Is your rent 1/3 of your income?

Question

Answer

Our mortgage is $1069
Monthly income is $5090
So... It's about 21%.. a 1/3 is.. 33% so we are under a 3rd however, with my car payment $450 a month (which includes insurance) we are close to it being a third.. I guess if you factor in utilities and internet/cable... We are right at 1/3rd.

Answer

It's well under a third for me. It's about 18% of my gross salary. It's about 28% of my take home pay (after taxes, health insurance, and 401k savings).
The 33% guideline is meant to be a maximum and is supposed to include all housing costs including property taxes, insurance and utilities. If you can, it's ideal to be lower than the 33% guideline. You'll live much more comfortably if you minimize housing expenses.

Answer

My mortgage is around 10% of my income.

Is your rent 1/3 of your income?

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