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re: Is 30% of gross income still a good benchmark for what to pay in rent?
Posted on 4/16/25 at 8:38 pm to Odysseus32
Posted on 4/16/25 at 8:38 pm to Odysseus32
quote:
Sure, but I'm in Ellick and $1250 gets you a shite hole here. If $1250 gets you a shite hole here, I'd imagine that is the case most places.
Well all of Ellick is a shite hole so…
0
Posted on 4/16/25 at 8:42 pm to Slippy
30% of gross probably lands you 50% of take home. That’s not leaving much wiggle unless you have a high income.
Posted on 4/16/25 at 8:43 pm to Slippy
I’m an agent and help some friends with their rentals, as a rule of most look for 1/3 rent to income ratio if solo.
Posted on 4/16/25 at 8:45 pm to Old Sarge
quote:
A mortgage should not exceed 25% of net income not gross
You shouldn’t come close to that with rent
I don't think you can apply blanket rules of thumb to these situations.
If the kid is 23ish and making $60kish, and roommates are not an option, rent the cheapest spot that is reasonably safe. If that's $1,500/mo, no problem. If it's $1,800/mo, so be it.
Live somewhere decent enough to start, then grow your income and worry about rules of thumb later.
Posted on 4/16/25 at 8:52 pm to Mingo Was His NameO
quote:
Mingo Was His NameO
quote:
You’re a fricking moron, dawg. Damn
quote:
Are you retarded? This seems to be extraordinary simple
quote:
I, for some reason, continue to be amazed out just how fricking stupid some people on this site can be, and for that, I have no one to blame but myself. Just incredible stuff
Posted on 4/16/25 at 8:55 pm to Slippy
Why are you doing this just based on a %?
If he finds a comfortable place that is 30%? Are just done looking?
If he finds a comfortable place that is 30%? Are just done looking?
Posted on 4/16/25 at 9:07 pm to CR4090
quote:
CR4090
Dilution is a more difficult concept than simple multiplication. Again, Mingo regrets the error
Posted on 4/16/25 at 9:35 pm to Slippy
Paying rent in general is a bad idea
OWN THAT shite
OWN THAT shite
Posted on 4/16/25 at 10:42 pm to Slippy
This was what we were told in college in the 90’s. Personally I wouldn’t want to be that high. We are in the low 20’s, and would love it to be even lower.
Posted on 4/16/25 at 11:06 pm to HoustonGumbeauxGuy
quote:
Paying rent in general is a bad idea
This.
Why haven’t you bought anything out there?
Posted on 4/17/25 at 4:20 am to Slippy
You need to tell him to start maxing his tax advantaged retirement accounts instead of worrying about living in a luxury apartment.
Posted on 4/17/25 at 4:28 am to Slippy
A lot of yall need to look at what rent is in cities now. It has gotten ridiculous - its the same/higher cost than mortgages.
Posted on 4/17/25 at 4:30 am to Horsemeat
Not everyone should live in "cities"
Posted on 4/17/25 at 4:51 am to lynxcat
quote:I cannot come up with a scenario where 30% of gross is 50% of net, unless someone is a high earner has a high effective tax rate, in which case, they have much more discretionary income to spare.
30% of gross probably lands you 50% of take home. That’s not leaving much wiggle unless you have a high income.
For example, let’s say someone is single and makes $60k, puts 3% towards 401k match ($1,800), and $6k towards pre-tax insurance premiums, HSA, etc. So 7.65% of the $54,000 (after the pre-tax premiums, HSA, are deducted), which is $4,131 with go to payroll taxes, and his AGI for income taxes will be $52,200. With just the standard deduction and no other deductions or credits, the federal income taxes will he $4,280.
So altogether that a total of $16,211 subtracted from his gross, leaving him with $43,789, or ~73% of his income. So 30% of the gross ($18k) would be ~41% of his net. And even if there are state/local income taxes, those aren’t going to come anywhere close to the $7,789 to get 30% of gross to be 50% of net.
And by my quick math, he could triple his income to $180k and excluding any state/local income taxes, 30% of his gross is still only ~43% of net. And he could still make an additional nearly $44k before he makes a pretty but jump to the 32% tax bracket, but he’s already maxed his social security contribution so that should offset. Hell getting to $500k gross puts him at 46%.
Posted on 4/17/25 at 5:12 am to LSUfan4444
quote:Want a decent apartment in Slidell? $1,500/month.
Not everyone should live in "cities"
Posted on 4/17/25 at 5:29 am to Horsemeat
You can easily find two bedrooms much nicer than decent in Slidell for $1500/month which would be about $60/k per year in salary.
Hell, you can find three bedroom houses in Mandeville with about 1500sq feet for $1600.
No reason people have to be rent poor other than poor decisions.
Posted on 4/17/25 at 5:40 am to Slippy
30% is an ok number imo IF it includes utilities.
Posted on 4/17/25 at 6:27 am to Slippy
FHA thresholds used to be around that ( 28/32 ) Always thought it a bit too high. 25% is probably the highest he should go. But, today landlords are in a power position in terms of rent so they will aim towards the 30 -33% neighborhood because they can.
Posted on 4/17/25 at 6:48 am to Slippy
no. It has to be based on lifestyle choices, not a percentage of income.
Posted on 4/17/25 at 7:02 am to notsince98
30% seems high to me. Are apartments really going for $2,000+/month?
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