What percentage of your monthly income goes to rent?

[GreenFrog]

This question is more geared towards the younger folk who are in their early-late 20s. I will be starting a full-time job soon and I need to find an apartment to live in and I want to get a feel for what is "appropriate" for rent.

Would 25% of your income for rent be outrageous? I'll be living in Boston, where the cost of living is significantly higher, so any adjustments for where you live would be taken into account as well.

I'd also appreciate it if you could tell me whether you live with roommates or alone.

Danke schön!

 

[imageWIS]

In NYC, the stereotypical rent calculations are not applicable as they are in the rest of the country.

 

[Blackhood]

Mine is closer to 60% but that is skewed; part time job, subsidised food bill and 85% of my time is spent in my flat.

 

[gomestar]

knowing you just bought a BMW for leisure-only purposes, i'd be VERY cautious about 25% a month on rent. I did about the same % right our of college (not long ago) and there is no way I could have done 25% + other bills + a car payment with insurance + basic leisure.

Would not advise.

 

[globetrotter]

I pay just under 10 % of my gross salary for rent. I like it that way.

 

[GreenFrog]

Well, after retirement contributions and car payments, I should have about $3k for rent and leisure. My goal is to save $1-1.5K per month, leaving me with $1.5-2K for rent and leisure.

 

[in stitches]

i dont rent but its closer to 35% depending on what my wife brings in in any given month. 25% of net is actually pretty good imo

 

[TourbillonTurk.]

I live in London. Enough said, I get raped for my rent expenses!

 

[norcaltransplant]

Gross or net?

Sadly my student loans are almost as high as my rent!

 

[MikeDT]

My employer pays my rent.

 

[CouttsClient]

2-3%

 

[Rambo]

Originally Posted by CouttsClient

2-3%
Really? I would have expected it to be lower.

 

[StephenHero]

A significant %.

 

[CouttsClient]

Originally Posted by Rambo

Really? I would have expected it to be lower.
I considered hotel stays/vacation rentals. They add up I also rent my primary places of residence. EDIT: I like to advise any of the younger people just starting out to spend as LITTLE as possible on rent. Stay in something you can tolerate if it will allow you to put the extra money into a more beneficial financial place. When I first tasted success I made the mistake of renting a place that was 3x more expensive than what I should have paid. Think BIG but act small.

 

[GQgeek]

Around 20%.

I still feel like I'm paying too much, but big city so what can you do w/o living in a slum or having roommates?