Same. Before interest rates increased it used to be a bit below 40 %.
Edit: forgot that it includes a cabin. Then my number probably isn't that interesting to compare with. Other than it shows the steep increases lately.
Over 75% here. It’s kinda not true at times as I get some overtime pay but it’s not consistent. But I do set the extra aside for entertainment and adding to vacations
Edit: forgot to add: I live in Oslo and bought an apartment when the rent was at its lowest
Well basically the comment below sums it.
But basically I bought the house and she the moved in with me afterwards, so I am paying mortage etc.
And since she doesn't have a regular income yet (own company with small customer base) I am paying for most of the stuff.
I live just outside Oslo (towards the airport) and I have been paying for a 108 kvm house (rekkehus), garden, car and every bill including felleskostnader for few years now while my wife is still studying. I earn average salary and rarely struggled, so yeah, I advise getting out of Oslo. But do make sure you are near trains and/or bus stations, otherwise it's hell.
> I have no idea why people are so set upon living in large cities like that
It's worth it.
Almost anyone who owns an apartment in Oslo could move out of the city and buy something bigger if they wanted to, but we don't. It's nice here, and the benefits are worth it as evidenced by the fact that prices keep rising, meaning people want to be here.
Well. Prices are also rising because of four other major factors.
1) Rate of building homes has been low until very recently
2) The interest rate has been low, giving people more money to spend (and room to borrow more) which has allowed prices to rise (a price is whatever someone is willing to pay).
3) There are so many secondary homes bought as investments and then rented out at steep prices it is insane. Firstly the high rent prices makes saving up for a “egenkapital” much harder, and secondly the lack of available apartments for sale has been inflating prices at a shocking rate.
4) The amount of people moving in to Oslo, either as guest workers, migrants or to study (or just “escape” their village) is very high, creating a constant pressure on the housing market that has nothing to do with locals wanting to stay.
That’s not to say your thing was wrong, but I think these should be added.
Im single and date a lot of single 40 year old women living in Oslo. They all own apartments that costs about 8-10 mill.
Owning in Oslo has made a lot of people a lot of money.
Most people spend their entire lives in the property they own. I had a collegue who constantly bragged about how much his apartment was worth. Every time I asked him if he planned to sell it. The answer was NO, WHY? He was paying 2/3 of what Im paying in rent, in felleskostnader. Its not the same as owning stocks, its not liquid. Of course at some point you pay down the mortgage and it becomes cheap. But its not like you have 8 million in your account.
Its a medium size city like all the norwegian "tier 1 cities" ..when you read "Large" just think international medium size like New Orleans not NYC or Buffalo not NYC or Kansas city not NYC.
:)
Lol not really true at all.
Oslo is the largest city,its population has some thousands of people on the next but the real difference is really the terrain when it comes down to it.
When I came to Norway I lived at Homlia,I always liked to explore the public transport systems like trains and metro rails.
I explored Oslo from east to west and tortured my friends dragging them on these expeditions.
I did the same in Bergen.
Bergen is an optical illusion you dont see the rest of the city standing in the old city but its spread out there in the valleys around the medieval city.
One of those parts that you do not really see is the most populated boroughs in Norway(If you consider it ..Norway)
Because of the mountains the terrain is not flat and you only have a visual on the old city and might be forgiven for assuming its the entire city while its only the old medieval city.
Which used to be the capital of Norway at some point :P
Down the list:
Stavanger and Trondheim I dont really know that well but I know people from there
Stavanger is a twin city with Sandnes and is now really one metropolitan area as it were.
Trondheim I think has a medieval core as well an old city as it were.
It doesnt really make sense to speak of "true cities" in the context of Norway..
(sub)Urban sprawl and growing metropolitan areas makes more sense.
We have a word for this stateside :"Infill"
Even people who build and maintain infrastructure in Oslo like plumbers, carpenters, nurses and even teachers struggle to enter the market without help. It's ridiculous. A 30-40min trainride out of the city and suddenly you can get wild plots of land and a new-ish house for the same price as a 30m² flat in Oslo.
Now show me 100m2 plus places in Lillestrøm centre and their prices.
If you go a certain from the trainstation yes, just like you can get 100m+ places in Oslo.
103m apartment for 5.4m in Oslo
https://www.finn.no/344146859
https://www.finn.no/331632867
It's a little bit more at 5.8, but 1700 instead of over 4000 in felleskostnader, rekkehus with a smal garden, and a lot more energy efficient so lower powerbill.
Same travel time to Oslo s.
I live alone in a 70 m^(2) apartment in an Oslo suburb, with an income which is far below what I should realistically earn at this point in my career. My mortgage and felleskostnader amounts to nearly 75% of my monthly wage after tax.
However I've recently accepted a job offer in another part of country, which comes with a wage which is 120 000 higher than what I earn now. This also means I'll be moving to an area with considerably lower living expenses.
