JoeBloggs Posted January 17, 2005 Posted January 17, 2005 Hi, I was wondering what is a reasonable amount to be paying for rent? As I live in the most expensive city in my country, I am paying about 40% of my weekly wage on rent. I know I could be paying less rent if I shared with someone, or moved further away from the city, but I really don't want to do this. I guess I was just after people's views on how much they pay for rent, and whether I am out of the ordinary?
tiki Posted January 17, 2005 Posted January 17, 2005 My parents own rental property. They charge about $600 a month for a 3 bedroom home with yard. I paid $560 for a 1,000 square foot 2 bedroom, 2 bath apartment.
imjustagirl Posted January 17, 2005 Posted January 17, 2005 I have the following options available to me for only the low-low price of $460 a month for One Bedroom One Bath ~ 678 SqFt on the first floor and have a private patio. On Site Management 24-hour Emergency Maintenance Service ---They'll replace a lightbulb if you need them too...plus, the maintenance guy is HOT...too bad I'm a very committed woman to my man Laundry Facility on Site (quarters please!) Cable/Satellite TV Service Available (if you're rich and can afford Lincoln cable/satellite) Security Entry Systems (gotta love the key-code enterance...makes me feel a tad bit safe...no more weirdos walking the hall...unless they live there) Garages (cost extra and are at a premium) Playground (for the kiddies) Plush Landscaping (when not covered by snow) Close to Shopping and Dining (probably a little "too" close) City Bus Service (eeww...public transportation ;D) Basketball Court (for the neighbors...nobody in my court uses it) W/D Hookups on select units (not mine, hence the quarter frenzy) All Electric (hey..no gas...1 less bill to worry about) Central Air (yup...but the place is so insulated i didn't have to turn it on till it hit 100 degrees...stayed a constant 69 degrees) Dishwasher (mhmmmm) Garbage Disposal (this reminds me, mine quit working) Private Patio/Balcony (so private I can smell what my neighbors are cooking) Abundant Closet Space (which this was smaller actually...my bedroom is teeeny) Spacious Floor Plans (HA...if you have an upstairs apartment!) Eat-In Kitchen (who eats in their kitchen ;D) Microwave (yup...now the one i bought spends its time in storage!) Handicap Units Available (they're all pretty much handicap accessable...they're fairly new)
JoeBloggs Posted January 17, 2005 Posted January 17, 2005 Obviously you two are getting good deals, but given that I don't live in the States so the dollar amounts you are giving doesn't mean anything to me. I also just want to know the percentage you are paying in relation to your income - I mean, $150 a week might be cheap to some, but not if you're only earning $200 a week, right? I am earning $1000 a week, and am paying $450 a week rent. My question is - is this ratio normal or should I be prioritising my expenses differently??
Stone Posted January 18, 2005 Posted January 18, 2005 It depends on where you live and what you live in . I used to rent mobil homes out to faimlies for 600.00 a month and I am currently renting a duplex now untill my home is repaired and I am paying $1,000.00 a month. Although if you get near the Beaches here rent is $2,500.00 a month for a one bedroom shack. When I lived in PA we we're renting a huge home for $500.00 Roommates can be annoying at times and they can also be wonderful when it comes to saving money.
Moose Posted January 18, 2005 Posted January 18, 2005 The only place I ever rented was a basement studio during college. With a full time job, (and it being around 20 years ago), I paid approximatley 30% of my monthly income.
moimeme Posted January 18, 2005 Posted January 18, 2005 Your best bet is to check the classified ads in your city. That will be a much better scale to go by. You've seen the lower end prices. Condos in my building are renting now from 1500 to 2000/month and that's for 750 sq ft! They're two bedrooms and one bath; two balconies, and there's a pool, party room, guest suites, and exercise facility but it's still high. The rule of thumb in the rental housing industry is that a person's gross income (pre-tax income) needs to be three time the amount of rent they pay. So, a person making $3,000 per month can, according to this standard, afford to pay no more than $1,000 per month in rent. http://aptrentersresource.com/FairRent.htm
soccorsilly Posted January 20, 2005 Posted January 20, 2005 Good job Moimeme! And for the currency issue, there is a great calculator for ALL currencies based on real time exchance http://www.xe.com
allina Posted January 20, 2005 Posted January 20, 2005 What city do you live in? I live in San Francisco and 40% is not out of the norm at all here. Some of the rents above are shocking! Small 1 bdrs here are $12,000-$16,000 a month!!!
ziggue Posted January 20, 2005 Posted January 20, 2005 My boyfriend and I are moving in together on the weekend and are gonna rent. Is it really that expensive to rent up there in the States? It does depend on where you live for the prices. For any country, city, state. $250 a week for us. 4 rooms. 2 bedrooms (one will be a spare for family/friends) and a main room, 1 bathroom. Even has a little study area. Garage with double parking and storage space too. Love the balcany area. It was the first time we have ever applied for something that we saw on the net out of the places we liked. Pretty lucky. Can't believe we got it. . Hopefully we don't end up with too many bills though. Just gotta budget our money right and we will be fine.
tattoomytoe Posted January 20, 2005 Posted January 20, 2005 i live right out of d.c in maryland....and the average cost of a 1 bd. apt. is over $1000.00 a month w/o utilities. a townhouse may run you $1800.00 a Single family $2,200.00.
soccorsilly Posted January 20, 2005 Posted January 20, 2005 Hay Tattoo--I am in Annapolis! (did we go here before?)
moimeme Posted January 20, 2005 Posted January 20, 2005 Small 1 bdrs here are $12,000-$16,000 a month!!! Surely you mean $1,200.00 not twelve thousand dollars.
tattoomytoe Posted January 20, 2005 Posted January 20, 2005 Originally posted by soccorsilly Hay Tattoo--I am in Annapolis! (did we go here before?) yes.....at least twice.
soccorsilly Posted January 20, 2005 Posted January 20, 2005 12K is extreme, but they do exist--- 5 bedrooms, 2 bath Pacific Heights Apartment $5,750.00/mo. CLAY ST more info join for contact info Garaged parking Pets Welcome Outside space: Porch View: Hills Laundry: In Unit Floortype: Hardwood Available: Now Dishwasher Disposal 4 bedrooms, 3 bath North Beach/Telegraph Hill Apartment $10,000.00/mo. GREENWICH ST more info join for contact info Garaged parking Pets Negotiable Outside space: Roofdeck View: Bay View Laundry: In Unit Floortype: Hardwood Available: Now Dishwasher Disposal 6 bedrooms, 4 bath Marina Apartment $14,000.00/mo. BAKER ST more info join for contact info Garaged parking Pets Negotiable Outside space: Roofdeck View: Partial Laundry: In Unit Floortype: Hardwood Available: Now Dishwasher Disposal
tiki Posted January 20, 2005 Posted January 20, 2005 Originally posted by allina crap yeah i ment 1,200-1,600 sorry guys I was like, man, I have it lucky here in redneckville!
Lil Honey Posted January 21, 2005 Posted January 21, 2005 Originally posted by JoeBloggs I also just want to know the percentage you are paying in relation to your income - I mean, $150 a week might be cheap to some, but not if you're only earning $200 a week, right? I am earning $1000 a week, and am paying $450 a week rent. My question is - is this ratio normal or should I be prioritising my expenses differently?? Joe: To answer your question, I believe that the "rule of thumb" is to spend approximately 25% of your income on housing. I could be wrong, but seems like the last number I recall reading. You may be able to get more (correct) information in regard to the percentage on a budgeting website. Lil Honey
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