Just trying to figure out what is 'normal'... (I'm always trying to do this sort of thing, as I'm very much unlikely to be!)
I'm currently outlaying 21% of my take-home pay on rent (with bills inc.). It's a shared house, which is possibly a little 'trying' to live with at times.
Would a 'normal' person be paying out more?
What's the consensus on rent vs take home income?
Our mortgage is 25% of the household take home but I'm not sure it's a fair measure.
21%?
Try a little harder! 😉
About 30% for me I think.
My rent is about ~30% of take-home pay.
I would guess that for a single person on an averagish wage you're doing extremely well if that includes all the bills for utilities as well. If you rented by yourself (depending on where you are) you might expect to double that.
http://www.bbc.co.uk/news/uk-15284892
Private rents are now unaffordable in 55% of local authorities in England, the housing charity Shelter has said.Homes in these areas cost more than 35% of median average local take-home pay - the level considered unaffordable by Shelter's Private Rent Watch report.
For my Mortgage, Home and Contents Insurance, Gas, Electric, Council Tax, Phone and TV. 50% of my take home pay is gone.
Mortgage is 30% of my take home, or 19% or our household take home. (on a monthly basis).
Which is completely meaningless as a comparator - we could have a tiny mortgage, or mahoosive incomes (sadly, neither).
As for bills - new house, so still getting used to that.
My mortgage + bills is roughly 50% of take home pay
I'd say 21% for rent [b]and bills[/b] (assuming electric/water/heating/tv licence/etc.) is very low.
Rent, house bills etc - about 35%
Add in phone contract, car stuff, etc and I'm up (down?) to about 55%
I don't earn a massive wage though, and while bills are pretty low, my rent's fairly high (though not excessively so for where I live and what I get for my money.)
For the Mortgage, Home and Contents Insurance, Utility Bills, Council Tax, Phone & TV Licence - 23% or 15% of household income.
currently 110%!! That needs to change soon...
Bit meaningless without knowing income to be honest
It becomes very different in terms of affordability if your take home pay is £1000 compared to £10,000
No mortgage. Council tax, gas, elec, bt, bband, house ins, tv lic add up to 11%
Hmmmm.. thought I might be being a bit 'cheap' 😉
I just totally resent the thought of passing over a fair proportion of a decent living wage that I have finally achieved for the first time in my 34 yr old life - to some b-tard landlord, who will be making even more money (eventually) over time as their property also increases ever in value. It just doesn't seem right!
Rather spend my money on shiny bike bits, thanks 😀
Wouldn't mind if my home outgoings were going into a Mortgage on a place I owned, that would be different. But I wouldn't be able to get a mortgage as a single person on a moderate income.
My rent (inc bills) is £380 pcm, so you do the math 😉
I put about two thirds of my take home pay into our joint account each month. Why knows what happens to that.
Probably also a bit meaningless unless you break it into "essential" vs "non essential" - even then I guess its a based on your perception.
If you add food (household, lunches, kids lunches etc), car (petrol, insurance, tax, repairs etc), other travel, clothing, pets (insurance, food etc), SKY TV, mobiles, kids sports etc you can really start to see where your cash goes - believe the "average" is around 75% on essentials, leaving about 25% for savings, holidays, gadgets.
Yup, same boat, n_e_d. Rent plus house bills is about £375, car and essentials another £180 or so, and my take home is not much over a grand. But, like you say, as a single low-ish income individual, a mortgage is a bit of a pipedream...
I hope you're putting at least 29% of your take home into a savings account then Deer, so that by 38 you can be your own land lord... possibly.
Hard to define as I'm effectively paid twice at the moment 🙂
"at home" I pay the missus about 25% of my basic income and she deals with everything (it's her flat/mortgage)
"at work" I pay £500/month rent, £150/month bills and get an allowance of about £1500, most of which goes on petrol/car but is gettign better the longer I stay here, Just about broken even this month so when I go back home I'll in effect have a free car even if it does have an astronomical mileage 🙂 & 🙁
mortgage is roughly 25% of our households takehome pay.
no_eyed_deer
Your rent and bills wouldn't cover my mortgage payment a month and it looks as though i take home less/ month than you do 😥
Mortgage and all bills (monthly food, elec/gas, water, sky, insurances) comes to around 23%.
I have no other outgoings as I have a company car so no insurance, fuel or servicing.
Nil, I sponge it's a financial no brainer.
Hmmm, prob about 80% of my monthly wage is spent on rent, bills and food. Single income currently.
not ideal, but I owe nothing anywhere so its not ideal, but could be worse!
I hope you're putting at least 29% of your take home into a savings account then Deer
Nope. I am quite literally pi$$ing it up the wall on bikes 😀 😆
Something I've yearned to do ever since I was 16 years old.
I'm starting to wonder whether I should start to take the long view. Hmmm.. 😐
Dear, oh Deer!
Shortly you will look back at all the money you've squandered on bikes and wonder... "why?", "Did that spangly part really add anything to my enjoyment?", "Why was I so reckless?".
