I don't know anyone spending less than half of their income on housing.
this post was submitted on 06 Oct 2024
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i spent roughly 40% on average last year. this year my insurance has spiked more than 60% so thats history
You live in Florida?
no. texas
i'm over half, and expecting yet another rent increase soon.
they make your walls so thin so you can hear your landlord masturbating to this
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I literally cannot remember a point in my life when I wasn't spending half or more of my income on rent/mortgage.
same. I remember being told 1/3 was the ideal, and thinking "you aren't spending twice that?"
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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?
$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?
Median household is apparently 80k now. 30 percent of that monthly is 2,000.
In my city 2,000 will rent you an infested place with water damage from the flood a year ago. But if the city comes around you have to pretend not to live there or else they'll kick you out.
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I wonder if it's net or gross.
Besides, it's not seven figures, just mid-six figures necessary for that.
The typical "30% on income" advice is based on gross, not net. Which is about 93,000 a year for the median mortgage payment right now.
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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...
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We should build and fund more public housing.
Unfortunately, a large chunk of the country doesn't believe the government can or should do anything, so I guess that's a difficult pitch to make.
This is the solution. Unfortunately in the United States when most people think of government housing you think of run down slums.
We need to follow the examples of Austria's social housing. https://youtu.be/41VJudBdYXY
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I was renting from 2009-2017. My threshold was $1000. Once they raised my rent above that I was out. So in all that time my rent increased ~$100-150. That was for an 1140 sq/ft, 2 bed, 1 bath apartment including the extra I paid for a detached single garage. I looked up the same apartment today. It’s $1750 and they don’t even post the garage prices. I’m gonna say probably $1900 all in for the same thing today. So a ~$900 increase in a similar timespan. Oof.
The apartment wasn’t anything special. Cheap carpet, old appliances but everything worked. It was showing its age but it was being maintained.
I worked in the largest city in the state but got an apartment ~25 miles away cause it was way cheaper than downtown. It was only a couple minutes drive from the highway and a tram station. So commuting wasn’t terrible. For a bit there my work even paid for the tram.
Even back then there was muttering about rent going up for the foreseeable future. Glad I got out of the renting situation cause it’s so much worse than I could have ever imagined.
My rent doubled in five years.
The place I used to rent is also doubled.
Everything doubled.
Except for wages.
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
nothing but greed drives it.
And that is only going to go up. In my area at least, the price of rent has gone up ~15% per year for the last 5 years. In 5 more years the apartment I was renting will cost more per year than my house payment.
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