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Dec 6th, 2017
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Joined: Nov 2006
Posts: 19,831 Likes: 180
Carpal Tunnel
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Carpal Tunnel
Joined: Nov 2006
Posts: 19,831 Likes: 180 |
Gregor is going to be fine - he has a terrific backup plan.  Rick has graciously offered me a position as Chef and Butler at his new estate. When I reach the end of my rope here I will spend my last pennies on a flight to the left coast.........
Good coffee, good weed, and time on my hands...
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Joined: Jun 2004
Posts: 15,646
Carpal Tunnel
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Carpal Tunnel
Joined: Jun 2004
Posts: 15,646 |
You got it made, Greger. And once you sell your won estate, you can afford that ticket, and might even have some money left over to pay off your creditors. Welcome back, dockside! For a person leaving within their means the total debt to income ratio (including housing expense) is around 35-41%. No one I know has that low of a income-to-debt ratio ratio of 35% - 41%. Me neither, rick. Most middle class people I know are paying 30-50% on their house note and various insurances. Don't even start on credit cards! I'd love to see some hard data on that. Got any, kap?
Steve Give us the wisdom to teach our children to love,
to respect and be kind to one another,
so that we may grow with peace in mind.
(Native American prayer)
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Joined: Jul 2008
Posts: 1,026
member
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member
Joined: Jul 2008
Posts: 1,026 |
Me neither, rick. Most middle class people I know are paying 30-50% on their house note and various insurances. Don't even start on credit cards!
I'd love to see some hard data on that. Got any, kap? All I got is my 5 year experience in underwriting home loans. For the past 6 months I've been reviewing FHA loans to make sure they have been underwritten properly and follow all FHA guidelines including income ratios. The vast majority of people outside California have DTI ratios below 41%. California is an exception because of the inflated home prices but for new loans (due to the falling prices of homes) the ratios have been a lot lower than in the past.
A gem cannot be polished without friction, nor a man perfected without trials. ~Chinese Proverb
The early bird gets the worm, but the second mouse gets the cheese. ~Jon Hammond
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Joined: Aug 2006
Posts: 7,630 Likes: 28
veteran
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veteran
Joined: Aug 2006
Posts: 7,630 Likes: 28 |
You got it made, Greger. And once you sell your won estate, you can afford that ticket, and might even have some money left over to pay off your creditors. Welcome back, dockside! For a person leaving within their means the total debt to income ratio (including housing expense) is around 35-41%. No one I know has that low of a income-to-debt ratio ratio of 35% - 41%. Me neither, rick. Most middle class people I know are paying 30-50% on their house note and various insurances. Don't even start on credit cards! I'd love to see some hard data on that. Got any, kap? If you look at what Kap wrote (quoted above), he said for a person living within their means not most people.
"Life is not about waiting for the storms to pass...it's about learning how to dance in the rain."
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Joined: Aug 2006
Posts: 7,630 Likes: 28
veteran
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veteran
Joined: Aug 2006
Posts: 7,630 Likes: 28 |
good to see you, dockside
"Life is not about waiting for the storms to pass...it's about learning how to dance in the rain."
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Joined: May 2006
Posts: 10,151 Likes: 54
veteran
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veteran
Joined: May 2006
Posts: 10,151 Likes: 54 |
Out of curiosity - does this ratio apply only to those buying houses? If so, is there a similar ratio for those without mortgages?
Julia
A 45’s quicker than 409
Betty’s cleaning’ house for the very last time
Betty’s bein’ bad
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Joined: Jul 2008
Posts: 1,026
member
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Joined: Jul 2008
Posts: 1,026 |
Out of curiosity - does this ratio apply only to those buying houses? If so, is there a similar ratio for those without mortgages? The ratio applies to everyone. Homeowners have mortgage plus insurance and taxes while renters have rent for housing expense. Both renters and homeowners have to pay for utilities (unless renters have a deal with the homeowner or appartment owner). Added to the housing expense are the other debts such as Credit cards, car payments, car insurance, etc... Once that is all taken in account, whatever is left is considered disposable income.
A gem cannot be polished without friction, nor a man perfected without trials. ~Chinese Proverb
The early bird gets the worm, but the second mouse gets the cheese. ~Jon Hammond
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Joined: Nov 2006
Posts: 19,831 Likes: 180
Carpal Tunnel
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Carpal Tunnel
Joined: Nov 2006
Posts: 19,831 Likes: 180 |
My disposeable income has been in negative numbers for a while now even with no mortgage or rent. My home and land are appraised at $475K so I could sell that and buy something cheaper and get myself out of trouble. I built that house myself and have lived in it 25 years. It aint for sale.
Good coffee, good weed, and time on my hands...
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Joined: May 2006
Posts: 10,151 Likes: 54
veteran
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veteran
Joined: May 2006
Posts: 10,151 Likes: 54 |
kap - I'm sorry; I knew that, but I've been reformatting a 150-page proposal all day and am short a few brain cells. Thanks.
Julia
A 45’s quicker than 409
Betty’s cleaning’ house for the very last time
Betty’s bein’ bad
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Joined: Jun 2004
Posts: 15,646
Carpal Tunnel
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Carpal Tunnel
Joined: Jun 2004
Posts: 15,646 |
You got it made, Greger. And once you sell your won estate, you can afford that ticket, and might even have some money left over to pay off your creditors. Welcome back, dockside! For a person leaving within their means the total debt to income ratio (including housing expense) is around 35-41%. No one I know has that low of a income-to-debt ratio ratio of 35% - 41%. Me neither, rick. Most middle class people I know are paying 30-50% on their house note and various insurances. Don't even start on credit cards! I'd love to see some hard data on that. Got any, kap? If you look at what Kap wrote (quoted above), he said for a person living within their means not most people. Thanks for the tip, olyve. I was hoping hard data would lead us to recognize how many Americans are living within their means. I regret that my hasty style may have left the impression that I was disputing kap's assertion. A rudimentary search yields this factoid from the always reliable Pew Trust:As expenses have risen, middle income Americans have taken on more debt, often borrowing against homes that, at least until recently, had been rising rapidly in value. The median debt-to-income ratio for middle income adults increased from 0.45 in 1983 to 1.19 in 2004. Ratios have also increased for upper and lower income adults, but not by as much. Just a quick review: median means there are an equal number below and above that point. So for every middle income American whose DTI is less than 119%, there is one whose DTI is above 119%.
Steve Give us the wisdom to teach our children to love,
to respect and be kind to one another,
so that we may grow with peace in mind.
(Native American prayer)
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