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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. 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.
     


  2. divitius

    divitius Well-Known Member

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


  3. 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...
     


  4. 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.
     


  5. Connemara

    Connemara [URL='http://www.youtube.com/watch?v=6jST2Sv63WQ']

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    16% of net.
     


  6. gladhands

    gladhands Senior member

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  7. RSS

    RSS Senior member

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


  8. the shah

    the shah Persian Bro #2 and enabler-in-chief

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    how unamerican of you

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


  9. 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%
     


  10. RSS

    RSS Senior member

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    how unamerican of you
    Who said I was American?
     


  11. the shah

    the shah Persian Bro #2 and enabler-in-chief

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    haha that's terrible but probably true for a great many

    Who said I was American?

    nobody, but you've just furthered yourself from ever becoming one in the future [​IMG]
    anyway i knew you weren't given the attire you used to wear to supper every evening !
     


  12. dhc905

    dhc905 Senior member

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    I pay 4.8% of gross about 7.4% of net. I agree with everyone about minimizing expenses like rent when you're my age - that said I have the luxury of splitting a 1bd with my fiance.
     


  13. CouttsClient

    CouttsClient Senior member

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    I pay 4.8% of gross about 7.4% of net. I agree with everyone about minimizing expenses like rent when you're my age - that said I have the luxury of splitting a 1bd with my fiance.

    Yes but getting married negates any $ you save in rent [​IMG]
     


  14. cromulated

    cromulated Senior member

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    18% gross, 26% net

    (i rent a one bedroom condo downtown in toronto)
     


  15. SirGrotius

    SirGrotius Senior member

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    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. [​IMG] 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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