How much do you spend on rent/mortgage?

Gael23 · 11-06-2019 2:32pm #1

I’m looking at renting this gorgeous apartment but it’s 40% of my wage every month just on rent.
Is this average these days or what do people spend?

11-06-2019 2:33pm

Gael23 wrote: »

I’m looking at renting this gorgeous apartment but it’s 40% of my wage every month just on rent.
Is this average these days or what do people spend?

depends on yr income and what the rent is

SteelyDanJalapeno · 11-06-2019 2:34pm

40% is too high.

We spend about 18% on our rent, and we are saving another 30% for mortgage

Gael23 · 11-06-2019 2:35pm

I’m more talking about proportions but the rent is €900 a month which is 35-40% of my take home salary.

jam_mac_jam · 11-06-2019 2:37pm

25% of my take home.

Deebles McBeebles · 11-06-2019 2:37pm

Gael23 wrote: »

I’m looking at renting this gorgeous apartment but it’s 40% of my wage every month just on rent.
Is this average these days or what do people spend?

Its high enough but definitely not unheard of. Would you really want 40% going on that alone though?

11-06-2019 2:38pm

Gael23 wrote: »

I’m more talking about proportions but the rent is €900 a month which is 35-40% of my take home salary.

rent is 25% of my takehome, two of us in a one bed tho!

another 25% into savings

magic_murph · 11-06-2019 2:38pm

too much - walk away. It's probably a kip, not as advertised or you will be sharing with 20 other optimistic people.

eviltwin · 11-06-2019 2:39pm

14% of two combined incomes. 40% is unworkable.

amcalester · 11-06-2019 2:40pm

40% seems high, when renting I aimed to keep it below 25% of take home.

Currently paying 15% on a mortgage with another 15% on commuting, not ideal but if the job goes so does the commuting.

somesoldiers · 11-06-2019 2:41pm

E750 pm, 4 bed semi, Kells approx 12% of household take home

Very much the exception I know & we are very lucky, no increase in 4 years living there. Our landlord lives abroad & is happy just to have a family looking after the place at rent that covers her mortgage

after a 4 year wait with one thing and another hoping to start our house built later this year....if we can get a builder...

Gael23 · 11-06-2019 2:42pm

It’s a 2 bed apartment so sharing with one other. Will take home ~€2.4k a month and €900 for this place. It’s in South Dublin also.

amcalester · 11-06-2019 2:43pm

Gael23 wrote: »

It’s a 2 bed apartment so sharing with one other. Will take home ~€2.4k a month and €900 for this place. It’s in South Dublin also.

Any travel costs?

Gael23 · 11-06-2019 2:46pm

amcalester wrote: »

Any travel costs?

Supermarket, work and gym are all within a half mile radius. Only travel cost would be going down home at weekends so €20-25 on those weeks. Plus Luas into town if I wanted

rawn · 11-06-2019 2:46pm

Not renting atm, but my husband and I have a combined monthly income of €2500, and average rent for a 2 bed in the area we need to be in is €1600 pm so... I'd love to only pay 40% on rent!

11-06-2019 2:47pm

900 for own bedroom near luas in a decent place....

i mean look i hate to say it but thats not bad

endacl · 11-06-2019 2:47pm

About 5% ish on two mortgages.

We got lucky with timing.

ZilkyG · 11-06-2019 2:48pm

€1950 per month rent for me.

SusanC10 · 11-06-2019 2:48pm

We pay approx 20% of monthly net Income (excluding Child Benefit) on our Mortgage. Single Income Family.

Mickeroo · 11-06-2019 2:52pm

Roughly 10% of my monthly wages. (Halfs on the mortgage with my OH).

marcbrophy · 11-06-2019 2:53pm

Gael23 wrote: »

I’m looking at renting this gorgeous apartment but it’s 40% of my wage every month just on rent.
Is this average these days or what do people spend?

Not quite 40, but mine is 39.76% of my monthly salary

Gael23 · 11-06-2019 2:58pm

marcbrophy wrote: »

Not quite 40, but mine is 39.76% of my monthly salary

How does that work for you? Do you find you have enough left for everything else.
I’m single and I have decent savings already so I’m good that way. I’m getting a €10k pay rise for this job so I guess most of the extra will go.

biko · 11-06-2019 3:03pm

The mortgage for me is similar - 40%, but we are two paying so more like 22%

Grayson · 11-06-2019 3:03pm

I'm single and renting a one bed just outside Dublin. It works out about 1/3 of my income. I'm lucky though, most places go for far more.

KikiLaRue · 11-06-2019 3:05pm

I pay €855 in Rathmines. I used to live on Talbot Street and paid €625 for that.

While expensive, my current place has everything I could possibly need in walking distance and it’s safe, has a lovely atmosphere and I’m allowed have my doggo.

