Percent of income that goes to housing costs

CuriousKate

CuriousKate

New Member
This question is mainly for those of you (like myself) who are renters and are by yourself. What % of your income do you spend on your rent? Currently I'm at about 35% and really don't want to go any higher. I remember the days of home ownership when the rule of thumb used to be that your mortgage, taxes and insurance shouldn't exceed 25% of your income. That now seems to have been adjusted to the 30% range from articles I read. However, I have read that particularly for seniors (yikes!) it is more like 40-50%. I simply refuse to pay that amount of money.

I know we've had threads about finding "affordable" living for us seniors so don't want to go down that road. Just looking for input from others in a situation similar to myself for a reality check.
 

I live in HUD subsidized senior housing (apartment) and my rent is no more than 30% of my income, utilities included (except phone).
 


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