How much goes to mortgage/rent?

[snoopy369]

About 16% of gross (pre-tax) income for me and my GF. A nice comfortable number If/when I can get my act into gear and finish rewriting my resume, we'll probably move somewhere more expensive to be more convenient for me when I get a better job downtown, and then it'll probably go up to 25% or so.

I don't know the number for america overall, but the "recommended" value is between 20 and 30 percent. If you're spending over 30% of gross income, you're paying too much in rent/mortgage, and if you are spending less than 20%, then you're either happy to live in lower conditions than you deserve, or you should move on up ...

[Timexwatch]

Originally posted by Rufus T. Firefly


So let me get this straight: I could buy a so-so property in an ok-but-not-great neighborhood, and -- if I bought on the low end, and managed to put 20% down (right, 'cause I've got 100k just lying around), the monthly mortage -- just mortgage, no taxes, no utilities, nothing else --should only cost me, oh, half of my take-home pay. Of course, if my downpayment were a more realistic 3-5%, then the mortgage would eat up 3/4 of my monthly take-home. And I'm much, much closer to the top of the civil service pay scale than not.

I honestly don't understand how federal workers live in the capitol, I really don't.

The other alternative is to live in Maryland and commute via train from the Baltimore area. The MARC is fairly reliable....

[Sparrowhawk]

Rough calculations have me spending about 19% pre-tax and 33% after tax of my income (but this is Canada, so I pay a lot in taxes ). I didn't count my gf's income because she doesn't pay the mortgage anyway.

The value of my house would have me living in a shack in most of cities that you all live in (low housing values in my part of Canada) and it still seems my mortgage is too high.

/me

[Krill]

Roughly 60% as an estimate, probably more.

Regardless of what people say, the north isn't cheap.

[Tiamat]

1/3 of our's goes for house payment.

[DanS]

Originally posted by Timexwatch
Columbia Heights and Georgia Avenue/Petworth aren't atrocious right now. So-so rowhouses needing a little TLC were going for about $500 to 850k last time I heard. Prices seem to drop on this side of Rock Creek Park once you get north of Military Road.

I was putting Georgia Avenue/Petworth into the category of "the vanguard of gentrification." Much of Columbia Heights as well.

[DanS]

Originally posted by Rufus T. Firefly
So let me get this straight: I could buy a so-so property in an ok-but-not-great neighborhood, and -- if I bought on the low end, and managed to put 20% down (right, 'cause I've got 100k just lying around), the monthly mortage -- just mortgage, no taxes, no utilities, nothing else --should only cost me, oh, half of my take-home pay. Of course, if my downpayment were a more realistic 3-5%, then the mortgage would eat up 3/4 of my monthly take-home. And I'm much, much closer to the top of the civil service pay scale than not.

I honestly don't understand how federal workers live in the capitol, I really don't.

It's a good thing that you're spending time now looking. It pays to be choosy. I wouldn't give up on general areas, even though I might give up on a particular neighborhood. F.e., if you insist on the city, prepare to spend a lot of time looking.

Do you have two incomes coming in? That must be how most government workers manage.

Regarding West Virginia, it might be a 2-hour one-way commute, but it's on the train, so you can sleep, read, or do whatever with your time. Also, it should be pointed out that as a gov't worker, your schedule is known, and there are commuter buses that cast a wide net in the suburbs.

Train (MD, WV)...

http://www.mtamaryland.com/services/marc/

Bus (MD)...

http://www.mtamaryland.com/services/commuterbus/

There are private services as well, IIRC.

[Rufus T. Firefly]

Originally posted by DanS


It's a good thing that you're spending time now looking. I wouldn't give up on general areas, even though I might give up on a particular neighborhood.

Do you have two incomes coming in? That must be how most government workers manage.

Regarding West Virginia, it might be a 2-hour one-way commute, but it's on the train, so you can sleep, read, or do whatever with your time. Also, it should be pointed out that as a gov't worker, your schedule is known, and there are commuter buses that cast a wide net in the suburbs.

We should havee 2 incomes coming in, but my wife will have to find work once we get stateside -- she's a freelance editor right now -- so there's no way to predict what that second income will be or how quickly it will start coming in.

We've talked seriously about the Baltimore option. The only problem there is that our daughter will be in college, so we'll be free to enjoy adult life without parental responsibilities -- and, on a nightly basis, we'd rather enjoy DC than Baltimore.

It's certainly a lot to think about.

[DanS]

It sounds to me like the city is a big criteria for you. Am I right? Would you be miserable in West Virginia? How about Annapolis?

FYI, dc.craigslist.com is a great way to get a feel for prices in different neighborhoods.

http://washingtondc.craigslist.org/search/apa?query=3br&minAsk=min&maxAsk=max&bedrooms=

[Rufus T. Firefly]

Originally posted by DanS
It sounds to me like the city is a big criteria for you. Am I right? Would you be miserable in West Virginia?

FYI, dc.craigslist.com is a great way to get a feel for prices in different neighborhoods.

http://washingtondc.craigslist.org/s...=max&bedrooms=

Yup, city is a huge criteria. City-like suburb, such as Bethesda or Silver Spring, would be ok (but not N.Va. -- too suburban).

[DanS]

Looking at Craigslist, Bethesda is a good area. Looks like you can rent a house in the $2,000-$2,500 range with metro access relatively close-by. Is that out of your comfort zone?

I keep cross-editing you.

[Arrian]

If you want city, you will pay for city. That's kinda how it works...

-Arrian

[DanS]

For a long time in DC, it has been the opposite, however.

It is just now becoming as you describe.

[Cort Haus]

Originally posted by Krill
Roughly 60% as an estimate, probably more.

Regardless of what people say, the north isn't cheap.

Blighty is a cruel place to live, that's for sure.

[Rufus T. Firefly]

Originally posted by DanS
Looking at Craigslist, Bethesda is a good area. Looks like you can rent a house in the $2,000-$2,500 range with metro access relatively close-by. Is that out of your comfort zone?

I keep cross-editing you.

That's what we did when we were there for 6 months in 2004, and it was tight. but it could work.