Older millenial here.
Max I ever spent on renting was 25% of my net income, but usually it was more like 20%. Now I actually spend only 10% of my net income on my mortgage, thanks to inflation helping my income while keeping the mortgage static.
(Sure there are also taxes on top of the mortgage, but I’m also building equity. Taxes + interest is even less than 10%)
Younger generations are definitely getting screwed.
Don’t accept the status quo.
I was paying 400 for one bedroom in 2000. Now my apartment is 1800 which is about 60% of my income. The future is bullshit
Same hat kinda, around year 2000 I was paying $600 for a nice 2BR apartment.
I’m now paying $1600 for a 1BR in a shitty neighborhood. I make better money now but still.
I’m renewing on my current lease, taking over a 2bd for 2400 after my roommate moved out. 1bd in the same complex is going for 2200 for new renters, and its on the low end for my area. Quite frankly I don’t understand how apartments are finding tenants, does everyone just coincidentally make 150k+?
33% of your income is still too fucking much for rent
I just read a really good article about why Tokyo, one of the biggest cities in the world, is also one of the most affordable for housing and pretty much everything else. Spoiler, they don’t allow boomer nimbyism and they absolutely do allow a shitload of apartment building pretty much everywhere.
I recently looked up LA and SF and then other American cities in general for the first time on Google Earth. How much you could be allergic to apartments to let that happen? It’s just really incredibly weird all these houses spaced out like nothing. I’d be really utterly surprised if US cities didn’t have a rent problem with such a city design.
California is weird with its zoning laws, and those cities didn’t start out large, nor have they existed as large cities for very long. My guess is that as time passes, those cities will start to look more like NYC, Boston, etc., which have more apartments/condos.
Most American cites spread out because they can. Building up is far more expensive at least in cost than building out…
And the average apartment size is 216 square feet.
Still bigger than the van I live in.
No, I sure as fuck do not. I bet it would’ve been nice though.
I make ~$1,500-$1,600 every two weeks (varies based on OT). My rent for a small one bedroom is $1,200 (utilities included). Other apartments in my town are easily $1,700+ for a barebones similar place, no utilities included.
As much as I pay for how small my place is, I still have it good compared to others in town. Other apartments I’ve seen have a miniscule kitchen, the only thing keeping them from being kitchenettes are the full sized appliances. I have a decently sized one for the size of my apartment.
I hate it here.
Mid 30s millennial here, no. I remember I could afford a 1 bedroom on my own making minimum wage in my home town, but it was something like 50% of my take-home at the time.
2/3 on my mortgage. Yay.
With any luck my income will continue to grow and this will change in the next few years.
And I’m feeling better and better about buying even if the timing was at the peak last year.
Huh, I only spend 25%. But then again, I rent from municipality owned housing in Sweden.
Best I can do is 50%
Until a decade ago, the rule of thumb was never spend more than 20% of your salary on rent. Then it changed to 25%. Now everyone’s saying 33% like there’s some sort of thought behind that number other than “We want more of your money”…
33%? For the last 5 years I’ve been paying closer to 45-50%.
That’s not counting power bills, which cost several times more than in the US.
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Nope! All of my rent (save for when I didn’t pay for it) had always been higher than 1/3.
And I’m pretty sure that was a regulation out by governments to prevent landlords from overwhelming.
Gotta love that low wage loophole!
No
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