Are you paying 40% of more of your salary on rent?

lustig2014

Hi all

I'm eager to hear from anyone caught in this position. My wife and I are, although we should be grateful its only 42% and not closer to 60% which I've heard some stories about.

No need to give your opinions on the current situation, I'm not interested to know if you agree or disagree with the status quo. I just want to hear from anyone in this position as I feel it will be weirdly catarthic to do so

jimgoose

No, I'm paying ~22% of my (net) income on my mortgage.

Heres Johnny

42% of after tax or before tax?
It's high either way but I hope its after tax for you....

My mortgage is 950 but girlfriend pays me 500 a month towards mortgage, bills, upkeep etc

Between us it's about 15% of our after tax income to run the house day to day which is fine and I realise I'm fortunate at that

lustig2014

Heres Johnny wrote: »

42% of after tax or before tax?
It's high either way but I hope its after tax for you....

My mortgage is 950 but girlfriend pays me 500 a month towards mortgage, bills, upkeep etc

Between us it's about 15% of our after tax income to run the house day to day which is fine and I realise I'm fortunate at that

42% after tax thankfully

KungPao

My rent is 100% of my income. It puts great demands on my budget.

**** you Leo!

flexcon

22% of my income after tax

c.p.w.g.w

Mortgage is 10% of myself and the Mrs net income

andekwarhola

Mortgage is around 23% of our joint net income

maximoose

20% after Tax - Renting

lustig2014

flexcon wrote: »

22% of my income after tax

Thanks, Rent or Mortgage?

klaaaz

lustig2014 wrote: »

I'm eager to hear from anyone caught in this position. My wife and I are, although we should be grateful its only 42% and not closer to 60% which I've heard some stories about.

Hope you've budgeted in for when either one of you get sick or lose your job or even have kids(childcare) down the line, the horror of dual income mortgages comes home to roost then.

lustig2014

maximoose wrote: »

20% after Tax

Thanks, rent or mortgage?

eviltwin

15% of net income for mortgage

lustig2014

klaaaz wrote: »

Hope you've budgeted in for when either one of you get sick or lose your job or even have kids(childcare) down the line, the horror of dual income mortgages comes home to roost then.

Thanks, as I said I have no wish to discuss the status quo, or compare rent v mortgage. I just want to hear from people paying 40% or more of monthly income on rent

Feisar

21% of my net salary on a mortgage.

GooglePlus

60% on rent (rent is now considered cheap, as we got it 3 years ago in a RPZ) and another 10% or so on bills.

That leaves a nice 30% to live on, leaving me in a right trap and no end in sight.

Love working my arse off every day for absolutely nothing to show for it, while some are rewarded for doing the opposite.

mike_cork

29% of salary after tax for me (Cork city).
Im renting off a close friend though so am paying nothing near market rate

TitianGerm

Our mortgage is less than 10% of our net pay.

Dawido

1500 euro out of 2250 euro (after tax), meaning I am paying 66.6666666667% of my salary on rent.

flexcon

lustig2014 wrote: »

Thanks, Rent or Mortgage?

22% for Rent

14dMoney

25ish on rent, split down the middle though. If it was just me, it would be around the 40% mark.

lustig2014

lustig2014 wrote: »

Thanks, as I said I have no wish to discuss the status quo, or compare rent v mortgage. I just want to hear from people paying 40% or more of monthly income on rent

I think an echo chamber never affords any form of useful discussion.

Trying to compare yourself with others, looking for those paying 40% and upwards of their net income on rent is absolutely pointless. Even if it makes you feel better, it's just putting a plaster over a festering cut for many.

Age, dependents, debt, earning capacity or career stage, health, all play a significant part in determining whether or not 40% of net income is sustainable or reasonable to accept as an outgoing.

So, why would you look to hear from people you know nothing about, just to lump them in with you so you can feel better about your own lot? It's foolish.

And you don't have to want to discuss something. But the rest of us certainly can.

lustig2014

JayZeus wrote: »

I think an echo chamber never affords any form of useful discussion.

