Is It OK To Spend More Than 30% On Rent?
If 30% of your Gross Pay is more than you're currently paying each month in rent, then you're at a safe level for housing. If 30% of your Gross Pay is less than your monthly rent, many financial professionals would suggest that you find a more affordable home or increase your income.
CBS MoneyWatch recommends not exceeding 3 to 4 percent of your gross income for utilities. Most people spend between 30 and 35 percent overall on rent and utilities.
How Much Should You Spend on Rent When Budgeting? - Quicken
Most people are advised to keep their housing costs to 30% of their income or less. I used to spend around 50% of my earnings on rent, but it didn't hurt me financially. Keeping other bills low, like spending less on food and gas, can help your budget.
I Used to Spend Around 50% of My Income on Rent. Here's How I Made ...
Is the 30% rent rule realistic?
The 30% rule won't work for everyone You might have less choice than I did about exactly which city or neighborhood you live in and how many roommates you have, or you might prefer to spend more budget on your house and less on food and travel.
I've followed the '30% rule' since renting my first apartment, and 5 ...
Why should you only spend 30% of your income on housing?
Families who pay more than 30 percent of their income for housing are considered “cost burdened” and may have difficulty affording other necessities including food, transportation and medical care, according to the Department of Housing and Urban Development.
What's the new thinking on how much of your income should ...