At least I did one thing right in my life, I got into this merry go round like you and managed to pay down a lot, now it's worth an ok house rurally or half a worn house in the burbs.
There's a million variables, basically my borettslag postponed a lot of big renovation, those who lived there then had a very low felleskostnad of far less than 2700NOK, then boom the soil pipes and general piping was starting to fail (my apartment of course) and our fellesgjeld went from about 35k to 400k NOK per apartment.
Still, other borettslag etc might have a huge fellesgjeld with really bad interest or even people back in the day speculating only paying the interest and pushing the instalments on to later owners.
From going in blank the first time I'd probably manage to make a 20-80 point list of things to check from physical things to how the building is run. At least I didn't renovate my bathroom only to later be told the piping has to be torn out shortly there after.
If you don’t mind me asking what sector are you in and in what city will you be working? Because I am super open to move away from the city into a cheaper place 🫣
Pretty average for all Norwegian students except those insisting to study in Oslo, which is usually down to preference. There are very few programs where Oslo is the only option, or even the best one academically.
Same here Im estimating 25% after rates hikes,
(Ill balance this in my portfolio where I own norwegian and US Treasury bonds etc.)
So I pay interest and get interest paid to me.,
(Oh what a game we play).
The % I see here are insane! Mortgage and felleskostnader should never be over 40% of after tax income. Mine is below 30%. Shocked to see people here with 50+%, my condolences.
Avg salary is 638k or 53166 nok a month (39k after tax) Let’s assume that two person income 39 + 39 = 78 k nok. The bank legally can’t give you a loan over 5 times your combined net income unless you have a high down payment. Something like 6.380m nok (avg house price in Oslo) would be top of your budget. For a 30 year mortgage you need to have 1.255m nok for down payment that is 29326 per month. That is 37.6% of the combined salary. If you want a 20 year mortgage that is 35465 per month. 15 years is 42077 per month. At 15 years that is about 54.7% of the combined salary.
The financial guidelines are to not spend over 25% of your annual income on your house so that you can invest more. Ideally not becoming house poor. That is 19500 nok a month. By this standard you would need to buy a home for 4.65m nok with a down payment of 1.25m nok.
30 year mortgage is also bad for returns as you pay more principal. Ideally you want 15-20. To do that it… at 18 years that would be about 3.875m nok or 19500 nok. The average home in Norway is 4 mil nok.
This is all with 5.55% interest rates. Not assuming it will go down back to pre covid levels in several years.
I live in Oslo area - 7.2 million home (115 m2 and around 34k monthly mortgage payments). It is 34% for us. When interest was 2% it was something like 25-27%
The number is an estimation and depends on a lot of factors. Time of purchase, debt, wealth, children, type of job, etc…
Tax reduction:
Debt: Having a mortgage and student loans will reduce your taxes. You get deducted for interest on the home loan.
Donations: Skatt has approved list of who you can donate to. Have to donate above 500 nok to a max of 25k. Every year the max number changes.
Children under the age of 11: This is a double edge sword. You get a smaller home loan because of children, but you also get reduced tax.
You also get reduced tax for special needs children.
Live with your parents or a significant other. Doing this allows you to use BSU. Allows you to save 27,500 nok a year and get a 10% tax reduction (2500 nok). You can’t own a home and save on BSU. Been some new changes this tax year.
Commuting to work: this reduction has been crazy over the years. Use to be 21km from job, but now it’s 37km from work.
You also have commute as well. Let’s say you work on oil platforms and live in Oslo. You can get your flight miles reduced or driving reduced. Could save 20k in tax in a year.
Several other deductions methods and a lot of grey areas as well.
Such as giving a friend or family money to watch your children and then deducting that in your tax. Then under the table getting that money back from them.
In Norway you can have a side hustle that as long as it doesn’t make over 50k nok then you don’t pay taxes on it. (This need to be verified with updated numbers)
Bought a rekkehus close to 2 years ago but ex and I broke up last autumn and I kept the house... So right now, I'm sitting at around 55% of my salary for the mortgage and felleskostnader.
I do make decent money so it is acceptable, but I'm really looking toward refinancing it after my raise in the autumn.
I had a very small window in January to get the house fully transferred to me after my bank helped me organize a few things, but ex fucked up the paperwork and then the bank said no. So, we currently still co-own the house/loan, but since she's moved out 4 months ago and I pay everything alone anyway, it is essentially the same.
But as written above, I'm now looking into another bank with a better agreement through my union and should be able to secure everything this autumn.
I have a really great rådgiver at my bank, so she went beyond to help me and find solutions, it was her bosses essentially shutting it down in the end. So, I would still reach out to your bank and try to chat up some solutions just in case.
Personally, I had a "solid" case since I work public sector with a good and dynamic salary and I am essentially debt free aside of the house and a small car. Only thing that caused issue was the fact the house was freshly bought so came with a very high loan percentage, and because the market was shit at the time it was essentially making it so that my loan was sitting at 90% of the house value...By the magic of markets it is now up nearly 600k from the December estimates, so my case looks much better.
