How big of a problem is this?

I’m a renter, and after crunching some numbers, realized my rent is significantly over the rule of thumb that it should be 30% of your income. Am I risking too much? I haven’t factored in all the risks I’m taking and have support from my parents if I need it. Anyone have experience with this?

2 Answers

  • 1 month ago

    Are you close to work (or a bus line) swo that you are saving on commuting costs?? Are you managing to pay all of your bills? Are you building up an emergency fund?Are you happy where you live?  (if so, to any, the rent amount may be "okay.") The only real risk is losing your income. In this pandemic some people are paying 50% or more, but they have no choice.

  • 1 month ago

    If you have been approved to rent a place, then it will be been deemed affordable, or your application would have been refused.

    So don't stress over it. You have parental support too.

    In an ideal world, perhaps no more than x amount of your income should be spent on housing. But we don't live in an ideal world!

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