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How much of your income should go towards housing???

June 3rd, 2009 at 07:34 am

My lease is up for renewal and I'm wondering if maybe too much of my income is going towards housing. What percentage should be allocated towards this. My annual salary is $39,000 a year currently I'm paying $12,720 per year in rent.

8 Responses to “How much of your income should go towards housing???”

  1. KikiKayB Says:

    I have heard that it shouldn't be more then 25%. I would say you are around 32 or 33 %. Not bad...but if you can reduce it without lowering your houseing quality much..go for it! Taking into account security deposits etc.

  2. monkeymama Says:

    As little as possible. Big Grin

  3. Ima saver Says:

    I think you are paying too much!!

  4. monkeymama Says:

    To clarify, when I was in college my rent was as low as it possibly could be and it was 50% of income. (Some 0% years with house sitting and such).

    So it depends on the area really. In college I didn't sweat it as I Was focusing all my energy on a higher income, eventualy. (My problem was more low income than high rents, since I did do well keeping my rents low in a pricey area).

    That being said, if there are cheaper rent options for you, I would certainly take them.

  5. whitestripe Says:

    it is normal to expect to pay up to and over 33% here for renting - that is what the real estates calculate it on as well.
    i think our minimum mortgage payment is around that amount, but we are trying to pay much more, our goal is 40-45%.

  6. Tech Support for Lenovo Says:

  7. customresearchpapers.ws/blog/research-paper-topics.html Says:

    This is a normal interest for paying for housing, but since I have a mortgage I try to pay more than it is necessary to ensure that in the future this expense item disappears as soon as possible.

  8. school uniforms pros and cons on our site bigpaperwriter.com Says:

    You have a fairly large percentage of funds going to this article worth considering options for how to reduce it in order to get more free funds.

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