Thread: What is a percentage someone should spend on monthly rent?

Considering there is no cars, insurance etc. What is the proper percentage to spend on rent?

They say that NO MORE THAN 30% should be for a housing allowance.

I've heard that a person SHOULD be spending no more than 30% of their monthly income on housing. You should check out Oprah's Debt Diet. It's awesome.

conservative [old-fashioned] answer 25%. Modern 20%. W/o cars, etc, one could go a bit higher.

I agree with 30% i pay a mortgage but the majority of my friends pay rent and theirs is around that mark.

it should be 30% but like me i cant find cheaper apartments so i pay more like 50%..oh well i got to live somewhere

Generally it is 30%, not of your total income, but of your net (take home) pay AFTER taxes.

No more than 30% is what the banks will tell you.
And many landlords require proof-of-income, so that the rent is no more than 1/3 of your salary.

But the reality: Find the cheapest apartment you can suffer through, while saving your money for a down payment.
My salary: $67,500.
After taxes: $1700/ 2 weeks.
My rent: $549.
My goal: Pay off $35,000 in credit card debts over the next two years.

For rent, I would say not more then 25% since you are not building any equity.

However, you need to be saving. You should be saving at least 10% to 20% of your gross income each month.

Have the money taken directly from your check (just like taxes) this way you will not miss it.