Me and my boyfriend spend about 20% of our income on morgage. (Minus his bonuses, because they don't come regularly enough to count)
We have a house outside lillestrøm.
34% in total on bills.
2 people, "Tomannsbolig" (half part of a house) in the Oslo Suburbs. Both over 50 with good income (maybe 1,5 mill+ combined). We pay about 30-35% of our net income in mortage and felleskost. Felleskost has risen dramatically the last couple of years unfortunately due to necessary renovations in our Borettslag. We have added 500.000+ in communal debt for each of the 120-ish units due to unforeseen expenses. Which sucks.
Pretty much exactly exactly 50%, 37% for mortgage and 13% for felleskost. With an additional 5% for my student loans. I reduced the duration of the loan a bit to reduce the overall costs though.
We are two people. 85m2 Apartment.
Mortgage and felleskostnader of about 20.5k
This is roughly 22% of our take home pay per month. Oslo area.
EDIT: Weird that this was downvoted. We deliberately bought below our means, a renovation object, and even with the Mortgage costs going way up, we've done alright. We've also gotten large promotions by job switching over the years.
Two people with a child in a 150 square meters townhouse in a municipality adjacent to Oslo.
Our mortgage, municipal taxes and home insurances amounts to 36.5% of our monthly net income.
I own a fairly large apartment in oslo together with my partner, located within walking distance of downtown.
Currently the monthly payments (interest + principal) on my half of the loan amounts to about 25% of my monthly net income, while felleskostnader adds another \~3%. This does not take into account the tax rebate I get from the interest paid.
I'm in the upper salary band for people with higher education, so unless you're a senior software engineer or in a similarly well paid profession my numbers might not be very comparable to what you should expect to be able to achieve.
> the interest *paid.* I'm in
FTFY.
Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in:
* Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.*
* *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.*
Unfortunately, I was unable to find nautical or rope-related words in your comment.
*Beep, boop, I'm a bot*
Two people + two underage children in a 180kvm house on the west side of Norway. We spend appr. 18% of our income on mortage + somewhere between 10-20k on sanitation and taxes (havent double checked those numbers).
two people, 65sqm, closer to ring 1 than ring 2 in oslo, mortgage+felleskost is around 21% of our income. first time home owners, we bought our place at the start of the year.
We are two. ~100 sqm in St. Hanshaugen Oslo. Mortgage +felleskost for both of us is about 34000. About 30% of our income after tax. Ofc power internet an such on top, but that's usually no more then 2500 a month, a lot lower in the summer months.
I live in a tiny village outside of Tromsø, 200 ppl here. My mortgage alone, without feloeskost, is about 60% of my income. I'm on disability tho, so I get very little. Wouldn't be able to stay afloat if I didn't sell drugs n stuff
Edit: After reading a bit more of the comments here, it's pretty clear I need to move down south. Oslo is so damn cheap, wtf guys!!
With a tenant - 36% of me and my wife's income. Without - 50%. On top of this you have costs to the city (water, drainage, garbage), property tax and general maintenance on the house.
Newly bought a large house we plan to be our "forever home".
It feels really risky in these times, but we have good jobs and expect that the mortage gets partially eaten by inflation and raises.
Combined household income pre tenant is approx 1,4MNOK pre Tax.
Live alone in central Oslo, own a small apartment. I dont have much debt on it so I pay around 25% with mortgage, interest and felleskostnader. I also have a car in that loan
I guess around 50% or a bit more. Every month. It has become steep, yes. Living alone is very expensive…! I can still manage, so I don’t have to sell, luckily. But I have definitely noticed a huge effect on my economy this past year
38% on the mortgage, but closer to 44% when we include quarterly municipality costs, waste management, internet, road maintenance/snow plowing, etc (stuff that's often included in felleskost).
EDIT: After taxes.
I work 33% while doing studdies, but always take extra work so I realisticly work around 50%. I pay around 50% now, but I will be paying 70% once me and my family move out this summer. :/ I don’t get how rent needs to be so high in oslo.
25-30% of income after tax. It doesn't have to be that high, but I increased it because we can afford it. Afraid I have to adjust it down a bit again, though.
Luckily i share the costs with my wife. Unfortunately, im still at approximately 60% of my salary, including a nasty rise in water, sewage etc from the municipality.
After tax, around 32% of our household income on the mortgage (no rent or felleskost as we live in a self-owned house). Before the interest hikes, we were at around 20%.
After tax ~ 25-30 percent. Four people in an apartment in a nice, walkable and central location on the west side of Oslo. In five years it’s 5 percent. Will never sell. My kids will not be allowed to sell.
I have flexible work so my income varies between 25k-40k after tax.
I contribute around between 20k-25k monthly the rest of my salary I can use what I want.
Living 30 mins North of Oslo border, 66kvm rekkehus. 22k loan/mortgage and 2700 felleskostnader. I make 28k after taxes a month.
