How much do you spend on rent/mortgage?

zell12 · 11-06-2019 4:51pm

The State charges ~15% of income for rent of social housing.

I assume this is what is the maximum acceptable level of accommodation cost

Neworder79 · 11-06-2019 4:52pm

DelBoy Trotter wrote: »

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

41%, renting a fairly old house in South Dublin (single income family).

I know lots of people stuck in same situation. Happy to move for cheaper in any normal market, but there's no price variation across greater Dublin region now, basically anyone leasing a converted garden shed to a waterside apartment is looking for 1000+ per room. It's that or move away and spend 2+ hours a day in traffic.

Cocobongo · 11-06-2019 4:53pm

We pay €1,100 p/m from our take home €6,500 combined. It’s not bad as being 16%, but still is a huge amount for a small flat when you think about it, some people seem to be paying lower % too

tony1980 · 11-06-2019 5:24pm

15% of our combined net pay goes on the mortgage each month.

dancingqueen · 11-06-2019 5:29pm

37% 1750 for a 2 bed that genuinely, is in dire shape with very dated appliances and furniture. When we see brand new ones going for 1850 we feel very ripped off. South Dublin.

douglashyde · 11-06-2019 5:58pm

34% on mortgage.

However percentage is a bad number, consider disposable income after all bills are paid.

Also, people fail to consider wage growth, mortgages (I know you're considering renting) stay fairly stable but wages/salaries tend to grow.

lasalle · 11-06-2019 5:58pm

20% for 3bed mortgage, single income family of 4

Dawido · 11-06-2019 6:18pm

€60 from €2250 net pay which is about 2%. Living with parents arm but migrating soon as housing is broken in this state.

Heres Johnny · 11-06-2019 6:18pm

Bought my house in 2010 and mortgage was about 990 at the time, I was earning 36000 a year or about about 2700 a month take home so it was 35% at the time.
Now the girlfriend lives with me we take home a combined 8000 approx and mortgage is 930 now so it's about 11.5% of combined. Felt both were manageable to be honest, more so now obviously

Bass Reeves · 11-06-2019 6:25pm

Talking to a lad who was in the US for years. When he first arrived an uncle of his advised him he be paid by the month(4 week) in the job he was going into. He said his rent should cost him no more than a weeks pay, he should be able to have a good lifestyle on two weeks pay and to save a weeks pay out of every check. He always followed this thinking

Gael23 · 11-06-2019 6:59pm

I would be taking home 2500 approx and paying 950 rent

messy tessy · 11-06-2019 9:25pm

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

theboringfox · 11-06-2019 9:31pm

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.

clio_16v · 11-06-2019 9:45pm

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

Blaizes · 11-06-2019 9:48pm

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.

Gael23 · 11-06-2019 9:56pm

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

keyboard_cat · 11-06-2019 10:02pm

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

James Bond Junior · 11-06-2019 10:16pm

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.

11-06-2019 10:24pm

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.

stdidit · 11-06-2019 10:30pm

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.

shivermetimber · 11-06-2019 10:30pm

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

Sunrise_Sunset · 11-06-2019 10:34pm

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

pwurple · 12-06-2019 2:44am

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.

overkill602 · 12-06-2019 3:26am

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

ExoPolitic · 12-06-2019 3:38am

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

Gael23 · 12-06-2019 7:18am

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

pwurple · 12-06-2019 7:24am

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?

12-06-2019 7:45am

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.

ILikeBoats · 12-06-2019 8:51am

18% of net combined incomes for mortgage

ELM327 · 12-06-2019 8:56am

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.

z0oT · 12-06-2019 9:20am

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.

Prospector1989 · 12-06-2019 9:41am

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%.

voluntary · 12-06-2019 9:42am

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

hots · 12-06-2019 10:23am

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.

Bigmac1euro · 12-06-2019 10:31am

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.

Hooked · 12-06-2019 10:43am

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:

Phat Cat · 12-06-2019 11:08am

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!!!

limerickabroad · 12-06-2019 11:21am

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

Gael23 · 12-06-2019 11:28am

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

Dubh Geannain · 12-06-2019 11:39am

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

GreeBo · 12-06-2019 11:44am

I dont get why people are saying 40% is impossible or crazy.
It totally depends on your income.

If the remaining 60% of my income is 6K/month then who cares that I'm spending 4K/month on mortgage/rent?

Now if Im earning 2K a month 40% would mean the remaining 60% is probably not enough to live on/save etc.

But to just say that 40% is "too much" is wrong.

(in any case, I'm closer to 50% of household net income!)

Dubh Geannain · 12-06-2019 11:50am

GreeBo wrote: »

I dont get why people are saying 40% is impossible or crazy.
It totally depends on your income.

If the remaining 60% of my income is 6K/month then who cares that I'm spending 4K/month on mortgage/rent?

Now if Im earning 2K a month 40% would mean the remaining 60% is probably not enough to live on/save etc.

But to just say that 40% is "too much" is wrong.

(in any case, I'm closer to 50% of household net income!)

Exactly, but I suspect the remaining 60% is not near 6k.

bri007 · 12-06-2019 12:23pm

We Pay just under 31% total income on mortgage

SirGerryAdams · 12-06-2019 1:06pm

My rent is 8.3% of my gross pay.

Or

11.1% of my take home pay (which includes contributions taken for pension etc.)

EDIT: Single and sharing with 3 others.

It's depressing really despite my low % compared to others. I work and work but all the savings will go towards a house while people who never work a day in their lives will get the same thing.

Saudades · 12-06-2019 8:18pm

My rent is an eye-watering 67.5% of my net pay.

I pay 1,350 for a 1 bedroomed apartment in Dublin City Center and my net pay is 2,000.

I love my career and I love my home, so I've been reluctant to make a change in my lifestyle, but I'm at the stage now where something has to give and I need to find a new path.

Upgrading my career appears to be the better solution as there appears to be too much competition for renting apartments in Dublin.

Gael23 · 12-06-2019 8:24pm

Saudades wrote: »

My rent is an eye-watering 67.5% of my net pay.

I pay 1,350 for a 1 bedroomed apartment in Dublin City Center and my net pay is 2,000.

I love my career and I love my home, so I've been reluctant to make a change in my lifestyle, but I'm at the stage now where something has to give and I need to find a new path.

Upgrading my career appears to be the better solution as there appears to be too much competition for renting apartments in Dublin.

I live a fairly simple lifestyle but I couldn’t do it on €650 a month.

clio_16v · 12-06-2019 10:41pm

Gael23 wrote: »

How did you manage with it?

I had savings which were pretty much wiped out during that period. I am now in a job with better salary and much better progression prospects because i studied last year

mwv · 12-06-2019 11:24pm

35% of my take home pay. I'm lucky to only be paying that in Dublin city as the landlord has never increased our rent, so I fret about the day I may have to move. That is definitely doable and I have friends struggling to find anywhere even somewhat reasonable so I would hurry to take it while it's available to be honest.

dazed+confused · 13-06-2019 4:07am

JohnnyFlash wrote:

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

Are you going to answer the question or are you just being a ****?

padd b1975 · 13-06-2019 4:32am

Probably about 30% on a celtic tiger mortgage taken out in late 2006.
You can imagine the fun I've had with negative equity...

At the moment I have a couple of rooms rented out so getting just under the tax limit of 14,000 which goes towards a home improvement loan and car finance.
They'll both be paid off within a year just in time for the start of the upward trend in interest rates according to those in the know.

I'm on a tracker so can't really complain on that front to be honest.

How much do you spend on rent/mortgage?

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