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What is the maximum you should spend on housing if your gross income is 1 800 per month?
Wiki User
∙ 9y ago
The maximum you should spend on housing is 30% of your monthly income. If your gross monthly income is $1800, you should spend no more than $540 per month.
Wiki User
∙ 9y ago
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What is affordable housing?
Affordable housing usually refers to living quarters with housing costs that are considered "affordable" to those in the median income range. Ir is most commonly used to describe rental housing that is within the financial means of lower income individuals or families. Generally, affordable housing is considered to be at or under 30% of a household's gross income.
Is gross income or adjusted gross income used in refinance?
Gross income.
What percent of gross income should go into salaries?
If you're going to set salaries as a percent of gross income, I submit that you're approaching the issue from the wrong direction. Salaries should be established based upon, not gross income, but (i) the responsibilities associated with the job and (ii) existing salaries for positions with similar responsibilities within your market.
What percentage of your income should go towards mortgage?
Investopedia advises that the principal, interest, taxes and insurance should not exceed 28% of your gross income.
What is the maximum percent a creditor can garnish from your gross income in the state of MO?
I make $600 a month can a collection agency require a minimum of $200 a month.
Can you deduct BAH on taxes?
If by BAH you mean Basic Allowance for Housing. The answer is no. This is nontaxable income the military gives you to pay for housing. This money should never even get factored into your adjusted gross income though.
What percentage of your gross income should go towards rent?
No more than a third of your gross annual income should go towards housing. As for rent, you should not spent anymore than 25% of your gross income. Housing - This expense should include mortgage, insurance, gas, electricity, maintenance, and phone. (according to crown.org budget guide) Rent or your monthly mortgage payment plus each of the above should never exceed 36%. 1/3 is generally a good rule just as with the 1st answer, but don' t forget that the number includes the other housing expenses.
How much home can you afford?
The amount of home you can afford is based on your monthly or annual income. For example if you have a down payment of $10000.00 and a gross monthly income of $4000.00, your maximum home price should be $40000.00.
What is affordable housing?
Affordable housing usually refers to living quarters with housing costs that are considered "affordable" to those in the median income range. Ir is most commonly used to describe rental housing that is within the financial means of lower income individuals or families. Generally, affordable housing is considered to be at or under 30% of a household's gross income.
Is gross income or adjusted gross income used in refinance?
Gross income.
What is the maximum income an adult child can earn and still be taken as a dependent on a federal income tax return?
For 2007, the child cannot have gross income of over $3,400.
What is exculded from gross income for section 8 housing?
Medical expenses in excess of 3%, plus $400 per year, of the disabled or elderly person's annual income.
How is gross income different from net income?
net income is gross income less expenses
What is the maximum you have to pay into social security each year?
For 2009 and 2010 the amounts are 6621.80 maximum contribution amount on 106,800 of your gross earned income.
What is the maximum income one can earn and still keep medicare?
For 2009 and 2010 ALL of your qualified gross earned income will be subject to the medicare insurance tax amount.
What are the requirements for subsidized housing?
Requirements for subsidized housing depends upon gross annual income, the size of the family and the area which the family chooses to live. It is also dependent upon citizenship or legal immigration status. Generally speaking, the income can not exceed 50% of the median income of the area.
How do I qualify for section 8 housing assistance?
Qualification is based on family size and annual gross income. Only US citizens and some non-citizens that have eligible immigration status. Your annual gross income is compared to the median gross income in the area where you live, and to qualify, must not exceed 50% of the median. You will need to check with your local housing authority to see if they are excepting applications for section 8. If they are then they can instruct you on how to apply and how long it may take to be approved or denied.