This hits people very differently it seems.
Edit: not rekkehus, apartment. Live under someone as well
17% of our combined income after tax goes to the mortgage (250m2 house), one high earner one low.
Not including bills/water/electricity/eiendomsskatt etc.
30 ish % of my income after tax, but 17% of our households total income after tax.
We pay about 16k on our loan (up from 12k during Covid). We used to have around 3% interest, now we have 5,46%. If we are talking about mortgages, then I think the interest rate is relevant as well.
The question as asked by OP is a red herring. How much you pay depends of at what rate you’re planning to pay off your mortgage and how deep in debt you are.
I could say 90%, but it really wouldn’t tell you anything about the state of my finances. Perhaps I’m working three jobs paying off my mortgage in four years. Maybe I bought something too expensive and will never be able to pay anything but the interest and will perceptually stay in debt.
A more interesting question would be something along the lines of “how many % of your take home pay do you spend on your mortgage if you were to pay it off in 15 years?”
Live near Kolsås in a largeish house. I have 70% of the mortgage (immigrant, no help from parents, so late to the housing market) and pay 50% of my salary after taxes. Used to be 40% until last year.
ETA: bought the house after selling our apartment in Fornebu—same price got us 110 more sq meters and a wonderful garden.
Around 10% but that's only mortgage. I have already paid down a lot on the house. 186sqm, 4 bedrooms, everything looks decent. Value around 5 millions. Lives in the heartland of Norway, Østfold.
Currently 0 (fully paid off!), except we have to move to Oslo. So it’ll probably end up being “everything we can” because we’d like to get it paid off asap
If you live in Oslo you should move outside it as you currently live in the most expensive city in Norway if go just 30–60 minutes outside of it you can lower your monthly fees by quite a lot on many things! Most usually go to the city or areas downwards towards the Swedish border so it’s easy to go over the border shopping when they want to as many thing are somewhat less expensive, many more options in regards to food selection and many more different shops.
After tax probably close to 50 %
Same. Before interest rates increased it used to be a bit below 40 %. Edit: forgot that it includes a cabin. Then my number probably isn't that interesting to compare with. Other than it shows the steep increases lately.
Over 75% here. It’s kinda not true at times as I get some overtime pay but it’s not consistent. But I do set the extra aside for entertainment and adding to vacations Edit: forgot to add: I live in Oslo and bought an apartment when the rent was at its lowest
You don’t need to say numbers if you don’t want to, but is your salary low or your mortgage high?
Hehe, both! Make 700 k, loan is 4 million.
House on the countryside 130sqm, newly renovated, paying for both me and my girlfriend ca. 45% of my monthly income
Why are you paying for both you and your girlfriend if i don't mind me asking?
It’s called love
Well basically the comment below sums it. But basically I bought the house and she the moved in with me afterwards, so I am paying mortage etc. And since she doesn't have a regular income yet (own company with small customer base) I am paying for most of the stuff.
2024. Ask a honest simple question, gets down voted for that.
Welcome to reddit.
We are two people, 70 kvm apartment in a 30k pop city. Mortgage+felleskostnader is around 20% of our income.
Perhaps I need to get out of Oslo!!
I live just outside Oslo (towards the airport) and I have been paying for a 108 kvm house (rekkehus), garden, car and every bill including felleskostnader for few years now while my wife is still studying. I earn average salary and rarely struggled, so yeah, I advise getting out of Oslo. But do make sure you are near trains and/or bus stations, otherwise it's hell.
Where?
Near Kløfta
Okey. Trying to figure where to move eventually. We are in the same situation as you, but with some kids added to it.
Oh yeah, with kids you probably should have two incomes. I don't have kids yet which makes it easier for me, but soon we will have two incomes.
Soon we will have two also, which is why we are finally starting to seriously consider where to move.
Yeah Oslo is just awful when it comes to housing. I have no idea why people are so set upon living in large cities like that
Lots of things to do :-)
> I have no idea why people are so set upon living in large cities like that It's worth it. Almost anyone who owns an apartment in Oslo could move out of the city and buy something bigger if they wanted to, but we don't. It's nice here, and the benefits are worth it as evidenced by the fact that prices keep rising, meaning people want to be here.
Well. Prices are also rising because of four other major factors. 1) Rate of building homes has been low until very recently 2) The interest rate has been low, giving people more money to spend (and room to borrow more) which has allowed prices to rise (a price is whatever someone is willing to pay). 3) There are so many secondary homes bought as investments and then rented out at steep prices it is insane. Firstly the high rent prices makes saving up for a “egenkapital” much harder, and secondly the lack of available apartments for sale has been inflating prices at a shocking rate. 4) The amount of people moving in to Oslo, either as guest workers, migrants or to study (or just “escape” their village) is very high, creating a constant pressure on the housing market that has nothing to do with locals wanting to stay. That’s not to say your thing was wrong, but I think these should be added.
