If I make $35,000 a year... what's the most that I should be spending on rent?

Question

Is there some sort of rule of thumb? Like, you should never spend more than "x" amount or percentage of your salary? Thanks for the help!

Answer 1

20 to 25 percent of income,about 9000.would be cutting it close

Answer 2

Never spend more than 1/3 of your total income on rent. That is the rule of thumb that I have always heard.

Answer 3

The answer really depends on the area you live in. Ideally, you should spend around 20-25% of your income on total housing expenses, but that's not always practical given the cost of housing in certain areas. The main thing is to not allow your rent to be too high compared to your income. You should have a budget worked out, and definitely should be paying yourself first---at least 10% of your income going to savings. The rest is up to your spending habits.

Answer 4

Repaying a mortgage, max 25%of your salary. Paying rent, max 20% and save the rest for a deposit on a mortgage ASAP.
I hope that helps

Answer 5

A good rule of thumb is no more than 25% of your take home pay.

Answer 6

I was making 32K a year and paying 1,000 tops. That was my limit for living comfortably in addition to my other bills.

They say you shouldn't spend more than 28% of your pay on rent. Supposedly.

Answer 7

When I was a renter several years ago, the larger, professionally managed apartments required that your income was at least four times the rent.

Answer 8

Whatever it takes to live close to where you work.
=

Can you:
pay all your other bills?
buy the things you need?
save an adequate amount for your retirement?
have an emergency fund of 3 months gross in your savings account?
save an adequate amount of money to keep your car running and buy another when you need it?

Whatever's left over is for housing!

Answer 9

24% rent
25% food
25% saving
10% bills
15% extra fun and other stuff
1% homeless