How much of your income do you think should go to your rent?

[Johnny Jacobs]

Umm.. I dont rent my house i own it. But if i would've rented it i would have probably paid like 35% of my income. 

 

Thecproblem in my country that real estate is so f******* expansive like.. Really bad. 

 

I don't thinl more than 30% whould go to rent but in this reality... It's not realistic. 

 

I have friends thay pay 50% for rent. 

Edited June 25, 2023 by Johnny Jacobs

[Walk_Away21]

2 hours ago, Reverse Warholian said:

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

Omg **** the housing market! Moving into a nicer apartment soon but I’m going from 15% to 20%. But the current interest rates are wild. I’ve always heard the 1/3 rule too. Do not go over that.

[Jude]

3 hours ago, popmusicisdead said:

you mean your sexagenarian bf? iconic behavior, i'm afraid 

Yup. The perks of having a retired partner.

[HardBambi]

5 hours ago, suburbannature said:

I’d say less than 25% if possible 

I 100% agree with this

(London is a disaster when it comes to rent)

[John Slayne]

shouldn't be more than 30% but if it is don't beat yourself up about it, the housing market is f*cked right now and if you live in a city and you are single it's really difficult to achieve that unless you want to live in an absolute dump of a house (which i wouldn't recommend)

[youreyesgocold]

Everyone here must be speaking optimistically or living in cities with lower markets. 
 

I am also in Toronto and as another user said our market is messed up. I can’t believe anyone here is suggesting 30% or under because that is just not doable here. I personally try to follow the 50-30-20 rule which seems to be working for me over the last few months. You can find lots of articles about this on google, but the tldr is you spend 50% salary on needs (groceries, utilities, housing), 30% on wants (vacations, eating out, clothes, shows, streaming services), and 20% untouched towards savings. 
 

When I decided to buy a place I had to invest more to get the size and location I wanted and my needs has approached almost 60% instead. But that was a hit I was willing to take and so I took 10% out of my wants in order to avoid sacrificing savings. I make a decent income so 20% in wants is actually manageable for me to still live a comfortable lifestyle but I know that isnt true for everyone. So I would still suggest sticking to 50-30-20

[Bacardo Royale]

5%

[Mastamaind]

Ideally 5 to 20% max. Also, you should already have a chance for that 5-20% to be the mortgage of your own home you're paying at 24 to 28 years old max, but in this f*cking exploitative economy...

Edited June 29, 2023 by Mastamaind

[Before Today]

My rent is 17% of my income. I think it just depends on the amount of income you earn.

[KatyPrismSpirit]

I think that 1/3th of your income should go to mortgage or rent, 1/3rd should be saved and the other 3rd should go to everyday expenses and fixed costs.

[Kamil24]

I own but my minimum payments now make up 35% of my income after my interest rate went up 500% (and that just covers interest and not actually paying my balance down - since I don't need to but would like to )