What % of your income do you spend on rent?

Oct 25, 2017
394
I'm moving out of my parent's house in the Bay Area, and looking for a place (room) in SF. Despite making 60k a year, I'll be spending >1/3 of my income on rent. Luckily, I don't have any loans or other recurring payments to make, so I can afford to spend so much until I get a raise (or leave my current job for something else if they don't give me one lmao). What percent of your income have you spent on rent? If it was a lot, how'd it go for you?
 

scitek

Member
Oct 27, 2017
2,509
If you include utilities and whatnot, I spend about 40% of my net income right now. It's manageable because I'm thrifty af, but it makes paying all my other debts down kinda tough. Stay away from credit cards and loans as much as you can and you'll be fine.
 

Masoyama

Member
Oct 27, 2017
4,178
7%

I’ve kept the house I was renting in grad school and now make like 3 times more after graduation.
 

Avis

The Fallen
Oct 25, 2017
1,709
4/10 lol rip

But I don't have a lot of big expenses like a car or kids or anything, and don't live a very expensive lifestyle in general. Budgeting stuff like food goes a loooooong way.
 

Euler007

Member
Jan 10, 2018
1,130
My mortgage payments are about 17% of the low end of my gross income, which varies year to year.
 

Fliesen

Member
Oct 25, 2017
4,482
Around 35% of each of my girlfriend's incomes goes to a shared bank account. roughly half of that goes to pay rent, the rest is utilites, power, insurance, cable, internet, netflix, groceries etc.
The remaining monthly surplus on that account eventually pays for vacations, furniture - any kind of 'obviously shared expenses' and whatnot.

So essentially, each of us are paying roughly 15-20% of our respective incomes to renting our 93m² (3 bedroom) apartment.
 

Stiltzkin

The Fallen
Oct 25, 2017
2,129
<10%
It's a decent apartment too, we've just been keeping our monthly expenses low and hammering away at student loans.

Does living in SF have to be necessary, or is there a way for you to increase your income over the next couple months/years? Spending 30% of your paycheck on rent is a pretty crap deal...but at least you don't have any huge debts to pay off, so at least that's nice!
 

Hypron

Member
Oct 27, 2017
3,458
NZ
I'm doing a doctorate - while I was still on a scholarship I'd spend a bit less than 40% on rent. Now it's run out and I'm taking a government loan to help pay for living costs and I'm probably spending 80% of my income (loan+tutoring) on rent. I have money saved up though, so I'm not too worried. I'm still trying to finish ASAP though, don't like the sight of my debt increasing.
 

lt519

Member
Oct 25, 2017
3,044
That's not too bad OP for SF if you don't have any other payments to be making. Budget out some food, entertainment, and emergency fund costs and then throw the rest into a 401 and enjoy life for now.

When I got out of school I was at about 20% and I had a car payment, student loans, and no savings that amounted up to over 50% of my gross. I ended up splitting a place for the next 4 years so I could save some money and pay off the loans.

My mortgage+taxes+HOA fees now are around 10% of my gross and the loans are all paid.
 
Oct 27, 2017
1,039
Ireland
35% of my gross pay goes to rent my room, which is about 45% of my net pay. I'm currently sharing the apartment I'm renting with two others. It's frustrating as it severely impacts how much I can save, but not too bad as I can still live quite comfortably and save a bit. The cost of renting in my city is ludicrously high for the median salary.
 

Maolfunction

Member
Oct 27, 2017
631
it's 24% of my gross monthly income.

I have a feeling it's gonna grow past 30% tho when it's time for my lease to be renewed.
 

Massicot

RPG Site
Verified
Oct 25, 2017
1,513
United States
About 20% of my gross income. A fair higher % of my net.

It could be lower but I'm "splurging" on a two-bedroom for just myself.
 

Rivenblade

Member
Nov 1, 2017
4,214
I'm putting around 39% of my net income towards my mortgage right now. In term 1, year 4 of a 5-year fixed interest rate. It sucks. Looking forward to term 2 negotiations in 2020 that should decrease that number.
 
OP
OP
ApatheticDolphin
Oct 25, 2017
394
>30% of net. 5k a month after taxes turns into 3740 RIP

I'm not looking to spend more than 1500 on a room, but it's really difficult. My social life is nonexistent right now because I'm commuting 2 hrs a day. IMO the cost is going to be worth it.
 

digit_zero

Member
Oct 27, 2017
453
Roughly 15%, which I'm happy about but its coming at the expense of a long commute which I'm not sure is a trade off I want to keep making.
 

Dougald

Member
Oct 27, 2017
1,617
Mortgage, about 25% without overtime.

Renting a similarly sized place would be considerably more expensive because the British housing market is fucked
 

honest_ry

Banned
Oct 30, 2017
4,288
50% of my monthly take home pay.

Add in council tax and its probably 70% a month.

Add in food and utilities and I get 10% to myself.
 
Oct 26, 2017
3,434
0.

I don't make enough to move out and not live paycheck to paycheck (I have car payments to deal with anyways). Plus, why have extra expenses when I could live with my parents and save money.
 

jcs

Member
Aug 7, 2018
1,792
35% in NYC. ($2,000 rent, ~$6,000 per month). Worth living alone without roommates but I don't want to pay more so I am waiting on a raise to move to a nice apartment.
 

Neo C.

Member
Nov 9, 2017
536
30% ish, but 8% is to my room in my parents' house, it's voluntary and more a gesture to help my parents with their savings.
 

jph139

Member
Oct 25, 2017
3,755
Massachusetts
Currently about 30% from net. Will probably be closer to 40% this time next year. I could move out to the boonies but then I'd have to buy a car, so the savings would be negligible.

Overall I'm at 30% rent, 40% student loans, 30%... everything else. I'm pretty comfortable though - thank god I'm healthy and childless.

Near Boston, for reference.
 

vatstep

Member
Oct 25, 2017
5,155
50% – very cool! A lot of people seem to think it's worth it when I tell them I live alone (seemingly a rarity here), but I don't know sometimes. I miss having a partner to split the rent with, but could not possibly go back to living with strangers.

SF and NYC are definitely the worst markets but Boston isn't far behind.
 
Oct 27, 2017
922
About 20% of my net income for rent and utilities. About 50% goes to student loans/car payments/insurance.
30% is food and spending money roughly