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Trulia Ralei…, Other/Just Looking in Raleigh, NC

What's a good rule for deciding how much of your income should go towards rent?

Asked by Trulia Raleigh, Raleigh, NC Fri Apr 19, 2013

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A good rule of thumb is your income should be 3 times the amount of the rental rate. However, people live different lifestyles, and I agree with Don Tepper below that as much as your budget allows.
1 vote Thank Flag Link Fri Oct 3, 2014
As much as your budget allows.

Maybe you've got an expensive lifestyle. You eat out three or four times a week. Buy a new car every other year. Take multiple vacations every year. That's all fine, but you may not be able to afford a lot for rent.

Take someone else who's more frugal. That person eats out once or twice a month. Buys a car every 8 or 9 year. Takes "staycations," not vacations. That person might be able to afford a lot more.

There's no magic figure--like 30% or 35%.
0 votes Thank Flag Link Fri Apr 19, 2013
Don Tepper, Real Estate Pro in Fairfax, VA
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