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What % of your income do you pay on rent?

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  • 28-04-2012 10:27pm
    #1
    shadowcomplex
    Closed Accounts Posts: 4,097 ✭✭✭


    Im currently paying 7.5% of my income on rent, but at my age and my income I should be living in better conditions, so whats the upper limit of rent a month for everyon here, Im considering paying 650 a month for a lovely 2 bed penthouse apartment, i make 3k a month after tax ,should this be very doable, I also have loan of 340 a month and orthodontis bill of 200 a month


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    #2
    RoverZT
    Registered Users Posts: 362 ✭✭RoverZT


    Self and partner pay 12% of income, no loans, just bills electric, broadband, bins, heating etc

    I think anything under 20% is fine, 25% max and 30% or over too much.

    After your expenses you have 1800 left.

    That should be enough to take care of utility bills.


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    #3
    shadowcomplex
    Closed Accounts Posts: 4,097 ✭✭✭shadowcomplex


    RoverZT wrote: »
    Self and partner pay 12% of income, no loans, just bills electric, broadband, bins, heating etc

    I think anything under 20% is fine, 25% max and 30% or over too much.

    After your expenses you have 1800 left.

    That should be enough to take care of utility bills.

    is that each or combined


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    #4
    RoverZT
    Registered Users Posts: 362 ✭✭RoverZT


    shadowcomplex wrote: »
    is that each or combined

    Combined.

    Your on 3k a month, that's very decent money these days.

    I would have no problem living on 1800 after main bills of rent and loan are taken care of.

    electric 50 a month, broadband 40 a month, bins 20 a month, heating 40 a month, food 250, other essentials clothing etc 200, recreational 100.

    That still leaves a nice bit of change from 1800.

    Do you have a car?

    That's my biggest bill.


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    #5
    blueturnip
    Registered Users Posts: 166 ✭✭blueturnip


    Just working it out, we spend 21% of our take home pay on rent.

    I didn't think it would be that much so we must survive OK with that. We have one car (mine - so I pay for it), no children, high heating bill and not much else apart from the obvious (food, electricity, broadband, TV and mobile phone bills).

    Strange, now that i have a figure on it it seems quite high.


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    #6
    madonna123
    Registered Users Posts: 264 ✭✭madonna123


    Just worked it out. I spend a shocking 40% of income on rent!
    after rent, bills, tax im left with €0.00... big fat ZERO every month.
    Single parent. Get addional €170 from social welfare support.
    My rent is normal for my area.


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    #7
    Kaner2004
    Closed Accounts Posts: 143 ✭✭Kaner2004


    0%.
    HAd 30 year mortgage and spent 35% of income for 9 years or so (overpayments) and had it cleared. Nice feeling not having to drop a huge wad every month on a roof over our head.


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    #8
    RoverZT
    Registered Users Posts: 362 ✭✭RoverZT


    Kaner2004 wrote: »
    0%.
    HAd 30 year mortgage and spent 35% of income for 9 years or so (overpayments) and had it cleared. Nice feeling not having to drop a huge wad every month on a roof over our head.

    How much did the interest on mortgage cost you?


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    #9
    Kaner2004
    Closed Accounts Posts: 143 ✭✭Kaner2004


    RoverZT wrote: »
    How much did the interest on mortgage cost you?

    The interest over the 9 years cost us 42000. It was to reduce the interest total that we accelerated the payments. Took the 30 year term in case we needed breathing space but didnt need it. Last few years has been great with nothing leaving the bank account for shelter apart from an average of a grand and a half a year for maintenance and insurance etc.

    But in future there will be property taxes and water too. But then everyone will be paying these who rents too. There are already plans to convert the property tax to a council tax like that in the uk.

    There was a time when renting suited me, but the older you get the more renting doesnt suit you.. Different life stages I suppose.


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    #10
    tara73
    Registered Users Posts: 2,342 ✭✭✭tara73


    shadowcomplex wrote: »
    Im currently paying 7.5% of my income on rent, but at my age and my income I should be living in better conditions, so whats the upper limit of rent a month for everyon here, Im considering paying 650 a month for a lovely 2 bed penthouse apartment, i make 3k a month after tax ,should this be very doable, I also have loan of 340 a month and orthodontis bill of 200 a month

    you are paying very, very little rent at the moment! 225 €??

    you are not telling us where you live as this is important rent wise.. It definately can't be Dublin as you hardly get a sharing place for that money there.
    So I guess you live in a more rural area or smaller town and tbh with a monthly salary of 3k I don't know about what you worry, your money must be piling up on your account already...;)

    thumb rule would be not paying more than 30 % or a third of your net income in rent.


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