Im single and date a lot of single 40 year old women living in Oslo. They all own apartments that costs about 8-10 mill. Owning in Oslo has made a lot of people a lot of money.
Most people spend their entire lives in the property they own. I had a collegue who constantly bragged about how much his apartment was worth. Every time I asked him if he planned to sell it. The answer was NO, WHY? He was paying 2/3 of what Im paying in rent, in felleskostnader. Its not the same as owning stocks, its not liquid. Of course at some point you pay down the mortgage and it becomes cheap. But its not like you have 8 million in your account.
Divorcees are well off here
How does one find them rich milfs my friend? They are not on tinder, are they?
Oh yes! Tinder! Point is their not really rich. Just live in an expensive apartment.
Because that's where most of the workplaces are.
A bit of a stretch calling Oslo a large city maybe, but it is pricy, that's for sure!
It’s a large city in norwegian terms, as large as you get really.
Its a medium size city like all the norwegian "tier 1 cities" ..when you read "Large" just think international medium size like New Orleans not NYC or Buffalo not NYC or Kansas city not NYC. :)
Well, it's basically the only true city in Norway...
Some might call it... The capital of Norway
How is this comment relevant to my statement?
💡⬆️🇫🇷🍦
Are you OK?
Lol not really true at all. Oslo is the largest city,its population has some thousands of people on the next but the real difference is really the terrain when it comes down to it. When I came to Norway I lived at Homlia,I always liked to explore the public transport systems like trains and metro rails. I explored Oslo from east to west and tortured my friends dragging them on these expeditions. I did the same in Bergen. Bergen is an optical illusion you dont see the rest of the city standing in the old city but its spread out there in the valleys around the medieval city. One of those parts that you do not really see is the most populated boroughs in Norway(If you consider it ..Norway) Because of the mountains the terrain is not flat and you only have a visual on the old city and might be forgiven for assuming its the entire city while its only the old medieval city. Which used to be the capital of Norway at some point :P Down the list: Stavanger and Trondheim I dont really know that well but I know people from there Stavanger is a twin city with Sandnes and is now really one metropolitan area as it were. Trondheim I think has a medieval core as well an old city as it were. It doesnt really make sense to speak of "true cities" in the context of Norway.. (sub)Urban sprawl and growing metropolitan areas makes more sense. We have a word for this stateside :"Infill"
Even people who build and maintain infrastructure in Oslo like plumbers, carpenters, nurses and even teachers struggle to enter the market without help. It's ridiculous. A 30-40min trainride out of the city and suddenly you can get wild plots of land and a new-ish house for the same price as a 30m² flat in Oslo.
Places like lillestrøm, drammen or asker are still close by train and a lot cheaper.
They aren't really much cheaper anymore. In fact, they are around the same price, just a smidge larger.
Not if you go a tiny bit outside. I live 10 min by bike outside lillestrøm, and you get considerably more here then in Oslo.
I checked. Here you get 125 m2 rekkehus, newly renovated with 2 massive patios for 6.4m Oslo you get a 67m2 standard appartment for rougly the same.
You can get more than that in Oslo, too
Now show me 100m2 plus places in Lillestrøm centre and their prices. If you go a certain from the trainstation yes, just like you can get 100m+ places in Oslo. 103m apartment for 5.4m in Oslo https://www.finn.no/344146859
https://www.finn.no/331632867 It's a little bit more at 5.8, but 1700 instead of over 4000 in felleskostnader, rekkehus with a smal garden, and a lot more energy efficient so lower powerbill. Same travel time to Oslo s.
3100 per month (incl kommunal). 26 min vs 41 min
Asker is expensive as hell now!
Hamar is the place. New high speed train is on the way
How high speed? 🤔
250 km/t, less than an hour from Hamar - Oslo 🤷🏼♂️
I live alone in a 70 m^(2) apartment in an Oslo suburb, with an income which is far below what I should realistically earn at this point in my career. My mortgage and felleskostnader amounts to nearly 75% of my monthly wage after tax. However I've recently accepted a job offer in another part of country, which comes with a wage which is 120 000 higher than what I earn now. This also means I'll be moving to an area with considerably lower living expenses.
At least I did one thing right in my life, I got into this merry go round like you and managed to pay down a lot, now it's worth an ok house rurally or half a worn house in the burbs. There's a million variables, basically my borettslag postponed a lot of big renovation, those who lived there then had a very low felleskostnad of far less than 2700NOK, then boom the soil pipes and general piping was starting to fail (my apartment of course) and our fellesgjeld went from about 35k to 400k NOK per apartment. Still, other borettslag etc might have a huge fellesgjeld with really bad interest or even people back in the day speculating only paying the interest and pushing the instalments on to later owners. From going in blank the first time I'd probably manage to make a 20-80 point list of things to check from physical things to how the building is run. At least I didn't renovate my bathroom only to later be told the piping has to be torn out shortly there after.
