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How much net income should go to rent - major city
Posted on 7/13/17 at 4:31 pm
Posted on 7/13/17 at 4:31 pm
Having a debate...
In a major metro area in the south (DFW, Houston, Atlanta), how much of a couple's net income is reasonable for rent alone? Not a mortgage, but apartment rent. Let's say the couple is in their 30's and makes around $250K together. No kids or debts.
In a major metro area in the south (DFW, Houston, Atlanta), how much of a couple's net income is reasonable for rent alone? Not a mortgage, but apartment rent. Let's say the couple is in their 30's and makes around $250K together. No kids or debts.
7
Posted on 7/13/17 at 4:40 pm to TejasHorn
$2-4k
Posted on 7/13/17 at 5:55 pm to TejasHorn
30% of your gross income is the formula number. But really just define what you need then define what you want.
At $250k/year, you could technically afford a $6000/month house/apartment but who really needs that unless you're an exec working and living downtown?
At $250k/year, you could technically afford a $6000/month house/apartment but who really needs that unless you're an exec working and living downtown?
This post was edited on 7/13/17 at 5:56 pm
Posted on 7/13/17 at 6:28 pm to StringedInstruments
For 250k, buy a place. In a city like San Fran and New York you spend 50-60 percent of your income. I don't think Dallas and Houston has reached those places. Remember N.Y. And S.F. You don't drive. Public transportation is amazing. So no vehicles, no car payment, no car issuance. In Dallas or Houston I wouldn't rent for more than 2k a month. A 600k mortgage is less than 3k. So following the 25 percent rule I like, most follow 28 percent, so 600k would be a good price point for 250k
Posted on 7/13/17 at 9:02 pm to TejasHorn
That will be 14,000 a month net income or so, so probably 3,000 is reasonable.
Posted on 7/13/17 at 10:47 pm to TejasHorn
In the southern major cities, $3,000 gets you a super nice apartment or townhome in a great location.
The percent of income rule of thumb breaks down at high incomes.
The percent of income rule of thumb breaks down at high incomes.
This post was edited on 7/13/17 at 10:48 pm
Posted on 7/14/17 at 7:26 am to southernelite
I'm not why I got downvoted into the oblivion for that post.
Posted on 7/14/17 at 8:33 am to southernelite
Your post is accurate. The MTB has been over run lately.
This post was edited on 7/15/17 at 9:45 pm
Posted on 7/14/17 at 8:34 am to tigerbacon
That wasn't his question.
Posted on 7/14/17 at 9:10 am to southernelite
Maybe this will evolve into thread #10 on the MB front page that argues the merits of renting vs buying. We definitely don't discuss that enough on the MB. Crossing my fingers.
This post was edited on 7/14/17 at 9:16 am
Posted on 7/14/17 at 9:31 am to lynxcat
Maybe I'd have gotten more upvotes if I'd have said 1-2 Bitcoins. 
Posted on 7/14/17 at 9:41 am to southernelite
3-4k a month will get you a home in any of the desirable areas of North Dallas or a really nice apartment in Uptown.
Posted on 7/14/17 at 9:48 am to 50_Tiger
Absolutely. There some places that are pushing 5-6k, but even pulling in 250k combined, that's absurd.
3-4k will you get a very nice apartment or condo.
3-4k will you get a very nice apartment or condo.
Posted on 7/14/17 at 5:18 pm to TejasHorn
Depends if you view it as an investment, and part of your retirement. I know a few people who don't do 401k's and view their home as a main source of retirement. So it varies.
Posted on 7/14/17 at 5:25 pm to southernelite
Show yourself you downvoting cowards
Posted on 7/15/17 at 10:17 am to tigerbacon
quote:
In a city like San Fran and New York you spend 50-60 percent of your income.
That may be a little high. The last time we paid rent in NYC was last year. We were paying 3,500 a month for a converted 2 bedroom on the UES in a doorman building.
Posted on 7/17/17 at 9:38 am to tigerbacon
quote:lol, no
And S.F. You don't drive. Public transportation is amazing.
Posted on 7/17/17 at 5:37 pm to TejasHorn
At that income, 2-3 grand a month in southern cities would be an awesome apartment. No sense in spending more than 3k.
Posted on 7/17/17 at 8:06 pm to TejasHorn
No more than 30% for a major city.
Posted on 7/18/17 at 10:08 am to bee Rye
The two downvoters on San Fran's public transportation not being excellent have obviously never been there
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