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What % of your income do you spend on rent?

ApatheticDolphin

ApatheticDolphin

Member
Oct 25, 2017
1,105
NYC
I'm moving out of my parent's house, and looking for a place (room). 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?
 
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scitek

scitek

Member
Oct 27, 2017
10,047
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

Masoyama

Attempted to circumvent a ban with an alt account
Banned
Oct 27, 2017
5,648
7%

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

Avis

The Fallen
Oct 25, 2017
3,218
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

Euler007

Member
Jan 10, 2018
5,032
My mortgage payments are about 17% of the low end of my gross income, which varies year to year.
 
Fliesen

Fliesen

Member
Oct 25, 2017
10,251
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.
 

Deleted member 6263

User requested account closure
Banned
Oct 25, 2017
9,387
<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

Hypron

Member
Oct 27, 2017
4,059
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

lt519

Member
Oct 25, 2017
8,063
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.
 
NotVeryFriendly

NotVeryFriendly

Member
Oct 27, 2017
3,664
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

Maolfunction

Member
Oct 27, 2017
5,871
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

Massicot

RPG Site
Verified
Oct 25, 2017
2,232
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

Rivenblade

Member
Nov 1, 2017
37,114
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

ApatheticDolphin

Member
Oct 25, 2017
1,105
NYC
>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

digit_zero

Member
Oct 27, 2017
2,355
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

Dougald

Member
Oct 27, 2017
1,937
Mortgage, about 25% without overtime.

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

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.
 
Masquerade Overture

Masquerade Overture

Banned
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.
 

Deleted member 46493

User requested account closure
Banned
Aug 7, 2018
5,231
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.

Neo C.

Member
Nov 9, 2017
2,992
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

jph139

One Winged Slayer
Member
Oct 25, 2017
14,359
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.
 

Deleted member 9241

Oct 26, 2017
10,416
We pay roughly 15% of our household income on our house payment per year.
 
vatstep

vatstep

Member
Oct 25, 2017
9,498
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.
 

LegendarySkitch

Banned
Oct 27, 2017
1,158
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
 
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