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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Victory Prop…, Agent, Raleigh, NC
Fri Oct 3, 2014
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.
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Don Tepper, Agent, Burke, VA
Fri Apr 19, 2013
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%.
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