I thought bono was going to pay mine off…or at least have the government forive them.
a weeks pay
I spend 10% of my gross (salary only) on rent. But that’s because I live in a suburb of Detroit. And I live with my fiancee. An important thing to consider is the cost of a car–while living somewhere like Chicago would cost more, my fiancee and I wouldn’t be spending $700/month on cars (two car payments, gas, maintenance, etc.).
It’s sad, but my car expense is more than my rent expense.
Super I Wrote: ------------------------------------------------------- > kkent Wrote: > -------------------------------------------------- > ----- > > The “rule” for Low-Income Housing Tax Credits > in > > the U.S. is that if you spend more than 35% of > > your income on rent, then you are > > rent-overburdened and are closing in on the > label > > of “poor” by area media income standards. > > > So… almost everyone who lives in Manhattan is > “poor”? Perhaps not “poor,” but in most areas, if people are paying more than 35% of their income toward rent, then those people are likely to either 1) move out of the area or 2) move into affordable housing. It’s not a particularly sustainable level of rent for most people, especially those with children.
I live in manhattan UES. One check practically goes to rent/utilities every month.
Guys how do you manage to pay for rent with gross income ? 
You only own what you take home - i.e. net earnings, so why think about gross?
My condo is all paid up. I only pay property tax, which is about 5% of gross income.
The 30-35% of gross is based on actuarial assumptions about averages, so you don’t need to think about what kinds of deductions each individual is likely to take. Its what mortgage lenders used to use as a maximum for conforming loans before credit became unrealistically cheap in the last decade. Obviously, for real people, the net is more significant, but if you want the old mortgage lender’s rule as a guideline, remember that it’s based on gross.
Yep, and for elderly, it’s based on 40%.
Since when did a lap dance cost only $20??!
I own a condo downtown and the going rate for my place is $1,200 or so, which kills me because I don’t find Toronto to be the “world class” city that a lot of delusional Torontonians hold it out to be. I guess their delusion is Hockey related…“This is the year guys, this is the year”. Willy
“I own a condo downtown and the going rate for my place is $1,200 or so, which kills me because I don’t find Toronto to be the “world class” city that a lot of delusional Torontonians hold it out to be. I guess their delusion is Hockey related…“This is the year guys, this is the year”.” Seems like it’s not actually downtown then, or its 500 sq. feet.