Author Topic: How much do you spend in rent per month?  (Read 5914 times)

EconDiva

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How much do you spend in rent per month?
« on: February 19, 2014, 02:19:53 PM »
For those that are renting, how much do you pay in rent per month?

What % of your net income goes to rent?

And what city or type or area do you live in?

I live in Chicago and pay right around $800 in rent a month.  It's around 23% of my net monthly income.  It would be nice if what I paid in rent wasn't more than 15% of my net monthly income.  But that would mean $525ish in rent and I'm not too hot about what kind of living situation that kind of amount would put me in.

Are you comfortable with the amount you spend per month in rent?  Do you feel the number is in line with your Mustachian values?

EconDiva

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Re: How much do you spend in rent per month?
« Reply #1 on: February 19, 2014, 02:33:29 PM »
We spend $2200/month.  It's about 12% of our income.  I would love to pay less, but it's not really feasible right now.  We're living in a one bedroom apartment (just downsized from a 2 bedroom ~$2500/month).

12% of your net monthly income?

Chris86

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Re: How much do you spend in rent per month?
« Reply #2 on: February 19, 2014, 04:05:31 PM »
I'm slightly over 60k / yr and my rent is only $373 a month (two roommates - one also pays $373 and the other pays $425, so $1175 total). This is in Colorado and in a good, safe part of the city, 7 miles from my work. My last place was simliar, with two roommates it was $400 a month and the single one-bedroom apartment I had before was about $530.

After taxes and contributions I am about 40k net...so about 11% give or take.

jexy103

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Re: How much do you spend in rent per month?
« Reply #3 on: February 19, 2014, 05:31:53 PM »
For those that are renting, how much do you pay in rent per month?

What % of your net income goes to rent?

And what city or type or area do you live in?
...
Are you comfortable with the amount you spend per month in rent?  Do you feel the number is in line with your Mustachian values?
I live alone (with my two cats) and rent an 800 sq ft apartment for $1,675 a month. :-O This is not a luxurious apartment- no laundry in the apartment (apt complex has laundry machines outside), no dishwasher, no heat or A/C. Honolulu COL. :-/ Utilities are another $150 (community billing, so I have little/no control over the usage :-( ). The rent alone is about 31% of my net income, but this will increase to 39% when I lose one stream of income in the next few months.

I am not comfortable spending this much, but I didn't want a studio or roommates, and $1,675 is in the low-range for 700-1,000 sq ft apartments in this area. I chose the higher rent instead of the longer commute, for financial, environmental, time, and sanity reasons. :-) I currently live 3 miles from work, 4 miles from class, and 2 miles from the grocery store. So in that sense, my dwelling place is mustachian, but it is quite expensive. To get under $1,200 a month, I'd have about a 60-90 minute commute each way. I'd rather pay the extra rent, save on gas and wear/tear, and enjoy an additional 40-45 hours of my life each month.

Travis

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Re: How much do you spend in rent per month?
« Reply #4 on: February 19, 2014, 06:03:21 PM »
I rent a 1300 sq ft 3 bed/2 bath apartment with a separate garage (me, wife, 4 year old son) for $1500/month.  It's technically $1450 plus $50 for water, but its deducted as one sum.  It's an upper class area 5 miles from work.  I'm in the Army so I move every few years.  If I knew I was staying here I could buy a similar sized house (with a yard) for slightly less than my rent.  I pay $50 for electricity in the summer and $95 in the winter, and $22 for trash/recycling.  It bugs me that I'm stuck with inefficient appliances, but until I can settle down I'll have to live with it.  It's a good neighborhood and I have little to no traffic or commute.  The management recently replaced all of our incandescent lights with CFLs.  Rent and utilities come out to 17% of my gross income before taxes and savings.

nereo

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Re: How much do you spend in rent per month?
« Reply #5 on: February 19, 2014, 06:08:18 PM »
My mortgage is $951, but I pay $1100 to speed how quickly we pay it off.  I constantly debate the sanity of doing this since my rate is 3.04%  I know mathmatically I'd be better putting all the extra into long-term savings, but the emotional side of me wants to have it competely paid off before I am 55.

% of net income is tricky since both my significant other and take contract work and our incomes fluctuate a LOT, but over the past year it's been just under 30%.


Mazzinator

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Re: How much do you spend in rent per month?
« Reply #6 on: February 19, 2014, 06:10:01 PM »
$2550/month includes utilties except electric. it's about 20% of take home/net pay. We also live on Oahu. We live in a very nice fancypants community, but it's a second floor apt and we have 2 toddlers we cramp in here. We can walk to the beach.

We moved here July 2013, and we downsized bigtime! Believe it or not. Used to be in Virginia on lake front, acre of woodlands, 4 bedroom, you get the idea...

This was NOT my choice in places to rent...but i want to stay married...

dragoncar

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Re: How much do you spend in rent per month?
« Reply #7 on: February 19, 2014, 06:34:10 PM »
Housing is about 10% of my net income in SF.

JPinDC

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Re: How much do you spend in rent per month?
« Reply #8 on: February 19, 2014, 06:44:50 PM »
$1,200 for a ~450 sqft basement apt in DC area (incl. all utilities). About 33% of my net pay...ouch.

It's significant, but especially since I've found MMM and streamlined my other spending, it feels like a choice I could continue to make and feel comfortable with. I am definitely looking into other options for when my lease runs out though.

Dumb blonde

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Re: How much do you spend in rent per month?
« Reply #9 on: February 20, 2014, 05:26:55 AM »
800 euro a month in the Netherlands for a 1200 sq ft house with a yard. Renting here is a bit different in Europe, as a renter you have to provide your own flooring, curtains, appliances and you have to do yard work yourself. The landlord only provides the bare house and the furnace.

800 euro is currently about 25% of our income.
« Last Edit: February 20, 2014, 05:29:06 AM by Ellen_M »

FuckRx

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Re: How much do you spend in rent per month?
« Reply #10 on: February 20, 2014, 11:40:57 AM »

825/mo for a smaller studio

Elaine

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Re: How much do you spend in rent per month?
« Reply #11 on: February 20, 2014, 01:15:12 PM »
$1500 for a two bedroom. We keep our finances partly separate but split things so my share is $750 a month. I make 60k.