Don't get too emotional about rent, it's dead money only in the same way that mortage interest is. Renting is less risky than buying and involves little in the way of one-off costs. Historically people have done well from buying but in recent years many people have obviously lost value in their property. It's all about gearing, you can easily double your money with a 90% mortgage but you couls also lose it all and more by going into negative equity.
Mortgage is about 20% of our household income. Absolutely no idea what percentage the rest breaks down like (food, childcare, bills etc) but we are broke and always overspend.
Looking forward to next year when my wife ges to work for longer hours (currently just does 20 hours a week term time only).
I pay a third of my take-home into our joint account. GF does the same (absolute, not relative - she earns more when she's actually working. That covers rent, bills, food, most shared expenses like the odd meal out etc. I buy booze (she doesn't drink) and pay for car stuff (I get car allowance from work and use it 99% of the time).
LOL @ Southern Yeti 🙂 - very true... 😉
But isn't money 'squandered' on rent equally as pointless..? 😐
I'm not really in a position to start a mortgage thingy.
I've been living on student levels of money since I was 18. And now... for the first time ever.. A decent wage!! Yeay!!
Perhaps I should just save it?
That would be dull though.
I'm starting to realise (not for the first time) that I may be being a bit extreme, though.
9 bikes. Living in a househare. 😯
This was on the BBC website at lunchtime, apparently unafordable is defined as your rent being more than 35% of your takehome income.
Roughly 28, 29%. Shared flat (2 people) rent, CC, gas & leccy.
A bit more with water added on
Sod it, this country doesn't need savers. It needs spenders. Have you got a credit card? I estimate that on your current salary you could probably get up to £60k worth of credit cards. You might even be able to get a £20k or so loan.
SPEND.
mortgage+bills = bang 50% gone 🙁
Mortgage is 17% of income
Bills are 17% of income
Nursery, Nanny and Cleaner are 26% of income 😯
The other 40% is ours, which equates to a couple of grand
Next March that 26% on domestics will drop to 13% plus my missus will get a juicy pay rise, all things being equal.
this time next year we'll be millionaires 😕
This is something I'd never really considered, all I know is we could survive on my income alone, but not my wifes, hence I always keep at least 3 months mortgage in the bank, should proabably keep more there though, just in case!
I guess it's probably 30-40% though.
I take home around £1700, that's after take, ni, student loans, pension, share save scheme, computers at work scheme and extra holiday.
My rent is £350 including all bills including gym. I get a company car, and my petrol for work is claimed back. So I'm not to badly off.
Mortgage/Rent = 0% of my income.
By being a bit canny when younger, I've paid off the mortgage and can now spend my income on spangly bits (and, more importantly, trips to put them to use).
Something I've noticed (and not just in this thread) when rent v mortgage raises it's head is that homeowners list mortgage, utility bills, car expenses, food, hobbies, entertainment, etc., when comparing costs but never seem to include household repair, maintenance and improvement costs.
Rent alone is about 1/3 of my take home. All told I guess about 80% of my income goes on...... life, but I have a better half and two young mouths to feed. Be nice to have more but there you go.
OP, I was going to say enjoy it while you can and sod worrying about what you'll think in 10 years time, but 9 bikes?!?!?!?!?!?! I have 4 and rarely get to ride them all these days.
nothing in rent, housemate lets me stay here for free, (he inherited the house so he doesn't pay mortgage either, just bills) I'm supposed to clean and cook, (i still do most of the cooking) but now I'm on placement and working I can contribute to the food shopping (yay!!)
60%, but thats without taking into account m/bike insurance, CC payment, mobile phone contract, TV+BB, some savings and a pension. With all that added on, something like 70%
23% mortgage alone, about 33% including bills.
psling - probably because in the scheme of things I don't think maintenance costs really come to mind (unless you've bought a project). Unless you get hit by a new roof or boiler then the cost is generally added to the day to day stuff.
We've been renting 3 years now and our landlord hasn't had any major costs to worry about. In fact he's probably done quite nicely out of it!
mortgage + bills?
59%
(not including car costs, or food)
never seem to include household repair, maintenance and improvement costs
Because they are one-off costs that are unquantifiable?
I have spent £1800 on my house in 9 years (boiler went 2 years ago) over and above the cost I had when I bought and did it all up (it was a very cheap shell that I modernised from scratch).
I might decorate next year, I might not. I might put a new carpet down, I might not. The roof may blow away, it may not. Impossible to tell and impossible to include in costs we spend now.
Rent and Bills excluding food and travel to work is between 60-70% of my take home pay 🙁 I don't have a very highly paid job and I can't even get full time hours at the moment.
Still I'm reasonable happy which everyone tells me is what matters. Right?
Still, I'm not entirely convinced, I'm pretty sure more money would make me a little happier.
Can people who live mortgage free please eff off to another thread - thanks!
😛
can everyone who earns more than me, pays out less than me, or both... please eff off 😛
75% of my take home goes to a joint account for bills, mortgage etc.
Mrs b works one day and keeps it as her money.
