Does anyone here spend half their income on rent?

[ElSapo]

I was doing this up until a month ago. I lived in a [censored] studio apartment in D.C., and my rent was $1,310 ... It wasn't that high when I moved in, but rent went up and salary went down pretty quick. Crap.

Unless you really think you can deal with it, my advice is to find other options. Or, unless the place you live is just that much of an incentive.

After a while I was pretty depressed because I could never seem to save any money. No, I wasn't broke, but I wasn't saving anything and I was almost living paycheck to paycheck.

Ok, so "paycheck to paycheck" might define broke for many people but it didn't feel that way.

[Bork]

I am spending 900 on rent and 200 on car payments and taking home about 1600 a month delivering pizza part time [img]/images/graemlins/confused.gif[/img] Live in a decent 1 bedroom apt in a very rich seattle suburb.

I am not going broke, but obviously can't save any money. I am going to law school though, so I do plan to at least triple my income in a couple years.. I do feel like I have too much of an apartment and too much car, but [censored] it I could get killed at any moment. Why not have nice things and be in a nice location right now? Also it is probably relevant that I know my parents wouldn't let me starve to death on the street if I somehow busto.

[KurtSF]

Take home pay is $2400 a month. Wife does not work. Rent is $1300 a month. Studio apartment. Its even low income housing.

Its all about your priorities. We both have a walking commute (me to work and her to school), we have some of the best food in the world just a block or two from our home, and can get almost anywhere on public transportation so we spend $0 for car payments, insurance, and gas. I doubt many people would be happy in our situation, but we have very simple needs; a roof over our heads and a good meal in our bellies and there's no need to keep up with the Jones'.

[otnemem]

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edit: what does your place cost, like $1,500? and a comparable 2 bedroom would be like $1800 or $2000? if it's a choice between paying $1500 ish for 1 bedroom and living along or $1000 and moving in with someone, I guess it depends on how ok you are with that person.

also, if as a single dude you want to live with other people or not, which has pluses and minuses.

[/ QUOTE ]
The place is $1550. I take home $3100 a month. Actually, after my benefits kick in it will be around $2975.

A comparable 2-bed would be around $2200 at least, I'd say. I also just paid the [censored] $1550 broker fee on this one six months ago. I really would prefer living alone versus with other people, but the difference in price is ridiculous.

I only pay about ~$70 in commuting costs to Manhattan. I have no car, so no insurance/payments. I pay about $200 for cell phone, cable, internet, then another $100 or so for utilities. So that would be almost $1950 on expenses, leaving $1000 left for spending. I spend about $20 a day on food/coffee, so that's $600, leaving about $400 for anything else. That's pretty brutal. I guess it would force me to examine my spending habits.

[swityak11]

I think I spend a little less than 30% of my take home on a 1BR.

Ride out the rest of your lease and then look for a 2BR. Find a decent roommate. You'll be able to save 3-400/month splitting costs, assuming you stay in Hoboken.

I had a roommate for a few years, and it'd probably be tough to go back to having one, but given the option of severely curbing my entertainment/drinking expenses and living alone, I'd probably take the roommate.

[wonderwes]

I think it depends on the person. Some people their home is their sanctuary. They enjoy living there so much due to the apt, area, and things that are close by. Some people are hadly at home, as long as they have a decent place they are fine.

Do you have a lot of bills to pay off? Do you wish to travel some? Are you saving for something long term? These factors should come into play. How much is living there worth to you?

Either see the world, or stay at home.

[Mr_Moore]

Nope.

[The DaveR]

At my peak I was about 40% of take home salary in a kickass apt in NYC. But the denominator didn't include incentive comp.

[z28dreams]

I see a lot of people doing this in DC.

A typical 1-bedroom apartment in a decent area is close to $1500 a month, and there are a lot of recent grads working on the hill making 40k a year or less.

Have you considered living in a group house? 4-bedroom homes typically drop your rent (and utilities) to almost 1/2 what you'd pay in a 1-person living situation.

You should really try to save up as much as you can.

[bryan4967]

Many financial experts say you should never ever spend more than a third of your monthly income on rent.