Question

Question about rent.  Is 50% of your income too much for rent?Question about rent. Is 50% of your income too much for rent?  

Answer 1

If you live in California your doing well

Comments

^ sad but true. It's 50% of our base take-home pay.  

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@jacquejacquelin I’m in CA and the places I’ve rented we’re required to bring in 3x the amount of rent every month in income to qualify so I’m not sure if I’d even be able to use 50% of my income for rent.  

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@paediatrics99 i remember that is why I now live in PA . California transplant from San Jose CA

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@jacquejacquelin I’m in Fresno which is supposed to be more “affordable”. Are you glad you left?  

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@paediatrics99 i miss CA with all my heart but i have a better quality of life and reaching money goals i couldnt in CA

Answer 2

Big time! Our rent right now is 14% of our income!  

Answer 3

25% tops is what they recommend

Answer 4

Yep. it should be 1/4 your income

Answer 5

I think even a third is responsible depending where you’re living and what you’re spending habits are.  

Answer 6

If you can afford it, then it's really no one's business what your budget is. If you like where you live and financially budgeting fine, THEN NO it's not

Answer 7

YES! Experts say not to exceed 25%. Ours is 15% of our income and I can’t imagine going any higher than that!  

Answer 8

Yes. We live an extremely high cost area (DC suburbs) and our rent is only about 30% of our take home pay.  

Answer 9

The sad things Is the amount we get paid and how expensive rent is is no way you don’t something less in safe places and even not good areas are expensive too

Comments

Im A teacher and if I wanted a house or a rent for 25% is $500 a month is no where in Jacksonville FL that would cost me that unless is low income and for that I don’t qualified no even rent I haven’t found a house yet that I can pay $500 a month and no need to re build it sooo that % is ridiculous

Answer 10

Yes but d

Answer 11

Ours is 30%

Answer 12

We also help our daughter with $200 per month to help pay her housing.  

Answer 13

Yes. But it’s a reality for some. We are at 40% of take home and it’s killer. But when you are a single income in Washington DC. sometimes it has to work that way. Temporarily. I would never have signed up for this long term.  

Answer 14

Yes. We go by 30% for rent/mortgage.  

Answer 15

Yes but for some they have no choice. I’m from the Bay Area in California and most 1 bedrooms are over 2, 000 a month over 3, 000 in some areas. I live about an hour and a half away from there now and split my rent with my SO. So it’s less than 30 percent of our income.  

Answer 16

It’s supposed to be 25-30%

Answer 17

Yes. 50% is too much. At most you want 33%

Answer 18

For a single person places like NY it most likely will be half if not more even for a ghetto neighborhood lol.  

Answer 19

Yes that’s insane

Answer 20

Ours is 25% of my fiancé’s income. Mine isn’t taken into account because god forbid something happens we want to know we could afford it on only one salary.  

Answer 21

I think it depends on area

Answer 22

I think it seems like a lot

Answer 23

Depending on where you live. I lived in Seattle where I easily paid almost 45% of my income on rent. But now I am in Dallas, and I pay less than 20%. If you can find something for less rent I would definitely do it. that's an easy way to save some money.  

Answer 24

1000% yes

Answer 25

Rent is that high now! It's challenging to find something that that is 1/3 of someone's income anymore. I know it means that our salaries need to increase. That takes time and patience.  

Answer 26

Definitely! Ours is only 15% granted we live in the suburbs

Answer 27

We are around 22%

Answer 28

Depends on where you live. Ours is about 40%. but I live in Miami ‍♀️

Answer 29

For me it would be, I like to keep mine at 25% or less.  

Answer 30

Way too much. It should be less than 35%

Answer 31

Hell yeah!  

Answer 32

Absolutely too much! Ours is less than 30%

Answer 33

Probably, BUT if the rent you are paying means not having to drive much or at all, it may make a difference in how I would look at it.  

Answer 34

Are you in CA? That’s basically what it costs lately!  

Comments

@alyose I’m in San Diego. Not quite as pricy as San Fran, but still bad!  

Answer 35

<10% for me in NC

Answer 36

Ours is 23% of our net income and we are in Toronto for perspective.  

Answer 37

Yes! Too much! Dave Ramsey recommends no more than 25% of your take home pay per month.  

Answer 38

From what I understand, it shouldn’t be more than 1/3 of your income. However, where do you live? California, New York, a major metropolitan city, that “rule” may be out the window.  

Answer 39

If you can find a decent spot for less, do it. But, if you live in the Bay Area, then 50% might be your reality for a simple studio apartment. Housing in certain California cities is extremely expensive and there’s no way around it. And sometimes you must be in those cities for work/school. If you can wait a bit and save up a solid emergency savings, then that could offset your risk. We live in Southern California in a very small attached home (800 SQFT for a family of four) in order to afford the neighborhood and school district. We need to be here for work. We saved quite a bit before we moved in, and it’s good that we did, because our rent has steadily increased and we have had a few unexpected medical and emergency expenses. Still, our rent is at about 25% of our income, which is due in part to finding the best spot we could for the lowest price. If you have the choice, I recommend picking the smallest and least expensive place in a safe area (with a trustworthy landlord) so you have room to save for emergencies and for your future. If you absolutely cannot find a cheaper spot, be very frugal in all other areas to boost your savings. No matter what place you pick, budget for a 5% increase every year, just in case. I wish you the best in your search! I know it isn’t easy.  

Answer 40

YES! One bad boss and you will be homeless.  

Answer 41

I pay 40% Where I live the median income is 30, 000 and average cost of a home $400, 000. AND its a tourist town so there are all Air bnbs and NO rentals. A double wide trailer goes for $1, 500 a month in rent. I love where I love but I live worried I can not afford it forever , I can not reach my financial goals. Its actually depressing.  

Answer 42

Yes. I believe 25-33% is the recommended range

Answer 43

I pay about 65%. It’s extremely high but you also need to think about your income level and rent prices. My income is relatively low as a college student so 65% is expected

Answer 44

Yes that's insane