ST Alpha - "you’re ideally only supposed to spend 30% of monthly income on *rent* -- (link)" (Reading a Post)

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you’re ideally only supposed to spend 30% of monthly income on rent -- (link)

Posted by hollywood big shot (aka pickmix) May 15 '24, 12:35

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https://twitter.com/mateosfo/status/1790793523933102178 (twitter.com)

Responses:

If only more places (like here) had viable public transportation. -- nm - sycor May 15, 12:58
That 20% number may include fuel, insurance, repairs, etc as well -- nm - ty97 May 15, 12:46
Is the 30% pre or post tax? (I ask since this is a post-tax reading) -- nm - ty97 May 15, 12:43 8
- My old 1 bedroom apartment is about $1,300. If it's 30% post tax I wouldn't be able to afford it on my own with that math. - sycor May 15, 13:00
- I grew up hearing it as when buying a house the sell price should cost no more than 3x annual gross income. -- nm* - Max May 15, 12:51 6
  - you should be able to buy a house for 100x monthly rent (old rule of thumb....ouch where did that sledgehammer come from...) -- nm - zeitgeist May 15, 13:42
  - *approves you for twice that much* -- (edited) - Mortgage companies May 15, 13:11
  - Around here, for renting, they want your annual gross income to be at least 40x the monthly rent price -- nm* - ty97 May 15, 13:01
  - *look at local listings* LOLOLOLOLOLLOL - ty97 May 15, 13:00
  - whoops -- nm - oblique May 15, 12:58 1
    - Right?! -- nm - sycor May 15, 12:58

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