I wish. I’m at a little below half lately.
Us too.
I actually thought 30% housing was the norm for the past 10 years?
The goal but never the reality.
Ideally rent should be 1/4th or less of your budget
LOL
i’m over half, and expecting yet another rent increase soon.
Who are the half that make the 7 figures required to not spend half your income on housing?
Did they just fully make up have the surveyed population?
You don’t need remotely close to that income level. 200k household income will get you a nice home at a reasonable price.
Maybe roommates?
I lived in a place that cost 800$ a month for a room in the bay area and I was taking home more than 60% of my income working full time.
It’s doable, and it doesn’t mean only rich people aren’t rent burdened…
If you move outside the city, shit gets much, much cheaper. Mortgages are easily $1,750/mo ($300k, 30yr, tax + insurance included). If your goal is to live in NYC or Seattle, you will be spending quite a bit on your chosen lifestyle. If your goal instead is to buy/rent an affordable 2-3br home, there are lots of options.
“If you live where the jobs aren’t, you can afford a house.”
Cool.
The trades (electricians, etc) pay well and are in demand basically everywhere. The jobs are out there.
Where are you finding a livable home for 300k? I live in a rural area, and I love it here, but you’re never going to find a house for 300k unless you’re willing to put another 150k into stripping it down to the studs and renovating it.
Now add in the cost of a car
And the cost of time spent commuting 2-3h each way to and from work every day
Ugh. I get really annoyed when people defend egregious housing prices with the “just live in a shitty place, in a shitty location, in the middle of a food desert, far from economic opportunities, social interactions, public transportation, and you can afford it” argument
I live 10 miles outside of Seattle and have never once spent more than 30% on rent. I have 0 of the downsides you listed, except a long commute, and I don’t make 6 figures.
It’s honestly not that hard to find affordable rent even in a VHCOL area.
Lol yeah exactly… Its such a brain dead take.
Move far, far outside of populated areas and you don’t even need a mortgage.
$1400/mo, the rough figure from the article, is 30% of $56k/yr. If you made $1m, 30% of that would give you $25,000/mo. How do you figure?
I wonder if it’s net or gross.
Besides, it’s not seven figures, just mid-six figures necessary for that.
I’m wondering if the people in this thread who are saying they pay less than 30% of their income on rent as if it’s some sort of trick or achievement actually understand percentages since they don’t seem to understand that the “nearly half” part of the headline puts them in the majority…