What is your annual income and your current monthly mortgage expense?

I would like to gather insights on how people budget their housing costs based on their income.

Specifically, I’m interested in learning what others consider a reasonable mortgage expense relative to their yearly earnings. How do you balance your income and housing affordability? Do you find that your monthly mortgage payment fits comfortably within your budget, or does it require substantial financial planning? Please share your experiences and any strategies you use to ensure that your mortgage payments remain manageable alongside other living expenses.

From my experience, I’ve found that keeping my mortgage expense to roughly a quarter of my monthly income works best. This allows some breathing room for unexpected costs, which can often arise without much warning. I also maintain a contingency fund that specifically caters to fluctuations in other living costs and any unforeseen repairs. Meticulous budgeting and regular financial reviews play a vital role in ensuring that my housing expense remains manageable while still allowing reasonable spending on other essentials. A conservative approach tends to reduce stress significantly in the long run.

i tend to stick my monthly mortage near 28% of my income. its not easy when unexpected repairs hit, but i adjust fast and try to keep a bit extra aside. its a bit of a balancing act, but it works for me.

I usually keep my mortgage around 30% of my income, which works well until unexpected costs pop up. How do you all adjust your budgets when surprises arise? Any creative tips or tweaks you’d recommend?