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How much should you spend on rent?
Posted on 6/3/19 at 11:14 am
Posted on 6/3/19 at 11:14 am
What percentage of your monthly income after taxes should you spend on rent? Obviously don't want to over spend to the point where you can't do anything on the weekends or afford to travel to friends weddings, bachelor parties, ect. Currently have no debts. but will need to purchase a car in the next year. Internet says 30% is the sweet spot but wanted to see if anyone has any experience with spending 30% of income on rent and how it effected your savings potential and weekend lifestyle. TIA
ETA: Currently at 24%
ETA: Currently at 24%
This post was edited on 6/3/19 at 11:17 am
12
Posted on 6/3/19 at 11:20 am to al_cajun
I'm probably around 25% after taxes. It kinda sucks 
Posted on 6/3/19 at 11:21 am to al_cajun
0%
Posted on 6/3/19 at 11:39 am to al_cajun
I would guess 20-25% would be a nice, comfortable area.
Posted on 6/3/19 at 11:40 am to al_cajun
how much leaves you the money you need/want for everything else. The percentage way of looking at it is not a great way to do it.
Posted on 6/3/19 at 12:02 pm to al_cajun
Id say you are doing it right.
Dont let the down votes and posts about you shouldn't be paying anything in rent get you down. This board stresses a 20% down payment on a mortgage yet doesnt expect you to rent?
Dont let the down votes and posts about you shouldn't be paying anything in rent get you down. This board stresses a 20% down payment on a mortgage yet doesnt expect you to rent?
Posted on 6/3/19 at 12:04 pm to al_cajun
3.50%
Posted on 6/3/19 at 1:27 pm to al_cajun
Are you single? How much do you make?
Wife and I spend a little less than 20% on rent at $1450/month. Even after $1600 going to daycare each month, we still have money leftover for savings/fun. We make about $120k/year with my side income.
Wife and I spend a little less than 20% on rent at $1450/month. Even after $1600 going to daycare each month, we still have money leftover for savings/fun. We make about $120k/year with my side income.
Posted on 6/3/19 at 1:33 pm to al_cajun
Percentage is meaningless. Only thing that matters is how much disposable income exists after your rent (and other fixed monthly expenses) is paid.
Posted on 6/3/19 at 3:46 pm to al_cajun
I'm at about 15%. Having a roommate helps
Posted on 6/3/19 at 4:17 pm to al_cajun
I’m at like 27% for all housing. No roommates kinda sucks, kinda great
This post was edited on 6/3/19 at 4:17 pm
Posted on 6/3/19 at 10:45 pm to al_cajun
I spend $1230/month on mortgage, plus another $400 on HOA dues and utilities. I average about $1,200/month on Airbnb so it's pretty good overall. My other jobs get me another $5,000/month after taxes. My mortgage is a 15-year mortgage so I am cranking down the payments quick and loving it.
This post was edited on 6/3/19 at 10:47 pm
Posted on 6/4/19 at 9:15 am to rpg37
quote:
I spend $1230/month on mortgage, plus another $400 on HOA dues and utilities. I average about $1,200/month on Airbnb so it's pretty good overall
what city
Posted on 6/4/19 at 9:28 am to rpg37
quote:
I spend $1230/month on mortgage, plus another $400 on HOA dues and utilities. I average about $1,200/month on Airbnb so it's pretty good overall. My other jobs get me another $5,000/month after taxes. My mortgage is a 15-year mortgage so I am cranking down the payments quick and loving it.
Letting others live at your place while you are there?
Posted on 6/4/19 at 10:08 am to lynxcat
quote:
Percentage is meaningless. Only thing that matters is how much disposable income exists after your rent (and other fixed monthly expenses) is paid.
This is a great point. If you live in a city like NYC where you don’t need a car (note, insurance, gas, etc) and some of your utilities may be included in your rent, then a higher percentage of income can go to rent.
This post was edited on 6/4/19 at 10:09 am
Posted on 6/4/19 at 8:43 pm to lynxcat
quote:
Letting others live at your place while you are there?
I do room rentals and normally get 5-10 of those each month - normally weekends. The big money makers are football weekends, live events, and graduation.
Posted on 6/5/19 at 10:18 am to StringedInstruments
holy shite on the daycare.
Posted on 6/5/19 at 10:48 am to basiletiger
If you make around 100,000 a year and have little to no debt, then 2,500 per month would be the max for rent in my opinion. I realize in some cities that could either be country club or downtown and some other cities it could be suburbs or a run down area.
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