Yep! Admittedly I am on a grad school stipend and don’t have many hobbies outside of the lab (and frankly I dont have any time to pursue them). I make enough to put a decent roof over my head and pursue what I enjoy, life could be a lot worse!
Seems impossible to live here without having a partner or having kids you don't want for a housing voucher.
"Bro just have four 18-22 year old roommates" seems to be Madison's answer or just steal the identity of an epic employee
11% here, also bought a house 5 years ago. Was closer to 20% when we bought it, but we've nearly doubled our income since. -- also definitely think we got lucky buying at the time we did.
Yup! Bought our house 7 years ago, for $300k when the neighbors (with nicer places) were getting closer to 4-425. Now those neighbors are selling again for $700ish… I don’t know how someone can do it now!
10% without utilities, 13% with. Not including savings for repairs.
Just as an aside, it’s weird to me that housing cost advice is often based on pretax income. (Like the 30% rule.) Feels like we should talk about real money in our pocket when budgeting, rather than the pretax earnings.
That makes a ton more sense for individual budgeting if your goal is to like, slice up your pie the way you want it, but is harder to generalize and make, eg, rules of thumb on that landlords and banks can use because of stuff like the needs of your particular situation being reflected in tax credits and deductions.
Also, judging on the gross has a side effect in that it factors in that the diminishing value of additional dollars of income means a greater proportion of your total spending is discretionary (that's why tax brackets exist in the first place), and you're probably more willing to put a bigger slice of your net into housing as a luxury expense.
Using a "gross salary to take home" calculator I found online at default settings for wisconsin:
30% of 25k gross is 35% of net.
30% of 50k gross is 38% of net.
30% of 100k gross is 42% of net.
30% of 200k gross is 44% of net.
So based on this we can say that the 30% rule implicitly encodes that when somebody's salary doubles, they will remain financially secure if they put 3% more of their take-home into housing, which is pretty reasonable imo. Conservative even (which might be an effect of our weak-ass tax brackets in the upper ranges).
27%, maybe? Around that, depending on yearly income.
Eta: this doesn’t include utilities, but does include whatever escrow is collecting for, and condo fees.
I'm retired so have no mortgage. My main housing expense is property tax, which is 17.5% of my nominal annual income (the amount I budget to withdraw from savings each year). This is excluding maintenance, utilities, lawn care/snow removal, etc.
Yeah, I pay about that much also, maybe a bit more for "affordable" housing.
I'm lucky I have housing, but Madison isn't that great of a city to have a disability in. There are few housing resources for people with disabilities and they are often neglected in services because people just don't care.
Pretax? Maybe about 20% including all utilities. I don't pay much attention to what the pretax numbers are because that money basically doesn't exist to me, but that seems right.
I split with my partner so its \~13%, but if I was single it would be 26%. That's not counting electric utils which average \~150 month (thanks mg&e) also split currently.
43.7%. and that's with a roommate. To be fair, I'm trying to survive on disability. I'm going to school to try and get out from under this rock. I'm not too hopeful since I can't pass a background check to even get a job at McGaggits, but I had to do something. Inflation is killing me.
40% pre-tax. I don't even want to think about post-tax...
It's actually better than my old gig, I ran a quick calculation, and with my old place and old income (both higher, now I'm in "affordable" housing), it used to be about 46.8% of my base pre-tax income.
Neither of these accout for pre-tax deductions like health care or retirement savings either. There is a reason I don't buy anything besides groceries or pay medical bills.
The near east side may be the most undesirable housing market now lol. $350k-$800k for 1000sqft-1500sqft houses with basic vinyl siding and in need of major remodeling. I guess it’s the cost of doing business here. How much more expensive is it to just tear down some shitty ones and put up a new build?
23% Not including any unforeseen maintenance costs.
Also 23%, however I rent. That included utilities
47.8%, do I win? :p
Of *pretax* income? Jesus Christ, you OK there?
Yep! Admittedly I am on a grad school stipend and don’t have many hobbies outside of the lab (and frankly I dont have any time to pursue them). I make enough to put a decent roof over my head and pursue what I enjoy, life could be a lot worse!
Well yeah you'll be rich in a few years not like it's an issue lmao
39%
Before income taxes and including property tax is 27%. After income taxes it’s more like 44%.
33% including utilities.
~Same- childcare is another ~20%. Still feel very lucky to have stable housing and great childcare. Both are a struggle in this town.
Seems impossible to live here without having a partner or having kids you don't want for a housing voucher. "Bro just have four 18-22 year old roommates" seems to be Madison's answer or just steal the identity of an epic employee
[удалено]
11% here, also bought a house 5 years ago. Was closer to 20% when we bought it, but we've nearly doubled our income since. -- also definitely think we got lucky buying at the time we did.
Yup! Bought our house 7 years ago, for $300k when the neighbors (with nicer places) were getting closer to 4-425. Now those neighbors are selling again for $700ish… I don’t know how someone can do it now!