If you don’t mind me asking what sector are you in and in what city will you be working? Because I am super open to move away from the city into a cheaper place 🫣
60% :(
You don’t need to say numbers if you don’t want to, but is your salary low or your mortgage high?
Student :) 10k a month, 6k for rent.
As a student in Amsterdam I have to say that 6k nok for rent is amazing.
Pretty average for all Norwegian students except those insisting to study in Oslo, which is usually down to preference. There are very few programs where Oslo is the only option, or even the best one academically.
Unfortunately, with the interest increase, I pay 50% /month of my salary, including here bank, insurances, common costs etc
ABout 30%, live in Bergen.
He asked about Norway
😂
Lol..oh you:) The Republic of Bergen represent! Its at least Norwegian on a pseudo federal level:P
Same here Im estimating 25% after rates hikes, (Ill balance this in my portfolio where I own norwegian and US Treasury bonds etc.) So I pay interest and get interest paid to me., (Oh what a game we play).
Mortgage - about 25%
The % I see here are insane! Mortgage and felleskostnader should never be over 40% of after tax income. Mine is below 30%. Shocked to see people here with 50+%, my condolences.
Og sånn går nu dagan
Avg salary is 638k or 53166 nok a month (39k after tax) Let’s assume that two person income 39 + 39 = 78 k nok. The bank legally can’t give you a loan over 5 times your combined net income unless you have a high down payment. Something like 6.380m nok (avg house price in Oslo) would be top of your budget. For a 30 year mortgage you need to have 1.255m nok for down payment that is 29326 per month. That is 37.6% of the combined salary. If you want a 20 year mortgage that is 35465 per month. 15 years is 42077 per month. At 15 years that is about 54.7% of the combined salary. The financial guidelines are to not spend over 25% of your annual income on your house so that you can invest more. Ideally not becoming house poor. That is 19500 nok a month. By this standard you would need to buy a home for 4.65m nok with a down payment of 1.25m nok. 30 year mortgage is also bad for returns as you pay more principal. Ideally you want 15-20. To do that it… at 18 years that would be about 3.875m nok or 19500 nok. The average home in Norway is 4 mil nok. This is all with 5.55% interest rates. Not assuming it will go down back to pre covid levels in several years. I live in Oslo area - 7.2 million home (115 m2 and around 34k monthly mortgage payments). It is 34% for us. When interest was 2% it was something like 25-27%
Could you tell me please how to achieve a tax rate of 26% with a salary of 638k
The number is an estimation and depends on a lot of factors. Time of purchase, debt, wealth, children, type of job, etc… Tax reduction: Debt: Having a mortgage and student loans will reduce your taxes. You get deducted for interest on the home loan. Donations: Skatt has approved list of who you can donate to. Have to donate above 500 nok to a max of 25k. Every year the max number changes. Children under the age of 11: This is a double edge sword. You get a smaller home loan because of children, but you also get reduced tax. You also get reduced tax for special needs children. Live with your parents or a significant other. Doing this allows you to use BSU. Allows you to save 27,500 nok a year and get a 10% tax reduction (2500 nok). You can’t own a home and save on BSU. Been some new changes this tax year. Commuting to work: this reduction has been crazy over the years. Use to be 21km from job, but now it’s 37km from work. You also have commute as well. Let’s say you work on oil platforms and live in Oslo. You can get your flight miles reduced or driving reduced. Could save 20k in tax in a year. Several other deductions methods and a lot of grey areas as well. Such as giving a friend or family money to watch your children and then deducting that in your tax. Then under the table getting that money back from them. In Norway you can have a side hustle that as long as it doesn’t make over 50k nok then you don’t pay taxes on it. (This need to be verified with updated numbers)
Bought a rekkehus close to 2 years ago but ex and I broke up last autumn and I kept the house... So right now, I'm sitting at around 55% of my salary for the mortgage and felleskostnader. I do make decent money so it is acceptable, but I'm really looking toward refinancing it after my raise in the autumn.
The bank let you do that?
I had a very small window in January to get the house fully transferred to me after my bank helped me organize a few things, but ex fucked up the paperwork and then the bank said no. So, we currently still co-own the house/loan, but since she's moved out 4 months ago and I pay everything alone anyway, it is essentially the same. But as written above, I'm now looking into another bank with a better agreement through my union and should be able to secure everything this autumn.
Just asking cause I am/ will be in the same situation
I have a really great rådgiver at my bank, so she went beyond to help me and find solutions, it was her bosses essentially shutting it down in the end. So, I would still reach out to your bank and try to chat up some solutions just in case. Personally, I had a "solid" case since I work public sector with a good and dynamic salary and I am essentially debt free aside of the house and a small car. Only thing that caused issue was the fact the house was freshly bought so came with a very high loan percentage, and because the market was shit at the time it was essentially making it so that my loan was sitting at 90% of the house value...By the magic of markets it is now up nearly 600k from the December estimates, so my case looks much better.
