Would You Spend 50% Of Your Income On Rent??

[darkhat]

How many people here spend half their income on rent?? Is it worth it?

[jrmartin.mig]

No, after you factor in the rest of your expenses it will leave you too short. No point in a hot bartender if you can't afford the drinks.

[flocko76]

depends what your income is. rule of thumb is 25% i think.

[AribaAriba]

its advisable that it shouldnt be more than 35% of your monthly net income that rent you pay.

[Easy-Rider 66]

Would probably not make the move. 50% of your income in rent is a steep price to pay.

[wantitall4moi]

LOL you have the balls to make fun of guys on a forum then ask this question?

One renting is for losers in the first place. Two if you arent making enough money that you need to spend 50% of it on ANY apartment you arent making enough money. Three spending more than 35% on housing of any kind is a quick way to end up homeless. Especially if youre a degenerate gambler.

[leeloo]

Sounds like a very cool place but you're probably paying someone else's mortgage when you rent so try to keep it as low as possible and maybe one day you can pay your own mortgage while living in a cooler place. My 2 cents

[InTheDrink]

LOL you have the balls to make fun of guys on a forum then ask this question?

One renting is for losers in the first place. Two if you arent making enough money that you need to spend 50% of it on ANY apartment you arent making enough money. Three spending more than 35% on housing of any kind is a quick way to end up homeless. Especially if youre a degenerate gambler.

ask anyone who bought from 2004-2006 how they feel about that comment

[darkhat]

lol, first of all, I live in NYC.. It is extremely common for people here to spend around 50%. I don't but am considering it or a huge upgrade.

[Marty]

It's all relative. If you are making 5k a month you have little margin for error if half of that goes to rent. Now if your making 10k plus, a bad week, a car sh1tting the bed etc. isn't going to kill you. If you can swing it, do it. Life is too short to spend it hating going home every night.

[KingJD31]

Hell no, half income on import or trade hell yeqh

[Rock's House]

Depends on the income amount.

[darkhat]

I make more than 80k but less than 100k annually

[Easy-Rider 66]

I make more than 80k but less than 100k annually

That is some good coin, but do you really want to spend close to 4K a month on rent. I know NYC living is pricey, but that has to be tough check to write.

[KingJD31]

And you can find a real nice apt for 2k, long island has 3br waterfront for 2k. I live 2 blocks from the ocean for 1600 with ocean view deck 1 br though

I make more than 80k but less than 100k annually

[onlooker]

No.

No more then 35% on Rent/Mortgage.

[KingJD31]

You live in midtown?

[pint86]

Risky spending 50% on rent. Too much sht happens to be playing with those margins. There's so much to do in NYC, don't you want to be spending some coin on being out in the city? Or do you spend 95% of your time at work and home?
Although if you have decent savings and investments it could work out, as long as you have your base for the future, $80K/year could do that for you.

[wantitall4moi]

ask anyone who bought from 2004-2006 how they feel about that comment

No most people over spent their budgets then. Just like he is going to do. While the banks did set people up they just used the buyers stupidity against them. Same as with 401Ks and anything money related.

Greed kills. You know whether or not you can afford something, I would say 80% of buyers who got foreclosed on knew they couldnt afford their payments but got suckered in or didnt care and did what they did. Its caled common sense somethig many people still dont have. Rather than buy a house they could actually afford they bought something they couldnt , figuring they could build equity which they would eventually be able to borrow on, once again living beyond their means, and just keep a perpetual cycle of payments going and living like kings. Now theyre semi homeless or living with relatives, credit shot to hell and with no real shot at owning anything for the foreseeable future.

Obviously government regulated entities shouldnt be conning people but it happens every day and people should realize that. Just because something is associated with 'authority' doesnt mean they have your best interests in mind.

Like I said if people had common sense they would now have money now,m they would have credit now and they would be able to get a house they could afford for about half the interest rate they got it for a few years ago, which even then was 'historically low'.

[ByeShea]

LOL you have the balls to make fun of guys on a forum then ask this question?

One renting is for losers in the first place. Two if you arent making enough money that you need to spend 50% of it on ANY apartment you arent making enough money. Three spending more than 35% on housing of any kind is a quick way to end up homeless. Especially if youre a degenerate gambler.

Aren't you the guy who was posting on a prostitute rating website? If so, I wouldn't be so quick to call anyone a loser.

[baskets]

anybody here pay over 10k a month for rent/lease/mortgage?

[stevenash]

I make more than 80k but less than 100k annually

I used to work in NYC, look across the river in NJ.
You can get something just as nice for 30 percent less, hop a PATH train, you are in midtown in 15 minutes.