pediatrician later today to rule out anything else, but nothing prepared me how soon the daycare germs hit! I know there is no way to fast forward immunity and we all have to endure till we get the immunity but it’s hard for the little guy and us parents!

like

AAS/FAAS/CMAAS/accounting advisory - Do you have a busy season where you're scheduled for more than 40 hours a week, like audit?

like

Looking for job opportunity as Oracle apps DBA

like

I now have both CFP and AAMS. Does anyone know if there is a standard in prioritizing the designations?

like

Anyone freelanced in Amsterdam? Wondering if rates in Amsterdam are similar to NY so I don’t look a fool asking for too much/too little. Housing cost would be a consideration....

like

A friend asked me to review his portfolio site for a writing job. It’s terrible. I don’t have time to edit the whole thing, and I don’t know how to tell him he’d never get hired. What would you do?

like

How would you rate Arthur D. Little and their digital ventures arm? Any insights specifically for India and ME offices?

like

Hello ALL,

I am holding below offers

Infosys 18
IBM 19
TCS 21
Tech Mahindra 23
Persistent 23
Virtusa 25

Which one I should consider in all prospective Work and WLB?

like

Best firms with offices in Dallas that do Salesforce consulting? Any size. TIA

Alright alright alright

Post Photo
likeuplifting

Trump endorsed Madison Cawthorn. Proof he cares more about fealty to him rather than the country or even his own party.

like

Trying to get into habit of reading. Have never read any books and would love some recommendations
General interest include investment, trchnology, short stories with moral, entrepreneurship,business

funny

Anyone interested in starting a DC consultant meetup group me or whatsapp? Dm me!

like

Additional Posts (overall)

Soft Skills, Hard Skills and SKILLS for keeping up with your job search while not feeling burnt out. Well since it’s a holiday weekend let’s have a little fun. I’d love to hear about your amazing skills, hobbies or hidden talents outside of work. My Amazing Skills: I’m extremely creative and artistic. I love to sing and I can whistle almost any song.

Post Photo
likefunnyhelpful

Any suggestions for a good and affordable standing desk?

like

25 with degree in business and a few years in consulting. Is there any way to get into engineering (ie mechanical or chemical)? Not a huge fan of my current work and regret not going into STEM. Also another 4 yr bachelors doesn’t seem plausible. Is there a year long fast track degree or certificate available at a good engineering school?

like

Today I got confirmation that both my 2019 tax return is being issued and that my stimulus check is being mailed on May 1st. If you’re still waiting for your check, wait till your taxes are processed.

like

Does anyone feel guilty taking sick leave?

likefunny

Will there be a mass exodus from NYC after all this is ever?

likefunnyhelpful

Did anyone else leave some perishable food in your desk/locker?!

Post Photo
likefunny

Looking to get a standing desk. Any recommendations for $300-$400?

likehelpful

Hello Geniuses 👋 What is the value of X?

Post Photo
like

Does anyone have good (or bad) examples of policies/actions firms are putting in place to support employees with families during the pandemic?

likefunny

Random observation: If you accidentally put your AirPods through the washer and dryer, they may be perfectly fine! Whew 😅

like

America First! 🇺🇸🇺🇸🇺🇸

Post Photo
likefunnysmart

Deloitte UK - does anyone know the salary band for Manager role in Technology and a Senior Manager in Technology Risk Management? A rough idea please?

like

I went to a physical exam, the doctor suggested a bunch of tests. I said I only want to do preventative ones. He said one diagnostic test is about $300, so I agreed to take it. Because of this one diagnostic test, everything is billed as diagnostic. I got 2k medical bills for the visit, preventative tests and the aforementioned test. Is there anything I can do? I talked to insurance and doctor but they wont budge.

like

I was tested for SARS-COV-2 antibodies with three different target antigens. Tested positive to 2 and negative to one.
The only symptoms I reported in 2020 was a dry cough.
Ask away...

like

How many folks on here are having fun at lunch? 😉 🍆🍑
Would you actually give that up to go back into the office full time?

like

Hello! Need this ASAP: We are having leaders in our firm talk to their employees (discussion groups) on current climate. Can you pls opine on talking points!!! I have some but need more input on what we can do better!!

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
Download Fishbowl to see what others are saying
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the Fishbowl app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy.

Already have an account? Log in

New to Fishbowl?

image with Fishbowl logo and arms reaching out for a handshake

Already have an account? Log in

By continuing you agree to Terms of Use and Privacy Policy.
Messaging rates may apply

For account settings, visit Fishbowl on Desktop Browser or

General

Legal