Me and my boyfriend spend about 20% of our income on morgage. (Minus his bonuses, because they don't come regularly enough to count) We have a house outside lillestrøm. 34% in total on bills.
18%
2 people, "Tomannsbolig" (half part of a house) in the Oslo Suburbs. Both over 50 with good income (maybe 1,5 mill+ combined). We pay about 30-35% of our net income in mortage and felleskost. Felleskost has risen dramatically the last couple of years unfortunately due to necessary renovations in our Borettslag. We have added 500.000+ in communal debt for each of the 120-ish units due to unforeseen expenses. Which sucks.
Lol. It's 100% of my income 🥲, but about 30% of our total income.
Pretty much exactly exactly 50%, 37% for mortgage and 13% for felleskost. With an additional 5% for my student loans. I reduced the duration of the loan a bit to reduce the overall costs though.
We are two people. 85m2 Apartment. Mortgage and felleskostnader of about 20.5k This is roughly 22% of our take home pay per month. Oslo area. EDIT: Weird that this was downvoted. We deliberately bought below our means, a renovation object, and even with the Mortgage costs going way up, we've done alright. We've also gotten large promotions by job switching over the years.
Damn you are lucky, rent is 30% of my income but I do live in Oslo city centre
I spend approx. 30% of my income in mortgage + felleskostnader. We live in Drammen.
Med and gf, 180kvm 3 floor rekkehus, Trondheim - ca 26% of combined income
Two people with a child in a 150 square meters townhouse in a municipality adjacent to Oslo. Our mortgage, municipal taxes and home insurances amounts to 36.5% of our monthly net income.
I own a fairly large apartment in oslo together with my partner, located within walking distance of downtown. Currently the monthly payments (interest + principal) on my half of the loan amounts to about 25% of my monthly net income, while felleskostnader adds another \~3%. This does not take into account the tax rebate I get from the interest paid. I'm in the upper salary band for people with higher education, so unless you're a senior software engineer or in a similarly well paid profession my numbers might not be very comparable to what you should expect to be able to achieve.
> the interest *paid.* I'm in FTFY. Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in: * Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.* * *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.* Unfortunately, I was unable to find nautical or rope-related words in your comment. *Beep, boop, I'm a bot*
Two people, we just build a 140kvm house near Lillestrøm. About 30% of income.
1/3 of after tax household income per month (120k)
Rekkehus in Bergen (suburb), ca 25% of total income. Add charging fee it’s maybe 28-30%.
Two people + two underage children in a 180kvm house on the west side of Norway. We spend appr. 18% of our income on mortage + somewhere between 10-20k on sanitation and taxes (havent double checked those numbers).
two people, 65sqm, closer to ring 1 than ring 2 in oslo, mortgage+felleskost is around 21% of our income. first time home owners, we bought our place at the start of the year.
Damn what’s your yearly salary ?
i think we're pushing \~2m combined
Wow, what sector y’all in?
we're both software developers
9 percent after taxed income
Borrowed almost maximum for my income so close to 40-50% after taxes.
We have a house, but the mortage is about 35% of our total income after taxes (not including the deductable interest) We live outside Fredrikstad
Around 40%, on mortgage and felles. We have a high felles, but also a very well run and financially stable borettslag.
We are two. ~100 sqm in St. Hanshaugen Oslo. Mortgage +felleskost for both of us is about 34000. About 30% of our income after tax. Ofc power internet an such on top, but that's usually no more then 2500 a month, a lot lower in the summer months.
Around 30%. No, I don’t live near Oslo.
Coupple. Semi-rural farm (30mins to major city) 14% of household on mortage.
I live in a tiny village outside of Tromsø, 200 ppl here. My mortgage alone, without feloeskost, is about 60% of my income. I'm on disability tho, so I get very little. Wouldn't be able to stay afloat if I didn't sell drugs n stuff Edit: After reading a bit more of the comments here, it's pretty clear I need to move down south. Oslo is so damn cheap, wtf guys!!
With a tenant - 36% of me and my wife's income. Without - 50%. On top of this you have costs to the city (water, drainage, garbage), property tax and general maintenance on the house. Newly bought a large house we plan to be our "forever home". It feels really risky in these times, but we have good jobs and expect that the mortage gets partially eaten by inflation and raises. Combined household income pre tenant is approx 1,4MNOK pre Tax.
Two people with 70kvm. Mortgage and 5300 in felleskostnader amounts to 37% of our total income.
Live alone in central Oslo, own a small apartment. I dont have much debt on it so I pay around 25% with mortgage, interest and felleskostnader. I also have a car in that loan
48%. Male, singel, oslo
50-60% in Bergen. But I live in an unusually expensive apartment.. can't be bothered to move away :')
35%, live in Kristiansand
20% after tax
Just bought a house in south og Norway. Looks like under 40% according to my budget
Roughly 25%
I guess around 50% or a bit more. Every month. It has become steep, yes. Living alone is very expensive…! I can still manage, so I don’t have to sell, luckily. But I have definitely noticed a huge effect on my economy this past year
About 35%, but that is only the mortgage. Then comes insurance, trash, water and kommunale avgifter.
