Rent Question

[Rabbuk]

Settle an argument. What percent of take home pay would you spend on rent?

 

[ISUCubswin]

20-25%

 

[Cyclonesince78]

30%..

 

[GMan]

30% is considered affordable housing. Many spend more.

 

[ISUCubswin]

Well I feel better putting down 33% at the moment on rent.

 

[3TrueFans]

25%..

 

[Nycclone]

Depends on where you live. A place like iowa, I wouldn't pay more than 1 weeks pay. In most major metro areas, the minimum income requirement is rent times 40, which is 30 percent of rent and I have seen some landlords accept tenants on up to 40 percent of rent (aka, rent times 30).

Re: affordable housing. 30 percent rule for section 8 purposes is also supposed to take into account utilities, child care expenses and medical so even then it isn't necessarily 30 percent. Although yes, the definition of affordable housing is 30 percent of gross income.

 

[tigershoops31]

It's a trick question...rent is for chumps :tongue:

Just kidding, I'd say 25-30% as well.

 

[CyFan61]

As others have mentioned, 30% is the pretty standard number, although with the way housing costs have outpaced wage growth, I wouldn't punch myself if I were spending 35% on housing if I really thought it was worth it and consciously made that choice over alternatives.

 

[NWICY]

I've always heard 25-30%, but whatever you're comfortable with.

 

[KnappShack]

40% on up in my neighborhood.

3 bed units at $2500/month

 

[Cyclonesince78]

40% on up in my neighborhood.

3 bed units at $2500/month

Must be in Chicago or another big city. Around DM area for $2500 you're renting a $250k-$300k house.

 

[CyCrazy]

It's a trick question...rent is for chumps :tongue:

Just kidding, I'd say 25-30% as well.

We'll ya it doesn't cost anything to live in a cardboard box prole.

 

[isulive2train]

25% of monthly income.

 

[klamath632]

Roger had the best voice.

Between Maureen and Mimi, I'd say... Mimi.

 

[Rabbuk]

Roger had the best voice.

Between Maureen and Mimi, I'd say... Mimi.

wot

 

[CycloneErik]

Roger had the best voice.

Between Maureen and Mimi, I'd say... Mimi.

What thread are you in?

 

[CyFan61]

Roger had the best voice.

Between Maureen and Mimi, I'd say... Mimi.

Benny is the real protagonist. Just trying to boot squatters off his property so he can revitalize some New York blight.

 

[klamath632]

wot

What thread are you in?

 

[isucy86]

I have always heard 30-35% of monthly income for a mortgage. I would think rent should be 25% max and use difference towards savings, especially if one is planning to buy a house down the line.