i'm over half, and expecting yet another rent increase soon.
this post was submitted on 06 Oct 2024
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Who are the half that make the 7 figures required to not spend half your income on housing?
Did they just fully make up have the surveyed population?
$1400/mo, the rough figure from the article, is 30% of $56k/yr. If you made $1m, 30% of that would give you $25,000/mo. How do you figure?
Median household is apparently 80k now. 30 percent of that monthly is 2,000.
In my city 2,000 will rent you an infested place with water damage from the flood a year ago. But if the city comes around you have to pretend not to live there or else they'll kick you out.
Don’t forget that household income is everyone in the house. So if you are all poor college kids with part time jobs making 15-20k a year your household income will still be close to or at the median, even though each of you are individually really poor
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I wonder if it's net or gross.
Besides, it's not seven figures, just mid-six figures necessary for that.
The typical "30% on income" advice is based on gross, not net. Which is about 93,000 a year for the median mortgage payment right now.
Maybe roommates?
Just to point out, with the median mortgage at $2349 a month, it's more like you need a household income of $93,000 a year (probably closer to $100k with utilities and other expenses) for your housing costs to equal 30% of your income. That is steep for a lot of people, but still much more attainable than 7 figures. A quick Google says that makes up around 37% of US households as of 2022. Still doesn't quite add up to their figures, admittedly, unless "nearly half" is doing a lot of work in that sentence.
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I'm wondering if the people in this thread who are saying they pay less than 30% of their income on rent as if it's some sort of trick or achievement actually understand percentages since they don't seem to understand that the "nearly half" part of the headline puts them in the majority...
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I don't know anyone spending less than half of their income on housing.
i spent roughly 40% on average last year. this year my insurance has spiked more than 60% so thats history
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they make your walls so thin so you can hear your landlord masturbating to this
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I actually thought 30% housing was the norm for the past 10 years?
The goal but never the reality.
Ideally rent should be 1/4th or less of your budget
LOL
We should build and fund more public housing.
Unfortunately, a large chunk of the country doesn't believe the government can or should do anything, so I guess that's a difficult pitch to make.
This is the solution. Unfortunately in the United States when most people think of government housing you think of run down slums.
We need to follow the examples of Austria's social housing. https://youtu.be/41VJudBdYXY
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And that is only going to go up. In my area at least, the price of rent has gone up ~15% per year for the last 5 years. In 5 more years the apartment I was renting will cost more per year than my house payment.
nothing but greed drives it.
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