we're already paying like 50% or more of our income in rent and would like to pay a lot closer to the 30% we could actually afford, which would be more like $935 a month. but you can't get much in this area without good credit, and we're already out of pocket with numerous payday loans we're juggling, trying to pay those off as well.
is it realistic to only pay 30% of your income in rent; they say that's ideal, but i don't know too many that are doing that these days, particularly renters.
2006-12-21 11:42:17 · 4 answers · asked by collard greens with hash browns 4 in Business & Finance ➔ Renting & Real Estate
You must be in LA.
Depending on if you are in a rent controlled area, I would stay there. Your salaries will increase but your rent won't.
Also, when did you move in? If it was more than a year ago, rent has gone up since then. Could you afford to move? Consider: movers, security deposit, first month up front, utilities, etc.
My rent in BH is $1450 for a 2/2. Comparable rents are well over $2500. I can't afford to move anywhere else in this neighborhood, which I like.
2006-12-21 14:00:32 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Rents are not based on income it's all supply and demand. In our area since the real estate market was so good over the past few years, fewer apartments were built and so rents are going up.
But as a rule, you don't want to pay more than 45% of your gross income for buying or renting.
2006-12-21 20:25:01 · answer #2 · answered by Anonymous · 0⤊ 0⤋
To qualify for a mortgage or an apt., they will look for you to pay no more than 33%. You are right, it is almost impossible to find anything to rent that is only 33% of your income. The only way to get around this is to have a cosigner. That person is then responsible if you default.
Otherwise, you need to go the roommate way.
2006-12-21 19:52:53 · answer #3 · answered by SUSAN K 3 · 0⤊ 0⤋
GET GOVT. HOUSING AND THEY MIGHT BE ABLE TO DO SOMETHING FOR YOU.
2006-12-21 20:29:37 · answer #4 · answered by HADITDUN 5 · 0⤊ 1⤋