Rent Question

[CarolinaCy]

I pay about 8% in rent, but that's small town Iowa. In Chicago burbs I was around 18%.

 

[BCoffClone]

No more than 25% if you're talking about an apartment/rental property in Iowa. Can probably justify a little bit of a higher percentage for a mortgage or if you're living in an area with a higher cost of living.

 

[CyArob]

renting, probably 25%. Higher for a mortgage.

 

[BikeSkiClone]

These %s make me sad as a grad student living on a small stipend and a school loan.

 

[00clone]

[video=youtube;kcsNbQRU5TI]https://www.youtube.com/watch?v=kcsNbQRU5TI[/video]

 

[cyrocksmypants]

I pay about 40%, but I also live in one of the most expensive places in the country to live.

 

[Bret44]

14%



2 bedroom house in the country on an acreage. It is nice.

 

[SpokaneCY]

Well I feel better putting down 33% at the moment on rent.

Your parents seem mean.

 

[Cyclonefan710]

Your parents seem mean.

Lol

 

[TOFB4ISU]

Be thankful you don't live on the Cali coast. My kid pays $3700 for a 5 bedroom house; 2 of the BR's in the converted garage.

 

[CYEATHAWK]

Settle an argument. What percent of take home pay would you spend on rent?

It would depend who I am arguing with. A reasonable person.......or not.

 

[19clone91]

I pay 29% in rent. But when you include utilities its more like 32%

 

[dmclone]

Never understood why people throw out percentages in situations like this. Some people have zero debt and no kids. Others have college loans, 5 kids, 2 car loans, etc.

The truth is that everyone is different so everyone should put pen-to-paper to come up with what they can afford.

 

[boone7247]

Must be in Chicago or another big city. Around DM area for $2500 you're renting a $250k-$300k house.

Holy Snickes! I hope not. $2,500 a month pays my mortgage, RE taxes, Insurance and Utilities in the suburbs of Chicago. I really hope $2,500 in rent around DM would be a $350,000 house or more. At that point you better be buying.

To answer the OP, I would think it really depends on where you live, but typically 25% to 35%. I know out here, our rental market is pretty expensive right now due to all the people that lost houses that are currently renting because they can't have a mortgage. So I would be surprised it would cost you 35%+ for a house for rent in my neighborhood.

Just for comparison buddy at work is currently moving to a new apartments. He and his roommate will be paying $1,600 for a 2 bedroom 2 bath apartment. I would guess the apartment isn't bigger than 1000 sq ft.

 

[Doc]

I'd say about 33%.