Hey everyone,
I’ve been looking into housing costs across the US lately. It got me wondering about how much of a family’s income typically goes towards their mortgage.
Does anyone have info on what percentage of the median household income is needed for mortgage payments in different parts of the country? I’m curious how it varies by population size or region.
Also, if you’ve bought a home recently, what’s your experience been like with mortgage payments compared to your income? Any insights would be super helpful!
Thanks in advance for any info or personal stories you can share!
From what I’ve gathered, the percentage of income going towards mortgages can vary widely across the US. Generally, financial experts recommend not spending more than 28-30% of gross monthly income on housing costs, including mortgage payments. However, in high-cost areas like coastal cities, it’s not uncommon for families to spend 40% or more. Rural areas tend to have lower percentages.
I recently bought a home in a mid-sized Midwest city. My mortgage payment, including taxes and insurance, comes to about 25% of our household income. This feels manageable for us, but I know friends in larger cities who are stretching to 35-40% of their income for housing. It really depends on local market conditions and individual financial situations.
That’s an intriguing question! I’ve been curious about this too. Have you looked into any specific areas? I wonder if factors like property taxes or insurance costs play a big role in regional differences. Anyone here have firsthand experience with mortgages in different parts of the country?