MoneySaving Poll: How much of your income do you spend on your rent/mortgage?

Former_MSE_Liane

Poll started 24 June 2014

How much of your income do you spend on your rent/mortgage?

Home is where the heart is – and it’s also at the heart of many of our bills. How big a call on your income are your housing costs? (If you’re a couple/family please answer as a group.)

Please select the closest answer to how much you spend as a proportion of your HOUSEHOLD TAKE-HOME SALARY/INCOME (after tax, but include any benefits received as income).

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Sunshine_Sammy

At the time of my vote, how on earth can 60 people claim that their mortgage/rent is more then 100% of their household income??? Am i misunderstanding the question?

If your mortgage/rent is more than your income, how do you buy food, pay for gas & electric, all the basic essentials??

yhwman

Gross or net income? Makes a big difference for some.

yhwman

How do people pay more than 100%? Debt I would guess

PasturesNew

Sunshine_Sammy wrote: »

At the time of my vote, how on earth can 60 people claim that their mortgage/rent is more then 100% of their household income??? Am i misunderstanding the question?

If your mortgage/rent is more than your income, how do you buy food, pay for gas & electric, all the basic essentials??

I just selected that.... I've been spending/living off my savings for months now.

yhwman wrote: »

How do people pay more than 100%? Debt I would guess

... and savings!

All gone now. Just bought a house to stop this downward spiral of spending it.

Witless

yhwman wrote: »

How do people pay more than 100%? Debt I would guess

If it's rent - housing benefit?

banana

Can someone explain how a person stating [I/we privately rent our home] or [I/we rent our home via social housing (council or housing association)] can live rent free .

And how can I do this please.

tiger_eyes

I did some number-crunching and rent is about 29% of post-tax income. Other bills are a further 25% (ish).

kkgree1

Without mortgage overpayments, it is 2% of our net take home pay. With overpayments it is 36% - hoping to be mortgage free by end of 2015.

GolfFoxtrot

Our mortgage is approx 26% of our pay after deductions (tax,NI and student loan).
Our mortgage which we only took out earlier this year was just over 3x joint income (before deductions). We feel this is very affordable and plan to start overpaying our mortgage early next year once we have done a few jobs to the house. At that point we'll spend around 40% on our mortgage.

slig

banana wrote: »

Can someone explain how a person stating [I/we privately rent our home] or [I/we rent our home via social housing (council or housing association)] can live rent free .

And how can I do this please.

I wonder if some of that group might be people who live with parents or other relatives? Or sleeping on a friend's sofa, etc.