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Yeah, safety in the town I live in isn't a big deal, it's a pretty quiet family town. But I'm hoping to live in a bigger metro area because the reality is, is that there are more opportunities there.
I just wanted a frame of reference to help me determine how much money I need to start saving, and what the absolute bare minimum salary is that I would need in order to move out of my parents' house. I already know that rent for a decent place in the metro I'm hoping to start off in is about $600-$800/month. So now I know that I should probably be making somewhere in the mid 30's before I move out to my own place.
Mid 30's is enough, but limit your travel or you will get burned.
Thread update: got a job on Friday and one of my best friends is actually moving to the same city this month, so we found a place to rent and it's less than 25% of my income! Oh, and we aren't getting cable - just internet. I'll be able to save a lot.
it all depends on what you want out of the place you live. id say 30% is good, you dont want to live in a craphole just to save a few bucks. as far as rent is concerned at a certain point you start to out price the bad neighbors from a community, this is good for regular people that don't: sell drugs, pack a 2 bedroom apartment with 8 people, party animals, drunks, loud people with a million kids, trashy/dirty folks, etc.
Keep in mind that the general rule doesn't apply to situations on either tail end. For example, gross income of 120k doesn't mean you should spend 2.5k on rent each month. And gross income of 120k means very differently if you live in NYC vs Iowa City. A more appropriate way to estimate would be what your financial and life goals are, what life style you have, and what financial resources you have available. Spend a couple of hours analyzing these factors and you'll end up saving yourself tons, either in happiness or in monetary assets.
it all depends on what you want out of the place you live. id say 30% is good, you dont want to live in a craphole just to save a few bucks. as far as rent is concerned at a certain point you start to out price the bad neighbors from a community, this is good for regular people that don't: sell drugs, pack a 2 bedroom apartment with 8 people, party animals, drunks, loud people with a million kids, trashy/dirty folks, etc.
Exactly in my 20s I could live in the hood for the cheap rent. Now I want to come home to a nice place in a nice hood. I think folks forget paying rent is paying for a service. I don't view it as a waste of money.
Exactly in my 20s I could live in the hood for the cheap rent. Now I want to come home to a nice place in a nice hood. I think folks forget paying rent is paying for a service. I don't view it as a waste of money.
Exactly in my 20s I could live in the hood for the cheap rent. Now I want to come home to a nice place in a nice hood. I think folks forget paying rent is paying for a service. I don't view it as a waste of money.
Exactly!
Quote:
Originally Posted by golfgal
We've tried to operate that our house payment/rent was 25% or less then our TAKE home pay...life is just a lot more comfortable that way.
You and your spouse? You should have a very comfortable life. If your combined income is 100k, you should take home 80k or so. 2k a month should get you a really nice place for 2 people. Makes me wish I had a spouse
I wish I can say 25% or less but it's simply near impossible in certain location
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