this post was submitted on 04 Jan 2024
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The future of Bidenomics: You pay Social Security tax on all of your income? (www.foxbusiness.com)
submitted 11 months ago by [email protected] to c/[email protected]
81 comments fedilink hide all child comments
 

That’s a hard pass for me. I’d rather opt out of social security. It’s a ponzi scam. If the government had put that into a private account, I’d have millions of dollars in there.

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[–] [email protected] 1 points 11 months ago (1 children)

One problem is that housing affordability is currently at or near record lows.

https://www.nar.realtor/blogs/economists-outlook/housing-affordability-conditions-tumble-in-october-2023

"A mortgage is affordable if the mortgage payment (principal and interest) amounts to 25% or less of the family's income."

What percent of your family's income do you pay (or have paid in the past) for the principle and interest on your mortgage?
Since your high income gives you some flexibility in choosing a housing situation I'm curious how much of your income you decided to allocate to this expense.

[–] [email protected] -2 points 11 months ago (1 children)

For all three of my homes I pay about 5000 a month. My monthly income is 30k a month. That is my guaranteed pay per month that I use for budgeting. Any other income is not used in my budget.

[–] [email protected] 1 points 11 months ago* (last edited 11 months ago) (1 children)

Thanks for the reply. So you spend about 17% of your income on housing. (assuming 5k is the total for all three). Some people are currently looking at spending 25-30% of their income or more on housing just to get the cheapest houses available. Imagine if you had to spend 9000 each month just to be able to live in one house and maybe you can understand why some people are upset.

If you meant 5000 each for the three houses then hopefully the two not currently owner-occupied are either being rented out or generating equity through appreciation. Therefore they function more as an investment asset than a primary residence.

[–] [email protected] -2 points 11 months ago

I live in all of them. I put large downpayment down. I like to keep my housing to now more than 30% of my income. 30% is the recommend limit and try to stay under that.