If you rent or are paying off a mortgage, what portion of your income goes to rent or mortgage payments?
People say 30 percent is the 'stress marker'. ie. if you are spending more than 30 percent of your after-tax income to pay rent or mortage loan repayments you are 'in stress' financially.
We're renters (ffs we will never ever afford to buy a property even with our combined incomes) and our rent is about A$800 a week. To buy anything (even a tiny 2br apartment) around here we're looking at at least a million A$ and that's for a shitty one.
We know people (singles) who spend 50 pct or more of the after-tax income on rent. And plenty of couples are in the same boat with close to half what they get take-home going on rent or mortgage.
Rent-to-buy is out as that's a massive debt trap. If we move a lot further away housing costs are lower but then we have 1 hr plus travel times to/from our respective jobs. Public transport is all but non-existent in the places that are more affordable.
We could get a mortgage but we have little savings so we won't meet the 'genuine savings' requirement that pretty much all mortgage lenders require evidence of.
We're renters (ffs we will never ever afford to buy a property even with our combined incomes) and our rent is about A$800 a week. To buy anything (even a tiny 2br apartment) around here we're looking at at least a million A$ and that's for a shitty one.
We know people (singles) who spend 50 pct or more of the after-tax income on rent. And plenty of couples are in the same boat with close to half what they get take-home going on rent or mortgage.
Rent-to-buy is out as that's a massive debt trap. If we move a lot further away housing costs are lower but then we have 1 hr plus travel times to/from our respective jobs. Public transport is all but non-existent in the places that are more affordable.
We could get a mortgage but we have little savings so we won't meet the 'genuine savings' requirement that pretty much all mortgage lenders require evidence of.
