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Apr 1, 2023
6:06
:36
pm
ABN RGR
All-American
Utah. I’m at 10%. Phew.
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ABN RGR
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RealTexan Coug
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ABN RGR
Joined
Dec 28, 2004
Last login
Jun 21, 2024
Total posts
4,979 (15 FO)
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Messages
Author
Time
Percentage of Income Used on Home Payments, by State
hamaca
Political Junky
4/1/23 5:48pm
I’m at 22%. I consider myself very fortunate.
JohnnyC
4/1/23 5:53pm
16% including ins/taxes
bad84cougar
4/1/23 5:56pm
Use to be 28% about 3 years ago but with a new higher paying Job and
JohnnyC
4/1/23 6:00pm
Frustrating that he never posted the whole list that I saw.
Courtimedes
4/1/23 5:54pm
30% used to be the recommended max
bad84cougar
4/1/23 5:55pm
Is that gross income?
bag
4/1/23 6:00pm
Most likely gross.
JohnnyC
4/1/23 6:02pm
No, most likely not. 63% can't be right.
RexIdaCoug
4/1/23 6:03pm
How could they calculate net? Way more variables compared to gross.
JohnnyC
4/1/23 6:05pm
Gotta be net. No way.
mulletino
4/1/23 6:04pm
Those numbers don't make sense. I question the way they are calculated
RexIdaCoug
4/1/23 6:01pm
Yeah I think it's BS. They haven't given any source whatsoever.
supertux
4/1/23 6:02pm
Yeah, and the Tweet doesn’t give any source or context for the data
Odysseus
4/1/23 6:03pm
RE: Yeah, and the Tweet doesn’t give any source or context for the data
supertux
4/1/23 6:05pm
Here is how they calculated these numbers:
kcca
4/1/23 6:59pm
Ok, so they’re just taking median home value (with a 30-year mortgage) divided by median household income. Their
Odysseus
4/1/23 7:25pm
It’s kinda of a dumb way to present it. Most banks will not go above 43% DTI to
Superman21
4/1/23 11:39pm
Utah. I’m at 10%. Phew.
ABN RGR
4/1/23 6:06pm
Ramsey guidance to not buy home unless 15 yr fixed, payment <25% take home
Florwood
4/1/23 6:06pm
Really becoming less realistic for majority.
The Y's Insider
4/1/23 6:13pm
With home prices the way they are, it’s a near statistical impossibility.
Ungoy
4/1/23 7:29pm
8.6% but that’s a 15 year. New Mexico
LaserCoug
4/1/23 6:11pm
63% of gross? So 100% of net. Yeah OK
Memmo
4/1/23 6:13pm
These numbers are a joke. They are not accurate. Not even close. Landlords in CA have plenty of options for
HarlemCoug
4/1/23 6:13pm
In coastal areas my guess is this is legit. The cosigners data isn't added for
chismoso
4/1/23 6:17pm
I'm a landlord in NYC. These "rent burdened" numbers are a lie. They are completely debunked with 7th grade analysis.
HarlemCoug
4/1/23 7:23pm
Im no expert. I do know in my own family there are multiple generations
chismoso
4/1/23 7:32pm
Yikes. Multiple generations? How?
mulletino
4/1/23 9:38pm
I don't know the details of the financing
chismoso
4/2/23 7:18am
I'm moving to Colorado soon and it's insane trying to buy
WorfoSAUR
4/1/23 6:13pm
We just left (mid 2021); couldn't afford to buy down and stay
BlueInfidel
4/2/23 2:30am
I should have looked elsewhere. The location just sounded too cool
WorfoSAUR
4/2/23 7:33am
This is why the RE market will collapse with an actual recession
chismoso
4/1/23 6:15pm
Gross or net income?
Gunga Galunga
4/1/23 6:20pm
I had to buy in Utah 4 months ago
Gunga Galunga
4/1/23 6:41pm
9% for me in Az. Was lower when we had a 30yr. Moved to a 15 yr when the
kotacoug
4/1/23 7:51pm
I’m at 8% in AZ too.
JohnnyComeLately
4/1/23 7:53pm
4 percent (of gross) in AZ / happy not to be house poor
BYUfan92
4/2/23 12:09am
6 percent (of gross) not in UT / happy not to be house poor (looking for better)
BlueInfidel
4/2/23 2:28am
Based off gross or net income?
Gunga Galunga
4/2/23 7:29am
With no Hawaii in top 10, this is highly suspect
JupiterJones
4/2/23 7:43pm
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