general inquiry...

Apr 09, 2006 20:23

I'm trying to figure out how much I can afford to pay for rent, and I was wondering...

What percent of your total income do those of you paying rent actually pay?

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Comments 9

rent rotting_relic April 9 2006, 20:47:29 UTC
Ive heard 25% but I dont think thats possible in DC and NOVA.

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dreamtigress April 9 2006, 21:31:26 UTC
My mom used to say "One week's pay should cover your rent." As commented above me, I don't know if that's possible anymore. So I would say that two weeks rent should cover rent and utilities, and possibly groceries if possible.

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scary_kisses April 9 2006, 22:13:17 UTC
on average between the places that i've lived in baltimore, i find myself paying about 20% (literally, between 17-25%) of my total income on rent.

i usually estimate about an additional $100/month (per person, in my house) on home-related utilities; for me, this includes cable internet ($57/month or about $15/person via comcast with no other services), a land line with unlimited local and long distance ($50/month via verizon), gas/electric (totally varies on the size of the place, number of people, frequency of use, etc.), and water (usually paid quarterly, and usually not much more than $20-30/period).

you shouldn't have any trouble finding a place that includes at least partial utilites in the price of rent (downtown, i've found they typically cover heat and water), so that cuts the price down a bit. also, DSL is a lot cheaper than cable, and phone service is often included with it (if you need a land line, that is; i just use mine for work), but you have to be in the proper area for it.

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alannakitty April 10 2006, 00:09:40 UTC
I would be willing to be a potential roommate. I make a decent living but it would be difficult to live on my own without the benefit of someone to share the expenses.

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jfitz April 10 2006, 02:03:56 UTC
I pay something less than 20% of income for rent, which also includes utilities (electric, gas, and water). I'm living "below my means" in an apartment that is smaller than I should be able to "afford", according to common wisdom. It is a choice I have made.

Djdayglo's point about tight money is well taken. There is cash flow (how much comes in and goes out) and cash on hand (how much "cushion" is in the bank). I have a bunch of money in the bank, thanks to careful habits and discipline. That "cushion" has been very helpful when the surprise car repair shows up. After several years of savings (and sometimes doing without things) I have enough to handle big-ticket items. (Of course, after paying the big-ticket item, I start saving again, to bring my cushion back into shape.)

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