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HeathKernandez
Our Ron is an awesome Ron
Member since 4/07 9091 total posts
Name:
baby fish mouth
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What's the rule about rent $
Affordable rent & utilities should be 30% of your monthly income?
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Posted 5/20/10 10:31 AM  |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Re: What's the rule about rent $
Yes, I believe the rule of thumb is that housing expenses should be no more than 30% of your net monthly income. This includes rent/mortgage, taxes, insurance, maintenance/HOA fees.
Unfortunately around here that is very difficult to follow 
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| Posted 5/20/10 10:38 AM |
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HeathKernandez
Our Ron is an awesome Ron
Member since 4/07 9091 total posts
Name:
baby fish mouth
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Re: What's the rule about rent $
Posted by Katareen
Yes, I believe the rule of thumb is that housing expenses should be no more than 30% of your net monthly income. This includes rent/mortgage, taxes, insurance, maintenance/HOA fees.
Unfortunately around here that is very difficult to follow
ok so 30% of our income comes out to be about 1750.00
We're looking at an apt for 1800/month gas, water & heat included. Only thing we'd pay is electric?
Do you think this is wise?
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| Posted 5/20/10 11:20 AM |
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KateDevine
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Member since 6/06 24950 total posts
Name:
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Re: What's the rule about rent $
Posted by HeathKernandez
Posted by Katareen
Yes, I believe the rule of thumb is that housing expenses should be no more than 30% of your net monthly income. This includes rent/mortgage, taxes, insurance, maintenance/HOA fees.
Unfortunately around here that is very difficult to follow
ok so 30% of our income comes out to be about 1750.00
We're looking at an apt for 1800/month gas, water & heat included. Only thing we'd pay is electric?
Do you think this is wise?
Yes...but its hard to find lately
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| Posted 5/20/10 11:21 AM |
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HeathKernandez
Our Ron is an awesome Ron
Member since 4/07 9091 total posts
Name:
baby fish mouth
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Re: What's the rule about rent $
Posted by KateDevine
Posted by HeathKernandez
Posted by Katareen
Yes, I believe the rule of thumb is that housing expenses should be no more than 30% of your net monthly income. This includes rent/mortgage, taxes, insurance, maintenance/HOA fees.
Unfortunately around here that is very difficult to follow
ok so 30% of our income comes out to be about 1750.00
We're looking at an apt for 1800/month gas, water & heat included. Only thing we'd pay is electric?
Do you think this is wise?
Yes...but its hard to find lately
no we FOUND one... Most of the 2 bedrooms in this area are about 1800.. every now and then a 1500 or 1600 comes up
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| Posted 5/20/10 11:28 AM |
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KateDevine
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Member since 6/06 24950 total posts
Name:
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Re: What's the rule about rent $
Posted by HeathKernandez
Posted by KateDevine
Posted by HeathKernandez
Posted by Katareen
Yes, I believe the rule of thumb is that housing expenses should be no more than 30% of your net monthly income. This includes rent/mortgage, taxes, insurance, maintenance/HOA fees.
Unfortunately around here that is very difficult to follow
ok so 30% of our income comes out to be about 1750.00
We're looking at an apt for 1800/month gas, water & heat included. Only thing we'd pay is electric?
Do you think this is wise?
Yes...but its hard to find lately
no we FOUND one... Most of the 2 bedrooms in this area are about 1800.. every now and then a 1500 or 1600 comes up
OH! Yay!!!!
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| Posted 5/20/10 11:29 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: What's the rule about rent $
the housing rule is 30%
but with renting my new rule is the nicest, cheapest place you can find
and the more included- the better!
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| Posted 5/20/10 11:34 AM |
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HeathKernandez
Our Ron is an awesome Ron
Member since 4/07 9091 total posts
Name:
baby fish mouth
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Re: What's the rule about rent $
Posted by Beth
the housing rule is 30%
but with renting my new rule is the nicest, cheapest place you can find
and the more included- the better!
oh trust me... we're trying for as LOW AS POSSIBLE... We just came across a really good deal in the EXACT location we want with extras for 1800.
That was our absolute MAX.. and slightly above 30% (not including electric)
right now we're paying roughly 1100 for a LARGE 2 bedroom, ALL UTILITIES INCLUDE AND a parking spot in a garage.
we've been spoiled so we've been living slightly ABOVE our means
Message edited 5/20/2010 1:39:11 PM.
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| Posted 5/20/10 1:38 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: What's the rule about rent $
I am in the process of going in the opposite direction as you
current rent- $2150 + cable and electric
new apartments- $1500 or less including all
why are you moving and giving that deal up?
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| Posted 5/20/10 1:42 PM |
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Melmel821
Love being a mom!
Member since 5/08 2776 total posts
Name:
Melanie
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Re: What's the rule about rent $
I could see rent being no more than 30%
Sorry to change the topic a little but the mortgage, taxes, HOI, PMI need to be less than 30% too? How does anyone truly afford to buy?
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| Posted 5/20/10 5:43 PM |
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HeathKernandez
Our Ron is an awesome Ron
Member since 4/07 9091 total posts
Name:
baby fish mouth
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Re: What's the rule about rent $
Posted by Beth
I am in the process of going in the opposite direction as you
current rent- $2150 + cable and electric
new apartments- $1500 or less including all
why are you moving and giving that deal up?
because where we live now is in the middle of nowhere and we want to be in a nicer area with more resources... Also, my husband has a nightmare commute... This is will cut his commute time down by a lot.
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| Posted 5/20/10 9:23 PM |
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