Post # 1
I live/work in the city, but will hopefully be moving closer downtown at some point, plus starting a new job. Many of my friends have really different philosophies on how much you should be willing to spend on rent so I was curious what you Bees do?
If you are comfortable sharing, how much is your income compared to your rent expense? If you’d prefer to not share your income, a percentage/ratio of income would be just as good!
This is more out of curiosity than anything – I know there are better sources of financial advice out there XD
Post # 2
I pay 1/5 of my monthly wage on rent. Rent is about $2000 per month for the both of us. My SO and I pay half each. We’ve just set up a shared back account and seeing as he gets paid roughly the same as myself the figure stays close to 1/5.
For comparison, i live in Australia in a 2 bedroom, 2 bathroom double storey townhouse 5 kms from the CBD.
Post # 3
0.29 collectively after income has been taxed and we’re in London. Would be interesting to see by area as well. Rent has gone crazy in London in the last few years and we’ve finally been able to start looking into buying and monthly mortgage repayments are so much cheaper! Like £400-500/month cheaper. It’s just the deposit and fees!
Post # 4
I pay just under 16% of my monthly take home pay. It’s a high cost of living area but popular with families so large houses are crazy money but small flats are reasonable to rent. Our landlord also hasn’t increased our rent in the 3 years we’ve been here which is appreciated. I actually pay less per month than when I was a student living in a cheap northern town!
Post # 5
We live in a one bedroom condo we’ve been renting for a year and a half, in one of the “cheaper” suburbs of the Bay Area. We pay pretty much exactly 1/3 of our take home to rent, $1200, went up from $1100 just this month. We’re very fortunate to have found such a cheap place though…if we were to look for another place right now, the cheapest I’ve seen is at least $1500. Our landlord has another condo in this same complex, same one bedroom layout, and he’s charging them almost $1500 currently. It sucks!
Post # 6
I pay 29% of my income for a studio apartment ($1600 a month) and that doesnt include the $125 for parking 🙁 Unfortunately living anywhere within 20 mins of my work is obscenely expensive.
Post # 7
SO and I are both PhD students, so our income and housing situation is probably not at all comparable. We each spend about 1/3 of our teaching salary/stipend (depending on quarter) on housing, but then we probably don’t have half the responsibilities that the rest of your bees have 🙂 I would be very interested in seeing a large scale study on this though – it would be very valuable for future house purchases!
Post # 8
I pay about 30% of my take home income on rent. It’s definitely a number I feel comfortable with and I think I actually got a pretty good deal on this apartment. It’s a studio in a very desriable neighborhood with so many shops and cafes. Plus I can walk to work which saves me a little money every month on gas
Post # 9
My rent was 46% of my income and then me and a friend moved in together to reduce costs but my rent is still 30% of my income, just rent, nothign else.
Post # 11
- Wedding: June 2016 - Sassafraz in Toronto, Ontario
A little less than 25% of our combined take home pay. This is pretty rare in Toronto where rents are crazy, but we live on the outer edge.
Also, our place is tiny – 640 sq ft for two people and two cats, incl one who works from home.
Post # 12
My husband is graduating law school tomorrow (!!) and we’re moving closer to his firm (downtown) when he starts. At that point, we’ll be paying about 17% of our income. That doesn’t include utilities.
Post # 13
16% of my take home pay goes to rent ($500/month) but I’m in grad school, so I make very little money. My Fiance pays 20% ($1000/mth) – $1500 is about average for a two bedroom apartment in our neighborhood.
Post # 14
we have a housing cap set by the goverment meaning we get charged a lower rate because of our low income overall I pay 10% of my income per month on rent
Post # 15
Our rent is around 20% of our combined income – and our rent is cheap for the area we are in.