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Message
What percent of your paycheck should go towards rent
Posted on 6/16/14 at 8:54 pm
Posted on 6/16/14 at 8:54 pm
Should go isn't the best phrase, but what's the percentage you want to stay in?
12
Posted on 6/16/14 at 8:54 pm to PurpleNGoldFan
25%
Posted on 6/16/14 at 9:02 pm to PurpleNGoldFan
I think some place require you to make 3x rent to qualify for the apt.
Posted on 6/16/14 at 9:28 pm to 756
quote:
25%
Posted on 6/16/14 at 9:48 pm to yellowfin
Honestly, even at 25% it seems high. I'm a single young professional and I don't want to live around LSU anymore.
Posted on 6/16/14 at 10:11 pm to PurpleNGoldFan
45% for McMansion.
Posted on 6/16/14 at 10:20 pm to PurpleNGoldFan
I work in property management- we require 33%. But yeah, 20-25% is probably ideal.
Posted on 6/16/14 at 10:37 pm to PurpleNGoldFan
just to check...... is renting the only option?
Posted on 6/16/14 at 11:34 pm to PurpleNGoldFan
(no message)
This post was edited on 6/20/14 at 7:43 pm
Posted on 6/16/14 at 11:36 pm to Mr.Perfect
quote:
just to check...... is renting the only option?
Renting should be the only option someone considers right after graduating. No reason to rush into home ownership.
Posted on 6/17/14 at 6:19 am to Mr.Perfect
quote:
just to check...... is renting the only option?
The answer to this question is different for each person's individual situation. Conceptually, there are only two ways to purchase living space: lease/rent or own (outright or via mortgage or bond for deed, etc.). If that's your question then there's your answer.
If your question is rhetorical as in should the OP buy rather than rent, then the issue becomes more analytical. Issues like job security close to the property, domestic situation, likelihood of wanting to relocate, savings for down payment, etc. come into play.
I agree with lynxcat^, rushing into a home purchase at 23 or 25 years of age simply because one is able to do so is not the best reason to do so.
This post was edited on 6/17/14 at 6:23 am
Posted on 6/17/14 at 6:36 am to PurpleNGoldFan
quote:
Should go isn't the best phrase, but what's the percentage you want to stay in?
My apartment requires minimum of 3x monthly rent in verifiable income.
I am the primary on the lease and the total rent is rougly 15%. I have a roommate (fiance) which drops it to approx 7.5%. My apartment is 1300sqft with a balcony. I provided the washer & dryer
I chose to live far away from the university in a college town so that I could have great rates on rent but granite counter tops and wood floors. Local residential area prices around 230-450k$. I got a bargain
Posted on 6/17/14 at 7:17 am to PurpleNGoldFan
I pay about 40% and it sucks
Then again I'm an OTpoor
Then again I'm an OTpoor
Posted on 6/17/14 at 8:02 am to PurpleNGoldFan
SO and I pay 14% of combined gross income.
Posted on 6/17/14 at 8:06 am to PurpleNGoldFan
Currently at 18.7% and I would be a bit uncomfortable going above 20%. Not saying I wouldn't do it, but I wouldn't like it 
Posted on 6/17/14 at 8:38 am to lynxcat
quote:
Renting should be the only option someone considers right after graduating. No reason to rush into home ownership.
Meh, I think buying a townhouse is very smart. As a parent, I'm going to do this in br as my kids get close to college. Why pay rent when you can own it and you can rent a room to someone you trust?
Posted on 6/17/14 at 8:58 am to GeeOH
Can you explain more to me how this works? I'm looking into it..
Posted on 6/17/14 at 9:10 am to The Calvin
I stayed in single digits since I graduated.
I would say 20% would be the max anyone should spend, unless there housing allows them to not own a car.
I would say 20% would be the max anyone should spend, unless there housing allows them to not own a car.
Posted on 6/17/14 at 9:51 am to Blastoise
I'm not spending 33% of my paycheck on an apartment. I guess what I'm saying is in Baton Rouge there aren't too many deals to be had.
Sure, I've got much more flexibility, but to get away from LSU and still live close to everything and being in a safe neighborhood costs you.
I guess the 25 and 30% number is not what I'm used to in college. Yes I have more flexibility, but I do have loans to pay back, etc and will for years to come.
The days of paying $500 are over it appears.
Sure, I've got much more flexibility, but to get away from LSU and still live close to everything and being in a safe neighborhood costs you.
I guess the 25 and 30% number is not what I'm used to in college. Yes I have more flexibility, but I do have loans to pay back, etc and will for years to come.
The days of paying $500 are over it appears.
Posted on 6/17/14 at 10:02 am to PurpleNGoldFan
No they aren't. I paid 600 bucks a month and lived in the garden district.
You have to be willing to have roommates. If you are dropping 35% on rent in BR, you are doing it very wrong.
You have to be willing to have roommates. If you are dropping 35% on rent in BR, you are doing it very wrong.
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