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How Much Should You Spend on Rent?

How Much Should You Spend on Rent?
Photo by Morning Brew on Unsplash

How well do you know the woes of paying rent? People are more and more stressed because of the cost of living. The rent rule used to be that you should spend less than 30% of your gross income on rent. For example, if you make $50,000/year, you shouldn’t spend more than $15,000 on rent. But if you’ve spent any late nights searching the internet for your dream apartment in the city, you know that rent is sky-high. Many people are way past the 30% rule. But paying too much to live is called rent burden, and it can seriously damage your quality of living. So what can you do? You may consider settling for roommates or sketchy neighborhoods, but you could live in another city. 

 

Remotely work in a cheaper city

Rent has been steadily rising in recent years. Aurora, Colorado saw a 73% spike in their median rent in the past decade. In hubs like New York and San Francisco, some people spend half of their gross income on rent. Some people have to live in these expensive cities for their careers. But what if you can work remotely? Working from home offers you more flexibility. Be more open to new places. You could find a cool and under-rated city with a much lower cost of living. By following the 30% rent rule, you can save much-needed money for the future. 

 

Work towards owning real estate

People usually tell themselves that renting is only a temporary fix. Eventually, owning real estate is the goal. Paying rent hurts when you realize your hard-earned money is going to someone else. But the good news is that you have options. We have some awesome resources on real estate investing, co-renting/co-owning and remote work. Check them out!

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