Im looking to move out and im researching how much money of my monthly income i should spend on rent? with out squeesing my self too tight.
Ok just few more details to add, I live in Houston Texas so this of course makes a huge difference because our economy and housing market is allot better than anywhere else in America. So althought I have been thinking of buying a home, im in my early 20's so this option is a little early for me.
Gypsy Girl
Favorite Answer
25% - 30% is the norm.
Reena
In a perfect world no more than 25% of your monthly income.
Besides the rent plan on spending money on utilities, phone,
cable and then there is food, car, gas and whatever else you
need.
Best way to find out is to ask someone that rents what
their real expenses are for the month then make the comparison
to see whether your monthly income would be able to sustain
rent, utilities, phone, etc.
Oldmansea
As a landlord I say 100% but if you need to eat, you should try a place that is more affordable...you need to put 5% away in a savings account
and you need to know what your bills are. Will you be paying for water and gas? do you have to pay for trash pickup, how about cable and other things. If your living beyond your means, you should find a place more suited to your income. Try renting from month to month till you get the hang of what your needs are. Then you might find you
could buy a house instead of throwing money on rent.
Good luck
?
The truth is it depends on what part of the world you are living in. In some areas rents are higher than others. It also depends on if your utilities are included or not. 25% is the accepted amount, but that can be almost impossible on one income in some areas.
Amarnath C
Maximum.... @30%