Rant How much do you pay for rent as a % of your monthly income?

I have the move bug, its a conbination of issues, such as living next to the house hold toilet, my room being a cupboard. It is only offset by, my only needing a floor to crash and a desk reallly, im ment to be here running up the hill to office work then running back here minting in the evenings online at trading.

Couple of years ago I actually lived with a girl, a real one this is a house share.

Ive been looking online and rental property starts to get nice at bloody £700 which is alot of money, but for around that you have your own graff.

I play poker and Im sure I can make an extra £200 a month, ive made over $100 just in rake back over two weeks before.


£700 would be near to 40/45% of my monthly take home thou which is *&^% sick.


But, it is costing me more than that emotionally and I find it hard to concentrate here, its hard living on top of people if you have had a hard day at the office.

It might sound sht but I dont like sharing a kitchen and toilet, some times as a gruppy nerd I dont want to be pleasant to all and sundred.

Its the New Year as well, you start looking at all these nice homes starts giving you ideas of change.

So my rent is only £380 a month plus bills, I think really your fooling yourself suffering it if your not living your life the way you want it.


Do you guys think its acceptable to pay %45 of your monthly wage on rent.

How much do you guys pay?

 

Funding rent through playing Poker isn't something I could ever do, I need to be secure in knowing that the funding will be there to pay.

Do you think a different house share would work better for you? Perhaps sharing with only one other person would be better - less sharing, but almost as cheap.

My rent takes up between 40 and 45% of my wage at the moment (house share in North London). Combined with exorbitant travel expenses (commuting to work) it makes it quite difficult to turn a profit at the end of the month.

At least I've got a pay rise coming.

 

The rule of thumb is 1/4 for rent, 1/4 savings, the rest to live on. 45% is insane. and a total waste of money.

 

My rent is 240 a month and im a student Technically have no income... although i probably earn around 1000 a year with just odd jobs etc. so 288%

 

thanks for the 1/4 rule, well that puts me at were I am now.

Im at that age now were I realise how important it was for me to have got on the property ladder back in my early 20's.

I need to get my life together this year, they say you should earn what your age is, thats fine if I was 25 years old.

£600 feels acceptable thou for rent, £700 would only be cool if I had a 200k hand history with messurable sucess, not me running up money occasionally.

 

My income fluctuates quite alot (work for myself) but my rent is £500 (25-35%) a month, 3 bed semi in a quiet part of town. Its nice, wages here are typically lower than the big cities so the rents are lower as a result.

 

well %35 puts me at about £553 which you might as well say is 600 notes.

 

Well over 50%.

Price of living and having to travel into London

 

Sane method.

Yeah, but London is notoriously expensive. Then again (despite being a bit crap) High Wycombe doesn't seem too bad, and it's barely 45 minutes to Marylebone and its tube station.

When I was renting, I was paying about 1/4 but that's because I was splitting with a friend. Would have been well over 1/2 if I'd been alone. ~ £500 a month, up North a bit though.

 

Dont forget that on top of your rent you have council tax aswell, which varies on the property. Mines an extra £100 a month so rent and tax come in at £600.

 

I've never heard the 1/4 rule before, but I'm curious. When you all say that you pay X% for rent, does that include the various bills (such as water, electricity, internet, etc.), or is that solely the rent/mortgage payment?

If it's just the rent payment, then my rent (house mortgage) is 19% of our combined income.

 

The 1/4 doesn't really apply to house payments since you are building equity (or should be anyway) in your home. The 1/4 applies to rent, since that income does nothing for you once spent. Granted 2008/9 wasn't the best time to prove this idea, but it has been around for long enough to be valid. A good mortgage shouldn't be killing you, but can safely go over the 1/4 rule. Especially if you are on an aggressive payment plan.

 

That's a good point - every mortgage payment does indeed build equity in the house (as well as improvements made within physical structure). I was just curious as to whether or not the 25%/rent idea included utilities and other assorted bills, or if those payments are considered in the remaining 50% left to live on.

 

Rent is extortionate. I pay €606.43 (seriously, .43!) per month for a one-bedroom flat.

It's around 27% of my wage after all taxes, depending on the month (wage fluctuation is only around €100 per month).

 

I've heard this many times. Find it to hold up well. 40% would be the highest though, granted I dont buy much otherwise.

 

Sorry, but that rule goes completely out of the window in London or any other expensive city to live in, unless you're on a high salary.

It was about right for when I was living in Birmingham though.

 

I'm at about 35% at the moment. That's for 50square meters of my own space plus indoor parking (heated basement).

I think that is next to impossible unless you live in a shared house until you are about forty years old.

 

0%, living with your parents rocks

 

With all my bills and tax my monthly costs are around £800-£900 just for the house. Id rather be paying a mortgage than chucking money at rent but unfortunately i cant really get a mortgage yet.

 

10% as I'm living with the rents for a while.