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How much do you spend on rent/mortgage?

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1356

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    #62
    Gael23
    Registered Users Posts: 12,086 ✭✭✭✭Gael23


    I would be taking home 2500 approx and paying 950 rent


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    #63
    messy tessy
    Registered Users Posts: 889 ✭✭✭messy tessy


    34% on rent. Hopefully only for one more year though.


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    #64
    theboringfox
    Registered Users Posts: 509 ✭✭✭theboringfox


    13% of our combined net pay. Would feel fine paying up to 25%. But totally depends on other outgoings. We have just had first kid and in 6 months my childcare costs will be bigger than mortgage. I get it is only for few years. Same way if you were very confident your wages will grow you might be OK paying more now. I'm pretty sure I've little potential to grow my income.


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    #65
    clio_16v
    Registered Users Posts: 529 ✭✭✭clio_16v


    31% currently. Was closer to 45% this time last year but switched jobs. Thats excluding bills, food, nappies etc


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    #66
    Blaizes
    Closed Accounts Posts: 809 ✭✭✭Blaizes


    That’s too much what if the landlord hikes the rent or could he do that. Could you work remotely do a house share down the country and commute one or two days. Or could you negotiate with the landlord. Alternatively any options with your company to work overseas.


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    #67
    Gael23
    Registered Users Posts: 12,086 ✭✭✭✭Gael23


    clio_16v wrote: »
    31% currently. Was closer to 45% this time last year but switched jobs. Thats excluding bills, food, nappies etc
    How did you manage with it?
    Blaizes wrote: »
    That’s too much what if the landlord hikes the rent or could he do that. Could you work remotely do a house share down the country and commute one or two days. Or could you negotiate with the landlord. Alternatively any options with your company to work overseas.

    They can only increase rent by 4% per year. You are right, an increase would make it unaffordable but then I have a year before than happens.
    It might actually be useful to talk in money terms rather than % if people are willing to. I will earn €2.5k a month roughly and pay €950 on rent if I get this place. That leaves €1600 for everything else


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    #68
    keyboard_cat
    Registered Users Posts: 579 ✭✭✭keyboard_cat


    Myself and my girlfriend pay about 100 a month between us for our 2 bed apartment (we just cover the maintenance fees of the apartment belonging to a family member until it’s sold) so about 1.6% of our take home unfortunately this comes at the cost of me commuting an hour and a half each way to work and spending about 500 a month in diesel/car maintance
    I would love to live closer to work but am too stubborn to pay crazy Galway rent


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    #69
    James Bond Junior
    Registered Users Posts: 5,128 ✭✭✭James Bond Junior


    About 10% of combined net pay on the mortgage. Moving abroad in a few weeks and will get a housing allowance as part of the package which is very attractive. House will be let at home while we are gone.


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    #70
    Interested Observer
    Registered Users Posts: 13,004 ✭✭✭✭Interested Observer


    At the moment my wife and I are paying about 33%, which is very high but she's on mat leave and is missing the variable chunk of her salary. When she goes back to work it'll be about 25% of our take-home on the mortgage.


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    #71
    stdidit
    Registered Users Posts: 553 ✭✭✭stdidit


    Renting a 2 bed in Kilmainham, for about 18% of our combined income.
    I think 40% is manageable but you should only look at it as a short term solution, especially if you have ambitions of saving.


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    #72
    shivermetimber
    Registered Users Posts: 270 ✭✭shivermetimber


    45-50% of take home pay on rent. That's Dublin for you these days.


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    #73
    Sunrise_Sunset
    Registered Users Posts: 1,211 ✭✭✭Sunrise_Sunset


    Single income family. Will be paying 29% of net income on mortgage.


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    #74
    pwurple
    Closed Accounts Posts: 12,449 ✭✭✭✭pwurple


    25% of my income goes to mortgage, but that includes an overpayment to bring the remaining term down.

    My household budget was split 50:30:20 before kids. 50% bills, 30 discretion/fun/holidays and 20% savings. This felt like a good balance.

    I have tweaked it since, it's now 50:25:25... putting away a rainy day / college fund for them. Feels tighter alright, but will flip it back in a few years.


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    #75
    overkill602
    Registered Users Posts: 267 ✭✭overkill602


    As a LL if someone is renting on there own anything over 1/3 should be off limits


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    #76
    ExoPolitic
    Registered Users Posts: 353 ✭✭ExoPolitic


    From looking at the above, it seems if you value your lifestyle and quality of life, quit Dublin.


