How much of your income goes on rent / mortgage?

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  • How much of your income goes on rent / mortgage?
  • Premier Icon zippykona
    Subscriber

    Just trying to see if there is a north / south divide on this.
    Following on from someone buying a 41k flat on another thread.
    Here in Surrey that would be firmly in the land of make believe post code.

    zokes
    Member

    11.5% of our joint income goes on our rented house here in sunny Adelaide

    I bought my 1 up 1 down flat 6 years ago for £60 grand. 2 Bedroom with a very large garden that i have just put an amazing patio in.

    £260 a month mortgage at the moment. Council tax £120

    Dundee BTW. And actually a very nice location overlooking an observatory and park. I got very lucky.

    Premier Icon zippykona
    Subscriber

    Zokes,I’m packing my bag!
    Does that leave you with a lot of free cash or do you get mugged elsewhere?

    Under 1/3 of our joint income goes on our mortgage. Although its not straightforward as I don’t get regular pay being self employed.

    zokes
    Member

    Zokes,I’m packing my bag!
    Does that leave you with a lot of free cash or do you get mugged elsewhere?

    Without wishing to brag further, it’s also a very nice house, in a very desirable suburb. Which is handy, as these raw economics seem to beat homesickness hands down even for MrsZ most days!

    We do have a nice chuck of ‘free’ cash, but that’s going into a savings account for the whopping deposits needed on a 25% deposit round these parts. Unless the biggest thieves of them all (bankers) take it, it should be safe 😉

    Premier Icon zippykona
    Subscriber

    I went to Adelaide and it was lovely. The Surry hills looked just like the Surrey Hills!

    zokes
    Member

    It is not a bad place to live, that’s for certain. Free choice I’d probably pick TAS or (believe it or not) Canberra as more variation and mountains, but all in all we really enjoy it as a city to live in. Melbourne and Sydney may joke about it being a parochial little country town, but it’s surprisingly vibrant, usually has good weather, and is home to possibly the best wine on earth 🙂

    The riding’s not bad either…

    At the moment something like 1/3 of joint income running two houses. By the time you factor in everything else it’s a fair amount. Fingers crossed for a pick up in the housing market soon.

    samuri
    Member

    Right now it’s zero. When we bought this house 17 years back the mortgage was so low we paid it off in half the time. We’re looking to move now though so I expect it will be quite a lot when we do.

    will
    Member

    44% of my monthly income goes on the rent. Live in London…

    With out wishing to brag (which means Im about to) Very little, our barn is on 0.5 above base… 🙂 although its by luck not design. I guess its about 5% (but Mrs is a Dr, which helps). We have the money saved to pay it off, but at that rate it’s better to keep it in the bank.

    But back in the day, when she wasnt working and I was doing shifts and working every weekend, our 2 up, 2 down was about 1/3 of our income.

    Just trying to say its normally tough at the start, you adapt your spending at first and eventually gets better over time.

    willej
    Member

    We pay 19% of our (mine and my wife’s) income on renting a 2 bedroom house in north east Hampshire.

    grum
    Member
    trail_rat
    Member

    25% on our first house – 3 bed ex council semi in the country (row of 8 houses 3 miles out of village)

    It needs modernising(decorating , electrics and heating) but due to my job i get options to work abroad for periods of time which gives me a chance to earn significant extra money to modernise it .

    I was determined not to overstretch – i like my life style and i didnt want to compromise it hugely just to have a house ….

    im paying 25% more than the rent i was paying but i have 75% more house. Went from a small 2 bed cottage with the kitchen along 1 wall of the living room to a good sized plot of ground with a big (for the money) 3 bed semi with 2 garages.

    footflaps
    Member

    Varies by age quite a lot I would reckon, mine is now 0% as I’ve paid off my mortgage. Was nearer 30% when I first bought the house…

    CaptJon
    Member

    28.5% of my income on rent for a flat in Newcastle.

    Premier Icon colournoise
    Subscriber

    Just under 10% of joint income currently goes on mortgage, but this includes some extra borrowing against the house we took out to consolidate a load of other debts from both our previous lives. Once that is paid off in a couple of years it will drop to only about 5% of joint income (we both have pretty well paid jobs and the house is quite modest).

    We are East Midlands/Western East Anglia so neither north nor south really.

    slainte ➡ rob

    rudebwoy
    Member

    At the moment 0% due to unemployment, but ordinarily about 28% on rent and poll tax

    Premier Icon CHB
    Subscriber

    7% but we bought in the late 90’s and had a fair deposit.

    yossarian
    Member

    17% of our combined income goes on the mortgage. Interestingly until last month more than 20% went on childcare! This has now dropped to 3% and I am very, VERY happy about that!

