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Old 12-26-2007, 12:55 PM
 
Location: Arlington, MA
2 posts, read 16,331 times
Reputation: 11

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I've read various studies on cost of living, specifically the percentage of net income Boston residents spend on rent. Some say 25%-30%, while others indicate that more than 50% is normal. Living in Arlington, we spend about 40% of our income on rent, and are just getting by.

I'm wondering what percentage others allocate to rent, and what's considered normal for Boston?

I hope this is an acceptable topic - So far, I haven't come across it in the Boston forum, but that doesn't mean that it wasn't covered at some point. If so, please feel free to point it out!
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Old 12-26-2007, 01:15 PM
 
Location: In my mind
630 posts, read 2,157,475 times
Reputation: 699
Mine is about 30%, but I'm from CA where the percentage there was about 37%, but either way I'm still just getting by. Looking at getting a second job to help make ends meet, either that or get a room mate.
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Old 12-26-2007, 09:09 PM
 
2,938 posts, read 5,219,284 times
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Most of the estimates usually say keep below 33%, but with rising costs of living and salary not keeping up, it is getting closer to 40-50%. I know quite a few who have most of their paycheck going more to rent.
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Old 12-28-2007, 08:14 PM
 
Location: 42°22'55.2"N 71°24'46.8"W
4,845 posts, read 11,004,205 times
Reputation: 2933
When we first moved to Mass, we were spending 25% of our income on rent and just getting by. We only spend 12% now and are looking for a house to buy. I don't see how anyone can spend more than 25%, but I guess they cut back on other luxuries that we "need" or they're making well into the 6 figures (since 25% of $200k still leaves plenty of spending money leftover).
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Old 12-29-2007, 04:39 AM
 
Location: Metrowest, MA
1,810 posts, read 10,155,985 times
Reputation: 921
I agree with Parsec

Say $60K a year = $5K/month

$5K-25% tax = $3750 per month. (with other deductions, like health insurance, FDIC,... it is more likely to be 33-40%)... Hence I would use $3000 remaining...

If 50% use on rent --> $3000 * 0.5 = $1500 left.

Just remember that beside rent...

utilities...
cable/phone/internet $100
electricity $100
heat? $200-300
water/sewer

Food? $600/month.

Car insurance $100-200/month
car loan?
gas $100/month
tolls
parking

Hope you don't have any credit card debt... student loan...

When you add up those expenses...

You will realized you cannot go out and have fun.... you will not be able to save any money...

Of course... I assume $60K... not $200K income.

Last edited by smarty; 12-29-2007 at 05:06 AM..
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