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Many Americans are spending 1/2 their pay on rent. I know from years past the rule thumb many landlords/apartment complexes used themselves was that your monthly rent could be no more than 1/4 of your monthly pay. Some would use or allow a 1/3 rule. Same for a mortgage-yearly mortgage should never exceed 1/3 of yearly pay.
I've seen and have been in situations where my entire paycheck was spent weeks to months on end or saved very little. Heard a economic expert comment housing/house prices are not what they should be based on average income. Talking heads were crying the mortgage rates have been great but no job or poor pay won't offset high prices.
Many Americans are spending 1/2 their pay on rent. I know from years past the rule thumb many landlords/apartment complexes used themselves was that your monthly rent could be no more than 1/4 of your monthly pay. Some would use or allow a 1/3 rule. Same for a mortgage-yearly mortgage should never exceed 1/3 of yearly pay.
I've seen and have been in situations where my entire paycheck was spent weeks to months on end or saved very little. Heard a economic expert comment housing/house prices are not what they should be based on average income. Talking heads were crying the mortgage rates have been great but no job or poor pay won't offset high prices.