JohnnyFlash · 11-06-2019 3:06pm

I have mortgages on a few properties. The rent is covering them all, and I own the apartment I’m living in outright. The family home had the mortgage paid off a few years back.

_Brian · 11-06-2019 3:06pm

12%

....... · 11-06-2019 3:07pm

KikiLaRue wrote: »

I pay €855 in Rathmines. I used to live on Talbot Street and paid €625 for that.

While expensive, my current place has everything I could possibly need in walking distance and it’s safe, has a lovely atmosphere and I’m allowed have my doggo.

That sounds excellent for Rathmines.

We have had 2 different people leave their jobs in my place recently, both because they couldnt find anywhere affordable to live and there is another guy just been told his LL is selling the property so he is looking to leave Ireland altogether.

biko · 11-06-2019 3:09pm

You should probably ask in your regional forum OP to get numbers for people around you rather than on a national level.

ItAintMeBabe · 11-06-2019 3:13pm

Our house is 600 Euro a month between us, so spend 300 a month on rent each. My take home pay varies every month, but it's approx 2200.

suicide_circus · 11-06-2019 3:16pm

25% of monthly net pay.

but we went for a shorter mortgage.

elefant · 11-06-2019 3:16pm

Gael23 wrote: »

It’s a 2 bed apartment so sharing with one other. Will take home ~€2.4k a month and €900 for this place. It’s in South Dublin also.

Sounds pretty decent, to be honest.

marcbrophy · 11-06-2019 3:16pm

Gael23 wrote: »

How does that work for you? Do you find you have enough left for everything else.
I’m single and I have decent savings already so I’m good that way. I’m getting a €10k pay rise for this job so I guess most of the extra will go.

I can get by month to month, with a bit of mindful budgeting.
I save a little too ~10%
I'm not in the capital though, so cannot attest to the place!
You should be grand with your pay rise

D3V!L · 11-06-2019 3:20pm

About 15% of my salary on my mortgage.

Baggly · 11-06-2019 3:28pm

Mod

Thread belongs in Acommodation & Property. Please note the local charter there if mods reopen the thread.

Graham · 11-06-2019 3:37pm

Mod Note

Thanks Baggly, thread re-opened.

voluntary · 11-06-2019 3:47pm

So many people pay much more than 40% for rent. The other option is sharing or signing up for a social welfare assistance (or both).

Danzy · 11-06-2019 3:50pm

Gael23 wrote: »

It’s a 2 bed apartment so sharing with one other. Will take home ~€2.4k a month and €900 for this place. It’s in South Dublin also.

You'll live like a hermit.

40% is way too high.

Hogzy · 11-06-2019 3:52pm

15% on mortgage.

SozBbz · 11-06-2019 3:52pm

Around 15% currently - mortgage on apartment.

In the process of buying a new place (house), which will probably double my current monthly payment but am keeping existing apartment which will pay for itself + small surplus after taxes and other costs.

I occasionally get a bonus pay check so the plan is the chip away at the principal of the PPR over time to reduce the term and/or repayments. Ideally 20% or less would be ideal.

alroley · 11-06-2019 3:56pm

35% of my net goes on renting a room

loveisdivine · 11-06-2019 3:56pm

23% of our combined net salary goes on our mortgage.

....... · 11-06-2019 4:00pm

14% of combined salary on mortgage.

This is a kind of how long is a piece of string question though. A lot of people pay a high proportion of wages to housing in their early career then as time passes and their salary goes up that percentage comes down.

tusk · 11-06-2019 4:00pm

About 27% of combined salaries on mortgage for a 4bed in Ashbourne

Bandana boy · 11-06-2019 4:06pm

17% of combined take home on current house - first house was ~30% of combined with payback on loans for deposit/stamp duty first home rose to 40% for first 3 years .
Them times were tough

voluntary · 11-06-2019 4:14pm

Percent of earnings is a useless number. You'd better consider how much you get to keep after regular expenses and see if you can live off it comfortably, uncomfortably or struggle.

techdiver · 11-06-2019 4:27pm

On our baseline mortgage repayment we pay 15.8% of our household Net income (single income household).

We voluntarily overpay our mortgage up to 27% of Net pay.

The_Honeybadger · 11-06-2019 4:33pm

9% of net household income with two people working. 40% is an awful lot and well above the norm imo.

DelBoy Trotter · 11-06-2019 4:34pm

28% of our net pay goes on rent each month

DelBoy Trotter · 11-06-2019 4:36pm

The_Honeybadger wrote: »

40% is an awful lot

Agreed

The_Honeybadger wrote: »

well above the norm imo.

Disagreed. I wouldn't say it it well above the norm, especially with the current rental prices in Dublin

mark_jmc · 11-06-2019 4:44pm

mortgage is 1750- about 17% of our combined monthly net take home pay

How much do you spend on rent/mortgage?

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