Housing Spend

Maccy said:
28% of my income after tax goes into joint account and mrs puts in around 38% of her after tax income (her income is much less than mine), but this covers all bills as well as mortgage.
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Same situation here and actually...figures aren't far off either!

Edit. Just checked and I put in 28% of my net.
 
Admiral Huddy said:
Frightens me even because my kids have no chance of ever owning a house..
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They'll own yours one day I guess? I think inheritance must be the only way some younger folks will ever own a house.

I'm relatively lucky as I started out young, coming out of Uni in the days when banks gave you 110% of the purchase price to cover the extras despite having pretty much only student debt and a job offer to my name. Divorce and two marriages mean I lost a fair bit here and there and have constantly pursued upsizing, but now my mortgage is 25% of my take home pay and it'll be paid off by the time I'm in my mid-50s as we've no further desire buy anything bigger now. By then the house will be worth a decent chunk of change and all very necessary because down sizing will form a fair part of my pension!

My simplistic view of things is that Baby Boomers got the best of housing and pensions, Generation X struggled for the gold plated pensions of the previous generation but at least got into home ownership and Millennials are up the creek without a paddle as neither is a reality for many.
 
About 40% of my income now goes on a room in a flat on the outskirts of London.

Silly isn't it.
 
17% of joint income. 28 both of us, live in South East.

Bills/ Food/ joint social events all come out of the joint account which takes it to about 55% of our joint income.
 
BigT said:
My simplistic view of things is that Baby Boomers got the best of housing and pensions, Generation X struggled for the gold plated pensions of the previous generation but at least got into home ownership and Millennials are up the creek without a paddle as neither is a reality for many.
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Depends where the kids are on the tree. The issue is a lot of wealth is being held by the progressively older generations which is slightly screwing the Millennials if the parents / grand parents are not able to release it. In many cases of the middle classes parents are giving their kids deposits or helping towards them.

The people that are basically screwed, as they always were, are those on the bottom who can't afford to save and can't get help from their elders.

In my case my mortgage/loan are 34% of my net income. However I am in a house bigger than I need. It was a trade off of being slightly worse off now but far better off in the future as my career should progress relatively rapidly. Plus my area benefits from being well priced. If I didn't commute I'd be looking at a property 1 third the size.
 
33% on the mortgage, It could be lower but i want to be mortgage free before 40. I'd rather not pay more interest overall either
 
~33% of our joint income goes on rent alone, before utility bills and other monthly outgoings.

It's making saving a mortgage deposit a very slow process, while the price for buying a house in the Southampton region is further increasing.
 
Is it really sustainable for property to increase at the same rate it has for the last 10 or 20 years? It doesn't make much sense to me and actually doesn't really help anyone apart from investors or people who are downsizing.
 
0%. My wife and I were very lucky to have good jobs which allowed us to save well after we got married. I lived with my in laws for 2 years during this time and this "sacrifice" allowed us to buy our first home almost mortgage free. (Took a small loan from her parents which was paid back with a year or two). Now if we leave Stoke I'm sure we'll need a mortgage to progress up the property ladder as houses are pretty cheap up here.
 
Narj said:
Is it really sustainable for property to increase at the same rate it has for the last 10 or 20 years? It doesn't make much sense to me and actually doesn't really help anyone apart from investors or people who are downsizing.
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as long a there's enough rich people to buy it then yeah. we can become a renting society which sucks as we don't have the renting protection of other countries.
in the short term government help to buy and banks etc keep price moving upwards.
but if they economy falters (like a hard brexit) then i forsee a pretty big crash.
 
Mortgage and bills are about 23% of our joint income. We're looking to upsize so it will go up a bit.

Mortgage on it's own is about 15%
 
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