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    #77
    Gael23
    Registered Users Posts: 12,086 ✭✭✭✭Gael23


    I’m looking to it from the perspective that I’ll be saving €20 a week on Bus fares if I was to live further out


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    #78
    pwurple
    Closed Accounts Posts: 12,449 ✭✭✭✭pwurple


    Gael23 wrote: »
    I’m looking to it from the perspective that I’ll be saving €20 a week on Bus fares if I was to live further out

    Quality of life though.... How much time do you want to spend commuting?


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    #79
    Interested Observer
    Registered Users Posts: 13,004 ✭✭✭✭Interested Observer


    ExoPolitic wrote: »
    From looking at the above, it seems if you value your lifestyle and quality of life, quit Dublin.

    I'm grand here thanks.


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    #80
    ILikeBoats
    Registered Users Posts: 2,431 ✭✭✭ILikeBoats


    18% of net combined incomes for mortgage


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    #81
    ELM327
    Registered Users Posts: 21,373 ✭✭✭✭ELM327


    13% currently (3 bed apartment in Meath) of my net take home pay.
    Looking to move in the near future so both of us will be on the mortgage while keeping the figure as close to the current 13% as possible - albeit this time it will be 13% of our 2 salaries not just mine.


    Couldn't imagine 40% on mortgage, that's madness.


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    #82
    z0oT
    Registered Users Posts: 740 ✭✭✭z0oT


    Currently it's 0%.

    But when the time comes, the plan is to be at slightly less than 30% of our combined salaries on the mortgate.

    However the term time is a lot shorter than what most take out.


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    #83
    Prospector1989
    Registered Users Posts: 212 ✭✭Prospector1989


    On the first month of our mortgage as first time buyers. Mortgage plus life insurance is around 26% of our combined net income. Quite comfortable with that amount for now. Hoping to factor in an overpayment once things settle down which will probably bring things up to close to 30%.


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    #84
    voluntary
    Registered Users Posts: 871 ✭✭✭voluntary


    Looking below, as a single person, you should have a minimum of €1050 left after paying your mortgage or €850 after paying your rent.
    ~200 less with a mortgage as it will cost you around that to cover the property tax/management fees and small maintenance.

    This also ignores a risk of a large maintenance needed or a risk of interest increase on your loan, which can be significant.
    A single person monthly costs: 852.78€ without rent.
    https://www.numbeo.com/cost-of-living/in/Dublin


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    #85
    hots
    Registered Users Posts: 5,200 ✭✭✭hots


    25% of net combined for us (worst case as one of us is somewhat variable pay). Don't forget anyone getting a mortgage now is far more likely to be hitting high numbers than someone with an older mortgage. I would expect 20-40% is probably the norm now. Do out a full budget and see if you can live of what's left after.


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    #86
    Bigmac1euro
    Registered Users Posts: 1,455 ✭✭✭Bigmac1euro


    20-25% of combined income on rent, 30% on savings. Although at this moment in time 40% is probably not too bad, it’s pretty tough out there.


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    #87
    Hooked
    Registered Users Posts: 2,774 ✭✭✭Hooked


    Just worked it (the mortgage) out as 24% of MY take home
    and as my wife earns more than me... that makes it
    a shade over 10.5% of our combine salaries...

    And we are not on mad money. We just have a small-ish mortgage. And no kids/loans.

    ...it makes for a very comfortable life!

    40% is insane :eek:


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    #88
    Phat Cat
    Registered Users Posts: 618 ✭✭✭Phat Cat


    My wife and I are paying around 25% on our mortgage from our combined incomes in South County Dublin.

    I really feel sorry for any single people living around Dublin, especially in the city centre, the rent prices there are absolutely astronomical. When I was renting a 1 bedroom in the city centre back in the Celtic Tiger days it was only €900 per month and a stones throw from St. Stephens Green. The same place is around €1600 today which is totally insane!!!


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    #89
    limerickabroad
    Registered Users Posts: 93 ✭✭limerickabroad


    Interesting topic.

    Exactly 25% of my take-home pay goes on my mortgage (I'm a single person in Limerick city). Very happy with that, as home is within cycling distance of work, so commuting costs are minimal


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    #90
    Gael23
    Registered Users Posts: 12,086 ✭✭✭✭Gael23


    voluntary wrote: »
    Looking below, as a single person, you should have a minimum of €1050 left after paying your mortgage or €850 after paying your rent.
    ~200 less with a mortgage as it will cost you around that to cover the property tax/management fees and small maintenance.

    This also ignores a risk of a large maintenance needed or a risk of interest increase on your loan, which can be significant.


    https://www.numbeo.com/cost-of-living/in/Dublin

    I'll have well more than €850 if I get this place


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    #91
    Dubh Geannain
    Registered Users Posts: 3,393 ✭✭✭Dubh Geannain


    When we bought (4 years) it was around 20% of combined take home. I can't remember exactly. Down to 15.5 % now


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