What percentage of your net do you spend on rent (or your mortgage)? (cost, year)
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I hate to say this BUT this formula really hasn't changes so much since way back when got advised by my learned father ( 1970)... It was ( bCK THEN) 10% of your monthly income and it' still holds today ( at least for myself). This means that the OTHER variables such as Heat/Hydro.Cable/Internet/Taxes on ALL fronts termed as COL) then of course those pesky costs for purchasing food/bank charges/ operating your vehicle/paying lease or buying costs of vehicle/ licences costs/ Insurance COSTS for ALL (Property/Health/Vehicle/Sales/State/Federal etc) will eat up pretty much the rest!
I am thankful I don't live south of 49th Parallel... as at least I am reassured my health issues NO MATTER what they are will NOT bankrupt me!!!!
Again, Rent/Mortgage payments should never ever exceed 10% of your monthly INCOME!!
Don't tell that to the 11 million Americans who spent at least half their income on rent.
I'm embarrassed to say almost 50% of net.
I want to live in a safe quiet area with nice neighbors close to work.
This is the tradeoff.
Note: I couldn't find much less if I was willing to move out further. It just isn't worth saving $100-$150 a month.
A few years ago I did a little casual research and gained the impression that "moving out further" is NOT profitable for most renters because the increased transportation costs (dollars and time) tend to exceed the cost savings of lower rents.
Oh, I'm not bitter. I realize in retrospect I should never have bought my house in the first place. I bit off more than I could chew and I was lucky I sold the house when I did.
I just feel people need to understand that when they tell others to "just get another job" or "just get a job that pays more" or "just go back to school and get more education", that it isn't as easy as it sounds. There are numerous reasons why people can't (not won't) move, go back to school, buy a house, get a second job, etc, and a lot of those reasons are valid. I guess I got a little piqued when I felt you were saying that those people weren't "wise", sort of the way I get tired of people saying everyone who is poor is that way because they make poor decisions. That's not always the case.
I understand why you went though what you did to get your house and I say bravo for you! I'm planning on buying land and living on it in either my car or a shed until I can afford to put a small house on the property. I've got friends who are having hysterics about that, but rising rents have dominated my entire life and the only thing I want to pay for in the future is property taxes. And I'm willing to do what I have to do to get to that point.
Owning is where chewability increases over time. Renting is where chewability decreases over time.
If renters fully understood that, what would change? Since I have so much non-joy renting - what is the opposite of joy anyway? - I get angry just thinking about it.
What would change? Simple. They'd do what it takes to buy a home. I have a good friend at in her 50's, after a lifetime of single motherhood and renting, bought her first home. She doesn't have the greatest job, but she's frugal and a hard worker. The house needs work, but she's so happy to have a home of her own.
If renters fully understood that, what would change? Since I have so much non-joy renting - what is the opposite of joy anyway? - I get angry just thinking about it.
Oh man, dude, get a grip. Quit being so jealous and envious.
I hate to say this BUT this formula really hasn't changes so much since way back when got advised by my learned father ( 1970)... It was ( bCK THEN) 10% of your monthly income and it' still holds today ( at least for myself). This means that the OTHER variables such as Heat/Hydro.Cable/Internet/Taxes on ALL fronts termed as COL) then of course those pesky costs for purchasing food/bank charges/ operating your vehicle/paying lease or buying costs of vehicle/ licences costs/ Insurance COSTS for ALL (Property/Health/Vehicle/Sales/State/Federal etc) will eat up pretty much the rest!
I am thankful I don't live south of 49th Parallel... as at least I am reassured my health issues NO MATTER what they are will NOT bankrupt me!!!!
Again, Rent/Mortgage payments should never ever exceed 10% of your monthly INCOME!!
Lol, there is not even housing physically available that cheap for many Americans.
If someone makes even $15/hr, that is only $31,200/yr. Housing at 10% would be $260/mth; There are not even rooms available that cheap in most of the US.
The percent thing is a stupid rule of thumb anyway. There are many factors involved to make some rule of thumb about how much someone should spend on housing.
A few years ago I did a little casual research and gained the impression that "moving out further" is NOT profitable for most renters because the increased transportation costs (dollars and time) tend to exceed the cost savings of lower rents.
It is not worth the savings in many areas, because the commute cost just takes up all the savings. The only savings that does come is if someone needs two or more bedrooms, then the cost per square foot starts to benefit a person if they live further out into a lower COL area.
A lot of people live far away anyway because their income will not allow them to rent a place that cost more, so they rent what they are allowed to, and still eat the cost commuting.
A few years ago I did a little casual research and gained the impression that "moving out further" is NOT profitable for most renters because the increased transportation costs (dollars and time) tend to exceed the cost savings of lower rents.
yes, I think it is more about style of living - moving out further = maybe have a yard, more rural, safer, childfriendly ....
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