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    Kia's Avatar
    Kia Posts: 272, Reputation: 13
    Full Member
    		  
    #1

    May 31, 2007, 12:37 PM
    % of income
    I have a question about living expenses. Generally what is the best percentage of income should rent/mortgage payments be. In other words, should rent be 20 % of income to be comfortable, or should it be more or less?
    Jualsy's Avatar
    Jualsy Posts: 26, Reputation: 3
    New Member
    		  
    #2

    May 31, 2007, 02:00 PM
    It might have been 20% at one time, but now they will lend 5 times an annual salary for a mortgage.the % must have gone up massively.
    gazelleintense's Avatar
    gazelleintense Posts: 175, Reputation: 13
    Junior Member
    		  
    #3

    May 31, 2007, 04:55 PM
    A mortgage company will lend you way more than you can afford to pay...

    Dave ramsey teaches your mortgage payment be no greater than 25% of take home pay...
    RichardBondMan's Avatar
    RichardBondMan Posts: 832, Reputation: 66
    Senior Member
    		  
    #4

    May 31, 2007, 09:07 PM
    25 percent is the rule of thumb.
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