What percentage of my income should go to rent?

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asked Jul 21, 2019 in Real Estate - Renting by M5farms (300 points)
What percentage of my income should go to rent?

1 Answer

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answered Jul 24, 2019 by lulumeon (40,870 points)
When renting a home or apartment you should spend no more than 30 % of your income (before income taxes) on your monthly home or apartment rent.

You can spend less than 30 % of your monthly income on rent however you should not spend anymore than the 30% of your income on the rent.

Spending more than 30% of your monthly income on rent could leave you broke where you can't afford car payments, food, electricity, water, car insurance and other necessities of life.

It's better to spend less on a good apartment or home for rent and have enough money left over for the essentials.

So look for a good place to live and then budge up to 30% of your monthly income and if you can find a good apartment for less than the 30% of the income then you should take the cheapest but good apartment.

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