Trying to compare yourself with others, looking for those paying 40% and upwards of their net income on rent is absolutely pointless. Even if it makes you feel better, it's just putting a plaster over a festering cut for many.

Age, dependents, debt, earning capacity or career stage, health, all play a significant part in determining whether or not 40% of net income is sustainable or reasonable to accept as an outgoing.

So, why would you look to hear from people you know nothing about, just to lump them in with you so you can feel better about your own lot? It's foolish.

And you don't have to want to discuss something. But the rest of us certainly can.

Thanks for your input, I dont disagree with what you are saying. You should set up your own thread to discuss the nuances of the housing market, I would like to keep this thread clear for the purposes stated in OP

grindle

38%, renting in Cork city. Would have to sell too much stuff and live in a smaller place to whittle that down to 30-35% with current market rates - it's not worth the inconvenience.

ELM327

9% of combined income after tax for us, 3 bed in meath
Looking to move to somewhere bigger in the near future which will see this jump to 18% (mortgage in both cases)

Last time we rented (2017) it was approx 25% of our combined take home

As a topical subject which all renters should have forefront in their minds, I think it's worthwhile encouraging people to put some context around their contributions to the thread you started.

It's both a 'current affair' and 'opinion' piece, not a boxed off thread just to soothe your own mind. At 40% of net income, I'd expect to live in a 4 bedroom house, on at least an acre, in a desirable South Dublin area. For someone else, they could reasonably expect to live in a mobile home at the back of a farmyard.

Either, both or neither of us might be happy about that.

So if you're not just trying to pull together some skewed indication of what someone's outgoing on rent are, I fail to see how a rational mind could be put at ease taking random and entirely misleading indicators that their situation is 'normal' in any sense.

It's not a worthwhile pursuit.

AulWan

24% of net income on mortgage. Single income.

JustMe,K

Up until recently, 43% on rent. Plus about 15% on bills (thank you draughty building and storage heating).

CosmicFool

15% after tax. In Limeirck. It's a really ****ty cold apartment though but cheaper than most.

barry181091

KungPao wrote: »

My rent is 100% of my income. It puts great demands on my budget.

**** you Leo!

How can you have a budget if its 100% of your income? How do you survive?

lustig2014

barry181091 wrote: »

How can you have a budget if its 100% of your income? How do you survive?

i dont think its a serious post

Kivaro

lustig2014 wrote: »

I'm eager ....
No need to give your opinions on the current situation, I'm not interested to know if you agree or disagree with the status quo. I just want to hear ......

Jaysus.

lustig2014

Thanks for your contributions so far, it's good to compare my own situation with others. I'm trying to approach this with a rational mind. It's also good to see contributions from all over the country.

Greyfox

I'm paying 30%, there's not much I can do to lower the %

SozBbz

My income is somewhat variable as I get periodic comission payments, but trying to average out my income I'd say its roughtly the following;

- current home - 12% but its a MUD so there are MGMT fees quarterly and LTP etc to contend with. I'd say about 15% with everything factored in. LTV rate is good as we have over 50% equity.

- new home (sale agreed) - 18% with no management fees, but we will need to spend on it over time as its 100 years old plus so we will want to put aside money for maintenance and upgrades. LTV will be good here also as we've not maxed our budget, we will have 40% equity from the outset so are getting a good rate and plan to fix.

Both mortgages on properties in south Dublin, based on a 2 income household.

Arghus

About 30-33% goes on rent at the minute.

all the bais

31%

Obvious Desperate Breakfasts

When I was last working, no. I paid about a third of my net pay in rent. Pretty good considering I was on crap money in Dublin. My rent hasn’t risen since then either.

Touchee

24% of net income (this is 50% of the rent, my husband pays his 50%).

This is a 2 bed apartment in South Dublin, that we have been renting for the last 3 years.

Since then rent in the area has increased by 42%, which we were protected from due to RPZ.