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What percentage of your monthly income goes to rent? - Page 5

post #61 of 138
7/13/11 at 12:30am
I would try to spend as little on rent as possible if I was actually renting.
I do not recommend anyone live next to a high rise project building to save money, but their is no reason to rent some luxury condo with awesome view.
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post #62 of 138
2/4/12 at 4:13am

Currently I do not have to pay rent, but I used to to.

30% is uncrossable line for me

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post #63 of 138
2/4/12 at 6:53am
66% shog[1].gif
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post #64 of 138
2/4/12 at 9:52am
15%. And I live in the middle of downtown.

I wouldn't' spend more than 25% of my income on a rental. I just don't see the point and it would start eating into my lifestyle if I still wanted to save at a good rate.
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post #65 of 138
2/4/12 at 1:53pm

your monthly income (gross) = 100 x monthly mortgage?

so if you mortgage is say $2000/month, you make $200,000 per month?!

dang


 

mine is infinity...as in 0, my home is paid off...so anything/0 = infinity

Quote:
Originally Posted by SirGrotius View Post

I had a significant jump in income and my mortgage is only 1% of my gross income. It's actually something of a disaster financially as I have an issue looking at the excess money as investible and instead spend it on clothes. Not that I'm complaining that much. To put things in perspective though, I don't live in a mansion so in SF terms I'm poor.


 

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post #66 of 138
2/4/12 at 1:59pm
10%
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post #67 of 138
2/4/12 at 7:42pm
): 133% of my monthly goes to rent.
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post #68 of 138
2/4/12 at 9:18pm

I moved back in with my mommy and enjoy free rent, laundry (jk), and fixed foods. Life's good, facepalm.gif

 

~Kurt

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post #69 of 138
2/4/12 at 10:52pm
25%, rent a room in rural MN
Edited by Big Pun - 2/6/12 at 5:08am
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post #70 of 138
2/5/12 at 10:35am
I'm down to 14% from when I first posted in this thread...rent went up but so did income.

I'm seriously considering moving though and I can't imagine finding a place that fits my requirements for less than 50% more than I pay now (and I half expect my current landlord to either not renew my lease or give me some insane rent increase).

Our annual reviews are coming up soon though...so maybe I'll find myself in a position where 50% more than I pay now is still only 15% of my income smile.gif
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post #71 of 138
2/5/12 at 9:13pm
Quote:
Originally Posted by Lord-Barrington View Post

15%. And I live in the middle of downtown.
I wouldn't' spend more than 25% of my income on a rental. I just don't see the point and it would start eating into my lifestyle if I still wanted to save at a good rate.

When giving the percentage of income people should also say where they live so there's some context.

Also, I'm sure someone's asked this already, but where are you people living that are only spending 15% or less on rent. I mean, assuming someone makes about 4k a month, after taxes that's 3100. 15% of that is 465- that's insanely cheap rent if you're living in a major city. To get that low in my city you'd have to be sharing a 2-3+ bedroom apartment in a medium price or cheaper neighborhood.


Mine's tough to figure out as my income varies from project to project, but at average pay rate and assuming steady work my rent (not including utilities) is roughly 25% of after tax income. (Chicago)
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post #72 of 138
2/5/12 at 9:30pm

I live in two different cities. In one city, my rent is $900/mo. In other city, my rent is $2000/mo.

 

My work pays for my rent.

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post #73 of 138
2/5/12 at 10:24pm
Quote:
Originally Posted by Meis View Post

When giving the percentage of income people should also say where they live so there's some context.
Also, I'm sure someone's asked this already, but where are you people living that are only spending 15% or less on rent. I mean, assuming someone makes about 4k a month, after taxes that's 3100. 15% of that is 465- that's insanely cheap rent if you're living in a major city. To get that low in my city you'd have to be sharing a 2-3+ bedroom apartment in a medium price or cheaper neighborhood.
Mine's tough to figure out as my income varies from project to project, but at average pay rate and assuming steady work my rent (not including utilities) is roughly 25% of after tax income. (Chicago)

Mine's at about 15% of gross in Chicago...would easily be lower if I had a roommate since splitting a 2BR is so much cheaper than a 1BR around here.

I don't live in a very nice unit but I am in an area where I think the rents are overpriced (so many run down buildings in lakeview have rents that are hundreds more than mine for small units with poor layouts and no dishwashers)...so the $885 I pay is about as good as it gets.

Unfortunately when I move, I will have to pay a ton more than that.
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post #74 of 138
2/6/12 at 1:10pm
8.5% of gross with utilities included (split with GF). Got a run down unit in a downtown area above a business, convinced the rental company to cover cost of materials if I did labor on upgrades ( repaint, fix wood trim, clean wood floors, etc) and we now have a place that would easily rent for twice what we pay and it only took one long weekend of work biggrin.gif
Edited by js4design - 2/6/12 at 2:29pm
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post #75 of 138
2/6/12 at 3:46pm
Quote:
Originally Posted by Arthur PE View Post



 
mine is infinity...as in 0, my home is paid off...so anything/0 = infinity



thats not how math works
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