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

June 3rd, 2009 at 02:34 pm

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.

Posted in Uncategorized | 5 Comments »

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

  1. KikiKayB Says:
    June 3rd, 2009 at 02:46 pm 1244040363
    1244040363

    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:
    June 3rd, 2009 at 04:32 pm 1244046767
    1244046767

    As little as possible. Big Grin

  3. Ima saver Says:
    June 3rd, 2009 at 06:42 pm 1244054542
    1244054542

    I think you are paying too much!!

  4. monkeymama Says:
    June 3rd, 2009 at 08:39 pm 1244061562
    1244061562

    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:
    June 4th, 2009 at 05:28 am 1244093328
    1244093328

    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%.

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