    Down south btw. Kent coast

    Premier Icon bruneep
    Subscriber

    0% mortgage free

    lungman
    Member

    25% of my wage as mrs not working at the moment, could be 0 % as trying to work out how best to use an inheritance. 3 bed semi in twyford, out skirts of reading on the London train line so quite expensive but a lovely little village not quite in the sticks but countryside 5 mins walk away. Great little community so not too tempted to move or upgrade as son happy in local school 5 mins away and I have a biking habit to feed

    mikewsmith
    Member

    10-25% over the last 10 years.

    The less I earned the bigger the percentage in some ways. Varied a bit depending on missus and what she was working.

    Currently in Tas so on 1 income so about 20% though I should start work tomorrow.

    Thought of Adelaide at some point and Canberra is on the list for the reasons Zokes said. Just need to get citazenship so I can work for the government

    MrSmith
    Member

    Zone 3 London 2mins from tube 17-20 % of income (self employed) which I guess is on the low side for London, it’s nice to know its usually paid in the first week of the month. I’m a saver not a spender and wouldn’t sleep at night if it was 30% + of income or only had a month or 2 of living costs in reserve.

    jota180
    Member

    The other way for us now

    Mortgage free + 15% of our income is now from a flat we inherited

    GJP
    Member

    15% of net income. SW London. It was probably nearer to 30% when I bought it 10 years ago. However, my service charges are close to 50% of my mortgage so true costs are probably nearer 25%

    Slogo
    Member

    None I get free beach front apartment with my job. 8)

    djglover
    Member

    Highest mine was on repayment was 20% of joint income when interest rates hit 6% a few years back.

    Its currently 5% (interest only and should pay it off in 2 years, at 38 🙂 )

    +1 Jota

    paid off mine due to multiple inheritances in a short time frame.

    Bought a B2L with my bro as well, 50% cover on the rental v interest.

    Might buy another early next year or sell both and move .

    freeagent
    Member

    can’t be bothered to do the math, but we both earn mid-£30k per year, and spend around £2k per month on mortgage + childcare.

    zokes
    Member

    Thought of Adelaide at some point and Canberra is on the list for the reasons Zokes said. Just need to get citazenship so I can work for the government

    I work for the Federal Government, and I’m not a citizen (though I do have PR). Several of my colleagues only have fixed-length visas. Hadn’t heard about restrictions on working for gvt depending on residency status before

    tarquin
    Member

    Around 17% here in Aus.

    Was approximately 20% in the UK, then when my gf lost her job, closer to 50%.

    Premier Icon stewartc
    Subscriber

    UK House (Berkshire) pays for itself + and extra 500 GBP a month through renting it out.
    Just been in HK for 2 years and not thinking about buying yet, 25% or my salary currently goes on rent here, not bad as to buy, our little 750 Sq ft apartment would cost about 350k GBP…. and we are way out of town near the airport.

    mikewsmith
    Member

    Zokes, front page of Civil Service recruitment says citizen only unless specified. So it seems like it’s a locals first policy. With the shift in power (likely to come) not planning on trying government for a while 🙂

    Still if new work kicks off then % will go down and location anywhere but perth

    stumpy01
    Member

    Just over 20% of our income I think. That’s living in a town just outside Peterborough. Would love to live in Cambridge, but house prices are too high.
    We had a fairly decent deposit and reigned ourselves in a bit on the budget for the house, so if interest rates go up, we can still afford it.
    We were lucky as the mortgage from the old house is fixed at .5% above the base rate, so we kept that & tacked on another mortgage to top it up.
    Currently overpaying on the mortgage so should knock 9 years off it, if things stay as they are. We also figure that we can use that as a buffer & reduce overpayment if interest rates go up so we are still paying the same total amount.

    zokes
    Member

    front page of Civil Service recruitment says citizen only unless specified.

    News to me!

    That said, we’re actually a quango, so I guess we get to pick and choose which gvt rules we want to follow.

    It will be interesting to see what happens to us when/if bigears gets in.

    oldgit
    Member

    About 8% of one wage. Leighton Buzzard in South Bedfordshire. It’s very nice here. Loads of work. And great cycling for Shandy land. I can see Woburn and Ashridge from here.

    jonny m
    Member

    Buggrr, I need to do something…. 50% here, no wonder I’m skint.

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