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[sharechat] Housing

From: michael gore <>
Date: Tue, 25 Feb 2003 20:04:39 +0000 (GMT)

My apologioes for this off topic message but I know
some of you are interested in housing.  My parents are
fond of saying that a general rule is that you should
spend a third of your take home pay on accomodation,
i.e. mortgage or rent.  I recently heard someone say
that it is a good idea to spend no more than 2.5 to 3
times your gross annual salary on a home.  These two
ways of looking at things would work out about the
same perhaps.  The way my parents talk I have the
impression that these are or were general rules of
thumb that were "common knowledge".  The problem is
that when I look around I see people buying houses and
from the sale price I work out approximately what
their salary must be if they are following the rule of
thumb and well - there's just no way!!  I read Brian
Gaynor's article in the Herald this morning (see
Sharechat Daily news links) and noted the huge
increases in house prices that he documents and I
wonder if someone's wages must be going up a lot
faster than mine!!  Or are these "rules of thumb" just
not that relevant.
Can anyone help clear this up for me?

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