Littlejfrey Posted June 25, 2023 Posted June 25, 2023 Is 30-40%of your income alright? Or is it too much and I’m gonna be poor?
suburbannature Posted June 25, 2023 Posted June 25, 2023 (edited) I’d say less than 25% if possible Edited June 25, 2023 by suburbannature 2
Gorjesspazze9 Posted June 25, 2023 Posted June 25, 2023 10%. And no more. Land don’t cost as much as the government wants you to believe.
Siblon Posted June 25, 2023 Posted June 25, 2023 Got you a response from ChatGPT: The ideal percentage of your income that should be allocated towards rent can vary depending on individual circumstances and personal financial goals. As a general guideline, it is commonly recommended to spend no more than 30% of your monthly income on housing expenses, including rent. This ensures that you have enough income left for other essential expenses, savings, and discretionary spending. However, it's important to consider your specific financial situation, including factors like location, cost of living, and your overall budget, to determine a reasonable and sustainable percentage for your rent.
Robert Posted June 25, 2023 Posted June 25, 2023 (edited) 30% of your net income at the absolute most but landlords, AirBnB and property investors are ruining the world. Edited June 25, 2023 by Robert 2 1
byzantium Posted June 25, 2023 Posted June 25, 2023 (edited) "Should"?, in a good world, 10%. In this world, 33% tops. Edited June 25, 2023 by byzantium
AMIT Posted June 25, 2023 Posted June 25, 2023 0%. "Landlords'' are society parasites and scum in general. 4 1
Likingstars Posted June 25, 2023 Posted June 25, 2023 Your rent should never be more than 1/3 of your income is the rule of thumb. The lower the better
Pikachoo Posted June 25, 2023 Posted June 25, 2023 18 minutes ago, Siblon said: Got you a response from ChatGPT: The ideal percentage of your income that should be allocated towards rent can vary depending on individual circumstances and personal financial goals. As a general guideline, it is commonly recommended to spend no more than 30% of your monthly income on housing expenses, including rent. This ensures that you have enough income left for other essential expenses, savings, and discretionary spending. However, it's important to consider your specific financial situation, including factors like location, cost of living, and your overall budget, to determine a reasonable and sustainable percentage for your rent. chatgpt got it right. general consensus is no more than 30% of your gross monthly income. but if you live in an expensive city, you can add more to this percentage, reduce elsewhere. 1
Jude Posted June 25, 2023 Posted June 25, 2023 It was less than 20% of my income but now I don't have to pay for it coz my partner pays for everything. All my income goes to my savings.
Archetype Posted June 25, 2023 Posted June 25, 2023 NYC requires you go make, per year, 40x your monthly rent.
gardendreams Posted June 25, 2023 Posted June 25, 2023 landlords are really the worst. i've been thinking recently how they add no value to the world. the only thing they had was the privilege of having capital. but currently doing about 25% and it still feels like a lot
Jotham Posted June 25, 2023 Posted June 25, 2023 Ideally, between 25% and 30%. It ultimately can vary depending on where you live though. I used to live in Berkeley and 38% of my income had to go rent because it was so expensive to live there.
ATRL Moderator khalyan Posted June 25, 2023 ATRL Moderator Posted June 25, 2023 Most rentals require 33% I believe, but it should be closer to 20% or below.
Devin Posted June 25, 2023 Posted June 25, 2023 20-30% is the goal, I’m currently at 39% and its overwhelming. 1
DamianSolo Posted June 25, 2023 Posted June 25, 2023 Realistically, I'd say 35% at the highest. Having a partner or roommate to cut that in half would be wonderful.
Reverse Warholian Posted June 25, 2023 Posted June 25, 2023 (edited) 33% or lower, but I live in Toronto and got F.CKED when flying solo for the last decade since the housing / rental market is hideous here. Thankfully I moved in with my fiancé recently and we split rent 50:50 for an even better space so I'm spending like 10-15% of my income now on rent and housing expenses. Looking into buying for early '24. @Walk_Away21 Edited June 25, 2023 by Reverse Warholian 1
popmusicisdead Posted June 25, 2023 Posted June 25, 2023 2 hours ago, Jude said: It was less than 20% of my income but now I don't have to pay for it coz my partner pays for everything. All my income goes to my savings. you mean your sexagenarian bf? iconic behavior, i'm afraid 1
Matthew4815 Posted June 25, 2023 Posted June 25, 2023 1/3 (33%) is the rule of thumb for the max. I try for around 1/4 (25%) though.
RussianRoulette Posted June 25, 2023 Posted June 25, 2023 25-30% at most. But the sad reality is that many incomes are low and a decent place in a safe area take up more than that.
Popboi. Posted June 25, 2023 Posted June 25, 2023 3 hours ago, Likingstars said: Your rent should never be more than 1/3 of your income is the rule of thumb. The lower the better This
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