2006-12-22 00:14:11 · 5 answers · asked by anybody 3 in Business & Finance ➔ Personal Finance
Your TOTAL monthly obligations should never exceed 45% of your gross income. That would INCLUDE car payments, utilities, credit cards, etc. So add up that first, deduct those, and then you'll know.
And dont forget to include any property taxes, home owners insurance, etc if you're talking about a purchase or renter's insurnace for rent.
2006-12-22 03:30:26 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The truth is it depends on what part of the world you are living in. In some areas rents are higher than others. It also depends on if your utilities are included or not. 25% is the accepted amount, but that can be almost impossible on one income in some areas.
2006-12-22 11:15:54 · answer #2 · answered by Jessica M 4 · 0⤊ 0⤋
Live below your means and save big $$$.
Keep your rent at 10% of your income so you can be saving for your own place. If you NEVER plan or never want your own place then go ahead and spend 30% for rent.
2006-12-22 10:53:55 · answer #3 · answered by Kitty 6 · 0⤊ 0⤋
Experts recommend spending between 25 and 40 percent of your income on housing (that includes utilities).
The Washington Post has put together a budget calaculator for you to enter estimates and see how it breaks out. (see source)
2006-12-22 10:01:39 · answer #4 · answered by Richard H 2 · 0⤊ 0⤋
You should not spend more than 33% of you income on rent, utilities and debt.
2006-12-22 08:16:33 · answer #5 · answered by Anonymous · 0⤊ 0⤋