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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. xchen

    xchen Senior member

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    Most landlords won't even rent you something unless your gross salary is equal to 40 times the monthly rent payment. I have no idea how some people get around this.

    Factor in how badly they want to get it rented too. I think a lot of landlords might let it slide a bit if a place has been empty for a significant amount of time.
     
  2. DerekS

    DerekS Senior member

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    i didnt know until I just calculated it.....12%. pretty shocking.
     
  3. BrianVarick

    BrianVarick Senior member

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    Right at around 10%, and that is for both my wife and I who are 22.
     
  4. Piobaire

    Piobaire Senior member

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    In general, my advice is to keep your fixed payments as low as possible, really in no matter what stage of life you are in. The higher your debt, lower your income, and lower your available emergency funds, the lower % your total fixed payments should be.

    I learned this lesson the hard way.
     
  5. in stitches

    in stitches Senior member Moderator

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    about 33% of net.

    i have heard this figure from many people in the past
     
  6. Joffrey

    Joffrey Senior member

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    Most landlords won't even rent you something unless your gross salary is equal to 40 times the monthly rent payment. I have no idea how some people get around this.

    My gross annual salary is well above 40 times the monthly rent payment (what they ask for in rental applications). Totally different story when considering percentage of net monthly income going to paying rent (what the OP is asking).
     
  7. DerekS

    DerekS Senior member

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    i have heard this figure from many people in the past

    that percentage is closer to what my booze budget was. [​IMG]
     
  8. Brian SD

    Brian SD Senior member

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    About 20% for me. But I'm talking about my salary after taxes. Are we all?
     
  9. kruze

    kruze Senior member

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  10. impolyt_one

    impolyt_one Senior member

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    10% or less. Moving to Tokyo in less than a couple months and it might move up to 10% even or so, but it will depend on the place we decide on. I hope it doesn't get too high, otherwise it will be hard to save. Parking spots are $700 a month.
     
  11. dhaller

    dhaller Senior member

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    The best thing you can do in your early-mid 20s is to minimize living expenses so you can free up money for experiences (travel, classes, hobbies - stuff you don't have as much time for during the family building/mid-career phase of life) and early forays into investing (maxing that 401k and Roth).

    Part of the fun of youth (maybe this is hindsight) IS the studio apartment in the weird building, the second hand furniture and so on - your friends (and girls) your age don't care when they come over, because they live that way to. It's being young.

    A small place also has the added benefit of reducing temptation to buy tons of *stuff* - lack of storage keeps you frugal [​IMG]

    My first place out of grad school in the early 90s (I won't count the single basement room I rented in a house when I was in grad school) was a $300/month studio in an old highrise in then-sketchy midtown Atlanta (for those in the know, the infamous Howell House on 3rd and Peachtree) on a salary of $60,000, so I was spending 6% of my gross income (I guess 10% of net?) I also drove a paid-for Mazda 626, so I had no car payment. A good way to start!

    In my view, there's simply zero reason to have luxurious accommodations as a young man; that can come later in the form of a house.
     
  12. divitius

    divitius Well-Known Member

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    17% of gross, 23% of take home for me.
     
  13. robinsongreen68

    robinsongreen68 Senior member

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    10% or less. Moving to Tokyo in less than a couple months and it might move up to 10% even or so, but it will depend on the place we decide on. I hope it doesn't get too high, otherwise it will be hard to save. Parking spots are $700 a month.
    this thread makes me realise how expensive london is compared with much of the rest of the world. admittedly im older than the age bracket specified,but a nice (not amazing) 2 bedroom apt in a trendy area costs me £2000 per month. so i'd have to be making £20k a month after tax (at 50%) to say this...which i'm not...
     
  14. Joffrey

    Joffrey Senior member

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    Ha, same here given I'm in DC and actually have a great deal for a 1bedroom and sworn off the roommate thing after my last nightmare.
     
  15. Connemara

    Connemara Senior member

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  16. gladhands

    gladhands Senior member

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  17. RSS

    RSS Senior member

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    personal residence/s rent/mortgage: 0% (one advantage to being older)
    but there are property taxes.
     
  18. the shah

    the shah Senior member

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    how unamerican of you

    seems that a third is about average for a majority (not necessarily ςφ)
     
  19. patrickBOOTH

    patrickBOOTH Senior member Dubiously Honored

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    how unamerican of you

    seems that a third is about average for a majority (not necessarily ςφ)


    Now it probably is, it used to be probably 120%
     
  20. RSS

    RSS Senior member

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    how unamerican of you
    Who said I was American?
     

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