How much did you spend on your home?

[mathmajor]

Mine's roughly 2x with 20% down. Buy my property taxes are silly high. Still, payment is a bit north of half a paycheck.

[The_Polymath]

Over here in the UK, we usually buy at about 5x salary.

With 30-40 year mortgages (sometimes even 50 years).

[mathmajor]

Woof. I thought we were bad.

[OnLevel]

Originally Posted by The_Polymath

Over here in the UK, we usually buy at about 5x salary.

With 30-40 year mortgages (sometimes even 50 years).

[LifeIsAPoissonProcess]

With wife's income our house is 1.2x, and the house is way more space than we will ever need. Gotta love the po.

[yoyo]

5x salary, 30-50 yr mort? gag me. i'd probably never buy if those were the terms, but i don't live there so who knows?

[The_Polymath]

Originally Posted by yoyo

5x salary, 30-50 yr mort? gag me. i'd probably never buy if those were the terms, but i don't live there so who knows?

Property is unaffordable for most people under 40. And renting eats up 40-50% of their salary in London even with only a 1bdr. Even couples (both working) spend 30-40% of their combined salary on rent.

The UK really is a basket case when it comes to buying/renting property.

[itGetsBetter]

• My spouse and I spend 7% of our gross income on rent.
• We are saving for a 20% downpayment on a house that is just under 2x our combined income.
• We will probably spend 13% of our gross income on mortgage payments, property taxes, and homeowners insurance once we buy.
• We live in a low cost of living area. The price of the house you buy will probably be more related to the area that you are living in than your age, credentials, and salary.

[yoyo]

Originally Posted by The_Polymath

Property is unaffordable for most people under 40. And renting eats up 40-50% of their salary in London even with only a 1bdr. Even couples (both working) spend 30-40% of their combined salary on rent.

The UK really is a basket case when it comes to buying/renting property.

that's what i've read.

we've always bought way less than what we could afford to spend on housing, but we weren't living in LA or NYC, so i'd guess you'd say we've always lived in the po'

[ALivelySedative]

Originally Posted by LifeIsAPoissonProcess

With wife's income our house is 1.2x, and the house is way more space than we will ever need. Gotta love the po.

1.6x here with 2.5 acres as well. The po definitely has its advantages.