Ballpark, about 5 to 6%
Looking at it another way, I owe just under 5,000 on my house, which is likely worth 175,000. I owe about 8,000 on my 2011 Jeep Wrangler which is probably worth 20,000
Which means 4%
I own a 3-bedroom condo in a pricy part of L.A. and drive a 25-year-old beater.
My car’s worth is literally about 0.05% of my house.
About 1%.
Consider personal preferences. Some people don’t care about their house as long as it keeps the rain out, but their vehicle is self-expression, freedom, a love, a passion… I say that as one who considers a car to be something to get me from here to there safely and comfortably. My husband, on the other hand, really, really likes performance vehicles. So I’ve driven an Escort station wagon and a Scion xA, while he’s had 2 'Vettes and a Crossfire - not at the same time, but over the years. I honestly think he’d live in a single-wide in order to get the kind of car he wants. I can’t imagine he’s the only person who would take that option.
At the moment, however, we’re driving a 3-year-old Sonata with 85Kmiles on it and living in a house appraised in the low $300K neighborhood. So way less than 10% for us.
I got a lot of cars, so I’m probably on the high side, but everything is paid for, so I don’t give a shit. I consider myself one of the most financially responsible people around. Far more than my brother and sister and my few friends.
Interestingly, some of the cars are increasing in value, where as in this market the house not so much.
Our three drivers, altogether, are under 10% of the house value. The two special cars are about 25% of it.
The van has seen better days, and given the amount of dog hair in it that will never come out, has very little resale value. The house is in a not great part of town, is a bit of a fixer upper, but is still probably worth about a hundred times more than the car, so I’ll go with 1%.
When I bought my house, my lawyer looked at the purchase price, laughed and told me his car cost more than my house. :eek:
Wife’s car: 2.5% of house value
My truck: 4% of house value
Combined, our two cars are probably in the 4% range.
Car: 0% (it was totaled 2.5 weeks ago). House: well, I’m closing Thursday.
Once I buy a car after closing, I’m hoping to aim for the $10k range, which would be about 1/9 the value. Hopefully I’ll be able to actually find something around that point when I’m ready to buy.
My grandparents had all these crazy rules if thumb they taught us, and one I remember is your house shouldn’t be more than two year’s gross salary and your car shouldn’t be more than six months gross salary.
They were out of date when they taught us these, and they’re hilarious in today’s market. My house (3br/1ba) was $40k, about what I paid for a BMW in 2007. My current car, though, is a '97 Dodge Dakota that I bought for $2500 to haul my motorcycles with (which I’ll concede are worth more than the truck). It’s easily conceivable that my next new car will cost more than the house did, without straining my finances at all, simply due to the rural housing market in KY.
6%
Seems about right in my case
The Mazda 3 I bought a year ago cost me about $34,000. It would be worth considerably less now, of course. My house is currently valued at about $1.6 million.
About 1%, 30 years ago it would have been closer to 10%
That house would be about $850K where I live. That’s the county average. Near where I actually do live, it would be more like $1.5M. That’s the Bay Area for you!
I’m the opposite, as I drive a 20 year old vehicle. Not a clunker, but definitely getting on in years. In fact, this will be the year I upgrade. But nothing fancy. I’m not really into cars. I just want something functional, comfortable and more in tune with today’s technology. As of now, I’d say the ratio of car to house is 1:1,000 based on Kelly Blue Book.
My car is 0.1% of the value of my house.
Using current market values, about 4%. Using the prices I paid originally, closer to 10%, but then I’ve had the house for 10 years and the car for only 1.
Closer to each other than I care to admit. But for full discloser we drive a reasonably priced car and live in the inner-city in a depressed neighborhood in an older home. There very well could be bicycles out there more valuable than our place.
I bought my bike for $220 and I rent. Is any of this relevant to this thread?
We bought our house for 150000 in 1999, now it’s worth roughly double that. We bought our 2006 Vibe new for 18000 and our 1990 Corolla used for 5000. I would guess they’re now worth 6-7K combined. What’s that, about 2.5 %?