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I think it depends on where you live. Obviously in places like LA, NY or other major metros rent is crazy expensive and it's not uncommon for it to take up half of some people's income. I think around 30% is a good guideline to follow. Many apartments and landlords want 2.5-3x the rent as an income minimum so I think that's a common standard.
I believe the 'banking standard' for most loans is about 30-35% for housing.
I wonder if there is a similar correlation in most areas between average salaries and housing costs? One might think there would be, but, there are some areas (particularly high service sector tourist areas) - where there doesn't seem to be a relationship.
wondering what percent of a persons budget is appropriate to spend on <whatever> ??
As little as you possibly can where YOU live... including by sharing space.
Until you get a few raises you'll have to suck it up in crappy overcrowded quarters.
After the raises come... increase your savings and stay in the crappy overcrowded quarters.
I live in Brooklyn (NYC) and pay about 25% of my gross.
I think this is a reasonable # - honestly I do not feel comfortable spending any more than that.
As little as you possibly can where YOU live... including by sharing space.
Until you get a few raises you'll have to suck it up in crappy overcrowded quarters.
After the raises come... increase your savings and stay in the crappy overcrowded quarters.
I don't think I'll ever live with roommates again now that I'm out of college. I went to college out of state and then moved back to my family's town, but the metro area nearby is where I'm looking for jobs and I don't have any friends there. And I'm a female and refuse to live with random people just for safety reasons (what if roommate deals drugs? Leaves door unlocked?). People aren't always what they seem, so I don't want to risk it. I'll pay the extra money, COL in this metro area isn't high.
I live in a VERY expensive area (Fairfield County, CT) and pay 25% of my gross income toward rent.
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