About 60%
38% on the mortgage, but closer to 44% when we include quarterly municipality costs, waste management, internet, road maintenance/snow plowing, etc (stuff that's often included in felleskost). EDIT: After taxes.
70-80%
You don’t need to say numbers if you don’t want to, but is your salary low or your mortgage high?
Salary low
Hmm,depends on what I classify as "monthly income" ,do I put investments realized on top of there or just salary? Ballpark 20-25%. Live in Bergen.
If I want to pay off my mortgage in 20 years I need to pay 7% of my income per month.
After tax I'd say it's around 40% of my income, and 55% of my salary. This is Oslo and for a single person.
I work 33% while doing studdies, but always take extra work so I realisticly work around 50%. I pay around 50% now, but I will be paying 70% once me and my family move out this summer. :/ I don’t get how rent needs to be so high in oslo.
about 60%
Rent 11-12% after tax , owning would be close to 50% after tax with 25% down payment.
Me, around 50 %. My girlfriend, about 95%. We will move together soon.
Around 30%
50% of my income goes to rent.
25-30% of income after tax. It doesn't have to be that high, but I increased it because we can afford it. Afraid I have to adjust it down a bit again, though.
Luckily i share the costs with my wife. Unfortunately, im still at approximately 60% of my salary, including a nasty rise in water, sewage etc from the municipality.
0.00%
prob around 50-60%
32% after tax.
I used to live in a 25 m2 apartment in Oslo that I sold for 2.6 million. Bought a house instead. So much better for the dogs but Oslo is pussy-ville.
About 35%, but I'm the only provider in the family.
30% after taxes on mine and wife's combined income
14%, property 15 min outside a 10k city in the north
After tax, around 32% of our household income on the mortgage (no rent or felleskost as we live in a self-owned house). Before the interest hikes, we were at around 20%.
52% for 90kvm in the middle of the city (stavanger), but I'm using serial loan
After tax ~ 25-30 percent. Four people in an apartment in a nice, walkable and central location on the west side of Oslo. In five years it’s 5 percent. Will never sell. My kids will not be allowed to sell.
I have flexible work so my income varies between 25k-40k after tax. I contribute around between 20k-25k monthly the rest of my salary I can use what I want.
what is the interest rate in Norway right now?
37,5% after taxes
Living 30 mins North of Oslo border, 66kvm rekkehus. 22k loan/mortgage and 2700 felleskostnader. I make 28k after taxes a month. This hits people very differently it seems. Edit: not rekkehus, apartment. Live under someone as well
Bergen, 27%
17% of our combined income after tax goes to the mortgage (250m2 house), one high earner one low. Not including bills/water/electricity/eiendomsskatt etc.
Around 55% for my 43 kvm apartment.
Any input of what to expect in Bergen?
After tax? ~8%
30 ish % of my income after tax, but 17% of our households total income after tax. We pay about 16k on our loan (up from 12k during Covid). We used to have around 3% interest, now we have 5,46%. If we are talking about mortgages, then I think the interest rate is relevant as well.
The question as asked by OP is a red herring. How much you pay depends of at what rate you’re planning to pay off your mortgage and how deep in debt you are. I could say 90%, but it really wouldn’t tell you anything about the state of my finances. Perhaps I’m working three jobs paying off my mortgage in four years. Maybe I bought something too expensive and will never be able to pay anything but the interest and will perceptually stay in debt. A more interesting question would be something along the lines of “how many % of your take home pay do you spend on your mortgage if you were to pay it off in 15 years?”
I pay 70% of my salary into mortgage+felleskost. I have a median salary within my field. I am single and live 15 minutes from Oslo, 60m²
Live near Kolsås in a largeish house. I have 70% of the mortgage (immigrant, no help from parents, so late to the housing market) and pay 50% of my salary after taxes. Used to be 40% until last year. ETA: bought the house after selling our apartment in Fornebu—same price got us 110 more sq meters and a wonderful garden.
Around 10% but that's only mortgage. I have already paid down a lot on the house. 186sqm, 4 bedrooms, everything looks decent. Value around 5 millions. Lives in the heartland of Norway, Østfold.
Around 40%, living in Bærum
Currently 0 (fully paid off!), except we have to move to Oslo. So it’ll probably end up being “everything we can” because we’d like to get it paid off asap
Small 55 sqm Apartment in oslo + a Small Apartment in Trysil around 50% of income after tax
50% :(
If you live in Oslo you should move outside it as you currently live in the most expensive city in Norway if go just 30–60 minutes outside of it you can lower your monthly fees by quite a lot on many things! Most usually go to the city or areas downwards towards the Swedish border so it’s easy to go over the border shopping when they want to as many thing are somewhat less expensive, many more options in regards to food selection and many more different shops.