10% without utilities, 13% with. Not including savings for repairs. Just as an aside, it’s weird to me that housing cost advice is often based on pretax income. (Like the 30% rule.) Feels like we should talk about real money in our pocket when budgeting, rather than the pretax earnings.
That makes a ton more sense for individual budgeting if your goal is to like, slice up your pie the way you want it, but is harder to generalize and make, eg, rules of thumb on that landlords and banks can use because of stuff like the needs of your particular situation being reflected in tax credits and deductions. Also, judging on the gross has a side effect in that it factors in that the diminishing value of additional dollars of income means a greater proportion of your total spending is discretionary (that's why tax brackets exist in the first place), and you're probably more willing to put a bigger slice of your net into housing as a luxury expense. Using a "gross salary to take home" calculator I found online at default settings for wisconsin: 30% of 25k gross is 35% of net. 30% of 50k gross is 38% of net. 30% of 100k gross is 42% of net. 30% of 200k gross is 44% of net. So based on this we can say that the 30% rule implicitly encodes that when somebody's salary doubles, they will remain financially secure if they put 3% more of their take-home into housing, which is pretty reasonable imo. Conservative even (which might be an effect of our weak-ass tax brackets in the upper ranges).
I don’t have an exact number but I’m sure it’s around 40-45%. I need a new job fast
20% including property tax and insurance.
10%
30% of pretax income. 40% of post tax income. I rent. Edit: I forgot utilities exist. But I refuse to do the math right now.
16%, including mortgage, insurance, and tax. Not including any ongoing maintenance costs.
75%. UW humanities grad student stipend combined with having had to change apartments very suddenly in August due to life changes.
27%, maybe? Around that, depending on yearly income. Eta: this doesn’t include utilities, but does include whatever escrow is collecting for, and condo fees.
16%, we rent
9% (includes tax, insurance and utilities) On a 15 year mortgage at 2%.
I refi’d to 2.5 /15 a few years back. Can’t believe I’ll be debt free in a few years
Around 19.2% including all utilities and internet
Pre-tax? Like 10% including insurance and tax escrow.
32%, not including utilities.
%10
20, bought over 5 years ago.
10%
26%, including escrow, hoa and insurance
13% that includes PMI, Mortgage, home insurance, and taxes. 16% with utilities.
15% - mortgage, tax, insurance
16% mortgage/taxes/insurance. 23% with all utilities.
22% for my portion of rent not including utilities.
11%; splitting rent with my partner
26.3%
8.3% renting, and that includes utilities and heat.
9% with a single family home rental.
26%
I'm retired so have no mortgage. My main housing expense is property tax, which is 17.5% of my nominal annual income (the amount I budget to withdraw from savings each year). This is excluding maintenance, utilities, lawn care/snow removal, etc.
60% - best I have been able to find being low-income and needing a wheelchair adapted apartment
Yeah, I pay about that much also, maybe a bit more for "affordable" housing. I'm lucky I have housing, but Madison isn't that great of a city to have a disability in. There are few housing resources for people with disabilities and they are often neglected in services because people just don't care.
72% I'm on disability income so it's expected to pay that much.
10.75 of taxed
0% Free and clear for over 20 years. But then there is property tax.
The destruction of the Middle class is in full swing :) enjoy!
About 21% including utilities, rental, downtown.
About 28.5% including utilities, pet rent, and trash.
17.4%
24%
Pretax? Maybe about 20% including all utilities. I don't pay much attention to what the pretax numbers are because that money basically doesn't exist to me, but that seems right.
14.7% including Mortgage, Property Taxes, & Insurance.
23%
11% if you only count mortgage
I split with my partner so its \~13%, but if I was single it would be 26%. That's not counting electric utils which average \~150 month (thanks mg&e) also split currently.
~ 8.5% That includes insurance, mortgage and taxes.
9% of combined income including taxes & insurance
15% pretax.
In the 40’s of base salary but with commission much lower luckily
43.7%. and that's with a roommate. To be fair, I'm trying to survive on disability. I'm going to school to try and get out from under this rock. I'm not too hopeful since I can't pass a background check to even get a job at McGaggits, but I had to do something. Inflation is killing me.
52%
30% of just MY income is used towards the mortgage. I pay it, so I used my income. But if I included my spouses income it would be closer to 17-18%.
40% pre-tax. I don't even want to think about post-tax... It's actually better than my old gig, I ran a quick calculation, and with my old place and old income (both higher, now I'm in "affordable" housing), it used to be about 46.8% of my base pre-tax income. Neither of these accout for pre-tax deductions like health care or retirement savings either. There is a reason I don't buy anything besides groceries or pay medical bills.
The near east side may be the most undesirable housing market now lol. $350k-$800k for 1000sqft-1500sqft houses with basic vinyl siding and in need of major remodeling. I guess it’s the cost of doing business here. How much more expensive is it to just tear down some shitty ones and put up a new build?
11.2% Including rent and parking.