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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: GraceZ who wrote (5438)9/19/2002 11:54:45 AM
From: Paul ViapianoRead Replies (1) | Respond to of 306849
 
No that's a terrible rule of thumb. Figure your net (minus every single tax you pay) and figure a third from that. Your gross income can be almost third higher than your take home depending on your marginal rate and various deductions, which means if you take a third of the gross you are spending almost half your net. Do you really want to work half of every single day to put a roof on your head?

Grace...probably the best I can do is 40% according to your formula...out here in LA, CA...things are different here and always have been...but you knew that...



To: GraceZ who wrote (5438)9/19/2002 12:06:39 PM
From: SouthFloridaGuyRead Replies (1) | Respond to of 306849
 
Grace, I would have to agree with you in principle, except it's totally impossible out here in NY for median families.

My rule of thumb is no more than 1/3 of gross to ALL debt payments, which includes mortgage, SUV, college loans, credit card,...

Actually, on further thinking, it probably is similar to your rule of thumb when you add all debt payments.


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