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In United States
Registered Jun 15, 2011
rmpedi33's most recent comments:
- On 15 Jun 2011
What percent of income should go to rent?,
It's about lifestyle and your entire cash outlay each month. I spend about $2500/mo for a 2b/2bth in a nice neighborhood off Michigan Ave. in Chicago. I was lucky to sign a two yr lease at the bottom of the rental market here. My same apt. is now being rented for $3200 a month. I live close to work and haven't owned a car since I was in High School. I walk about 9 months of the year and take a $7 cab ride the other 3 months. What I'm getting at is it's not so much what you pay on rent or mortgage as it is what you pay to live. What do you pay on your home, car, food, entertainment, etc. For some people like me, paying a bit more in rent makes sense. I save $750 + per month by not owning a car ($300+ on car payment, $275 on parking, insurance, gas). I have friends that pay $1200 a month renting a place in a less desirable part of the city or in the suburbs and they can't believe what I'm paying on rent. They don't think about the money they are wasting on there 1 or 2 cars each month. To each their own. As for me, I'm all about spending as little as possible to enjoy the lifestyle I want.