When you said net, you mean after tax, 401k and etc. right? About 8% for the mortgage and 6% for the escrow of taxes.
Don't have a mortgage, but does rent count? 21% after maxed out 401(k) and everything else taken out.
My mortgage is about 7% of my income. I live in a condo that is dirt-cheap, but brand new on the inside. No complaints!
Our mortgage is about 19% (with insurance and escrow)- but we have a 15yr mortgage, not a 30yr. Your mortgage (with insurance and escrow) should NEVER be more than 25% of your take-home pay. I'd have to look at the next statement to figure it without escrow & insurance.
Dave Ramsey recommends 25% including insurance/taxes out of net income. Very conservative I would think in the houston housing market..
both spouses take home pay is lets say 4,000 (conservative) thats 8,000. Average 30-yr suburb 1 story house 1,500 equates to 18.75%.
Assuming most live in Texas...so probably very affordable houses. There is no way some of the numbers posted here are anywhere close to the norm.
Ah..30 year loans. I was looking at 15 years. 15 year mortgage before taxes/insurance = 25% for me. I haven't bought it yet. Doing the math.
Bought a house below my means that's how mine is at that number. Actual payment is even less than that, but I pay it at a rate to pay off on a 15 year table instead of 30.
Obviously, people who are proud of their answer are more likely to respond. Which is why you don't see very many 115% posts.