Gigantic mortgage is the main issue.. fingers crossed that rates stay low another year, as I'll finally be out of my 5 year 6% fixed 😯
I spend 63% of my royalities on quails eggs and baboon milk.
23% I spend on tartare sauce.
The rest I spend on Twix's as they cost 70p these days.
27% on mortgage and bills
Rent + all the bills and my nippers clubs has got to be around 80%. The joys of being a single parent.
Mortgage+all bills takes 37% of my take home pay. although i the food budget comes out of the rest.
I don't earn a great deal but i bought my house before the mortgage boom so it's tiny - you wouldn't believe how tiny 🙂
It's strange, i've had a weird few yrs with a soul-destroying relationship implosion followed by redundancy and a long stretch on the dole, but i've more money now than ever before! Even though i'm living alone and shouldering all the bills etc because i gave up a hobby that was rather expensive i seem to have a lot more cash...
Prob 25% of joint income goes on mortgage and council tax and some bills... Some more goes on private pension, some goes on fuels, 10% on food (quite a lot actually), and then the rest disappears somewhere leaving very little at the end!
And it's not as if I don't earn a good wage either!
Makes me think I could work half the hours if I tightened the belt!
DrP
Rent + all the bills and my nippers clubs has got to be around 80%. The joys of being a single parent.
Fair play to you neilsonwheels. I've got massive respect for anyone who has to do it all on their own. A good friend of mine is in the same boat and her spend is similar to yours, she reckons it hones your budgeting skills to a very sharp point.
you're doing well to keep it at 80%!
i have pennies left at the moment 🙁
about 45% of my pay goes on mortgage and rent- mortgage top up on the uk property we had to rent out when we moved abroad due to redundancy in UK (shortfall in mortgage cost vs rental income) and the rent we pay for the property over here. Once household bills etc are covered, I have about 60 quid a week left for personal spends. Luckily, I have another half who pays for the remainder of food and petrol etc from her income.
Pretty skint come the last week in the month I tell you!!
my rent and bills is about 65% of my wages. i can barely afford food 🙁
Wow this made me think. A quick calculator / online banking bashing and I've worked it out as
42%
Thats all bills including mortgage against both our incomes combined.
Its more than I though.
No wonder I'm always skint!
About 15% for me, soon to be about 3% when i pay the mortgage off.
its 30% of our basic
trying to keep it that way when it comes to buying a house but it seems that the difference between a shit house/nice house is 200 quid a month roughly at the moment - but trying to explain that it will rise exponentially whn the interest rates goes up 🙁
15% of joint income goes on mortgage and household bills, but against the interest only mortgage. But I'm doing the risky think of paying the capital off in chunks with investments..
A lot. Hearing earlier on the news that if your expenditure on rent or mortgage was >35% of household income then you were in a difficult position made me pause for thought. [b]We're doomed![/b]
My name is Bill.................so everything really
Mortgage, utilities, and food are about 3% of our monthly income. Life is Good.
mortgage interest is about 10% but I try to gloss over that fact when telling the wife about it. I throw all the spare cash we have at it.
Mortgage, utilities, and food are about 3% of our monthly income. Life is Good.
wtf?! I think food alone is at least 10% of our dual household income.
For me, it depends on what you call bills. If you are just talking mortgage +utility bills, then probably 30% of household income. If you mean everything that isn't 'play money' then about 90%!
If your mortgage/rent is >35% eh?
Just worked out that my mortgage is 14.5% of my take home pay so i'm not doing too badly considering. I pay my mortgage weekly (Aussie style mortgage from Yorkshire Bank) and my rent from before i bought this house was exactly double what i'm paying in mortgage payments now - and that was ten yrs ago so christ knows how much it would be now!
And that was for a house with no central heating and only an immersion heater for hot water!
Mortgage, council tax and basic utilities account for about 60% of my take home.
Things are pretty tight in the Whyte household right now, not looking forward to the next few years and my pay freezes with inflation the way it is.
At least i will have payed my bike off in May next year so thats another £50 per month.
Hopefully things will get better in a few years, at least i still have a job so im not feeling to bad about things.
Just less than 50% of my income goes to all the necessary evils. That covers all bills (including all food and a bit of booze) and a bit of money to go towards savings for house upkeep.
All bills (mortgage, insurance, TV package, utilities etc) are ~50% of my take home pay
Mortgage alone is ~22% of my take home
Honestly though, sometimes i wonder why i bother! I.can't afford a mortgage and have to rely on my other half for food and utility bills. i can pay my half of the rent and council tax but that's it! All other money goes to lunch, petrol, insurance and parts for when something falls off my Motorbike. i have only taken into account the rent and tax!
Mortgage + all bills + food and general spending money = 50% of take home.
Just worked this out. Mortgage + bills + childcare + bills + food. Somewhere about 30% of our joint income. Yep we are very fortunate and appreciate it when alot of people are coping with much less.
rent, council tax plus "essential" bills, cable/satelitte, mobile don't really count. comes in at around 35%, car and food top that up a lot,
21% on rent for a two-bed flat in South Manchester. About 25% including bills / council tax etc.