Housing is your biggest expense. These are the categories homeowners and renters need to track every dollar that goes toward keeping a roof overhead.
Free template with household categories already configured.
Renters have fewer housing categories, but they still add up to 30–40% of take-home pay in many cities.
| Category | $50K income | $80K income | $120K income |
|---|---|---|---|
| Rent | $1,040–$1,460 | $1,665–$2,330 | $2,500–$3,500 |
| Renters Insurance | $15–$30 | $15–$30 | $20–$40 |
| Electric | $80–$150 | $100–$180 | $120–$220 |
| Water / Sewer | $30–$60 | $30–$70 | $40–$80 |
| Internet | $50–$80 | $50–$100 | $60–$120 |
| Parking / Storage | $0–$100 | $0–$150 | $0–$200 |
Dollar amounts are monthly. Ranges reflect US national averages — adjust for your area.
Everything renters need, plus these. Homeownership comes with predictable costs and surprise ones — budget for both.
| Category | How to budget | Typical range |
|---|---|---|
| Mortgage (P&I) | Fixed monthly payment | 25–30% of income |
| Property Taxes | Annual bill ÷ 12 (or escrowed) | $150–$500/mo |
| Home Insurance | Annual premium ÷ 12 | $100–$250/mo |
| HOA Fees | Fixed monthly or quarterly ÷ 3 | $0–$500/mo |
| Home Maintenance | 1–2% of home value ÷ 12 | $200–$500/mo |
| Landscaping | Monthly service or seasonal supplies | $50–$200/mo |
| PMI | Auto-drops at 80% LTV — temporary | $50–$200/mo |
| Home Improvement Fund | Sinking fund for planned upgrades | $100–$300/mo |
Group related categories
In Aspire, create a "Housing" group that contains Rent/Mortgage, Electric, Water, Internet, etc. This keeps your dashboard organized and lets you see total housing costs at a glance.
Use averages for variable bills
Electric bills fluctuate by season. Budget the annual average monthly. In high months, your category goes negative slightly. In low months, it builds a buffer. Over a year, it balances out.
Separate maintenance from improvements
Maintenance is keeping things working (fixing a leak). Improvements are upgrades (new kitchen). They have different budgets and different timelines. Two categories prevents confusion.
Track the 28/36 rule
Lenders use this: housing costs should be under 28% of gross income, and total debt under 36%. Use Aspire's reports to confirm you stay within these bounds.
Copy the free template and start tracking your household spending in 10 minutes.
Aspire Budgeting