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What percentage of your monthly income goes to rent?

Discussion in 'Fine Living, Home, Design & Auto' started by GreenFrog, Jul 4, 2011.

  1. jimmyfingers

    jimmyfingers Well-Known Member

    Messages:
    354
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    Nov 17, 2010
    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.
     
  2. GreatCornholio

    GreatCornholio Member

    Messages:
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    Jan 28, 2012
    Currently I do not have to pay rent, but I used to to.
    30% is uncrossable line for me
     
  3. alan

    alan Well-Known Member

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    1,613
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    Nov 1, 2006
    Location:
    Beirut
    66% :embar:
     
  4. Lord-Barrington

    Lord-Barrington Well-Known Member

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    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.
     
  5. Arthur PE

    Arthur PE Well-Known Member

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    728
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    Jan 22, 2012
    Location:
    Earth
    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
     
    Last edited: Feb 4, 2012
  6. sns23

    sns23 Well-Known Member

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  7. EMY

    EMY Well-Known Member

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    Jan 24, 2010
    ): 133% of my monthly goes to rent.
     
  8. KurtS90

    KurtS90 Well-Known Member

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    Jan 1, 2012
    Location:
    Clearwater, FL
    I moved back in with my mommy and enjoy free rent, laundry (jk), and fixed foods. Life's good, [​IMG]

    ~Kurt
     
  9. Big Pun

    Big Pun Well-Known Member

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    Location:
    امریکا
    25%, rent a room in rural MN
     
    Last edited: Feb 6, 2012
  10. otc

    otc Well-Known Member

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    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 :)
     
  11. Meis

    Meis Well-Known Member

    Messages:
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    Aug 14, 2008
    Location:
    Chicago
    

    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)
     
    Last edited: Feb 5, 2012
  12. rollafan

    rollafan Well-Known Member

    Messages:
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    Nov 30, 2011
    Location:
    SFO/DEN
    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.
     
  13. otc

    otc Well-Known Member

    Messages:
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    Aug 15, 2008
    

    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.
     
  14. js4design

    js4design Well-Known Member

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    Location:
    Tidewater, VA
    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 :D
     
    Last edited: Feb 6, 2012
  15. Trompe le Monde

    Trompe le Monde Well-Known Member

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    thats not how math works
     
  16. Arthur PE

    Arthur PE Well-Known Member

    Messages:
    728
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    Jan 22, 2012
    Location:
    Earth
    sure it is
    if his is ~ income/rent % ~ 100/1 so he makes 100 x rent
    mine is income/rent % ~ income/0 ~ therefore income to rent ratio approaches infinity

    [​IMG]






     
    Last edited: Feb 6, 2012
  17. impolyt_one

    impolyt_one Well-Known Member

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    The Temple of Jawnz
  18. Connemara

    Connemara Well-Known Member

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  19. Britalian

    Britalian Well-Known Member

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    Italy.
  20. Prof. B. Bear

    Prof. B. Bear Well-Known Member

    Messages:
    417
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    Mar 28, 2008
    Roughly 30%. Australia's housing market is overpriced beyond belief. I could find something cheaper but that would mean having to buy a car/insurance/registration/petrol/servicing/parking so it works out as I only have to walk to work, not drive.
     

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