Yeah either you live in London so are paying at a minimum 1600/month or 20k/year for a 350k mortgage, or if you live in the north or less desirable parts of the south you're gonna be paying 750/month or 9000/year for a 175k mortgage, either way if that's 40%, once you consider tax, bills, heating, food, transport (because no way can you afford to live within walking distance of work as a first time buyer) and whatever else you frankly don't have a whole load left all in
In Canada we’re supposed to be limited to 42% going to housing costs and that’s how they determine how much mortgage they’ll approve. I think most people are hitting that mark if not finding ways of going over.
10 Comments
breadsmasher@lemmy.world · 16 pts · 2y
Yes. house prices are insane.
Banks and landlords: “Pay went up? Awesome, prices and rent going up”
glimse@lemmy.world · 16 pts · 2y
Pay went up by 5%? Awesome, prices and rent going up by 25%
Omgpwnies@lemmy.world · 12 pts · 2y
Pay went down? Rent still go up
fishpen0@lemmy.world · 3 pts · 2y
wren@feddit.uk · 7 pts · 2y
My first thought was that 40% was low... but I suppose I've never been a first time buyer, so they probably have higher salaries than I do
1rre@discuss.tchncs.de · 4 pts · 2y
Yeah either you live in London so are paying at a minimum 1600/month or 20k/year for a 350k mortgage, or if you live in the north or less desirable parts of the south you're gonna be paying 750/month or 9000/year for a 175k mortgage, either way if that's 40%, once you consider tax, bills, heating, food, transport (because no way can you afford to live within walking distance of work as a first time buyer) and whatever else you frankly don't have a whole load left all in
Vaginal_blood_fart@feddit.uk · 3 pts · 2y
Brit in the USA here. We are at 42% (Los Angeles, ca). Shits wild
moistclump@lemmy.world · 2 pts · 2y
In Canada we’re supposed to be limited to 42% going to housing costs and that’s how they determine how much mortgage they’ll approve. I think most people are hitting that mark if not finding ways of going over.
baggins@lemmy.ca · 1 pts · 2y
feedum_sneedson@lemmy.world · 1 pts · 2y
Shall I just kill myself, then?
Emperor@feddit.uk · 6 pts · 2y
No, kill everyone between you and the Throne.
Isoprenoid@programming.dev · 2 pts · 2y
The only winning move is to not play. /s
tal@lemmy.today · 1 pts · 2y
10_0@lemmy.ml · 1 pts · 2y