How Much Rent Can You REALLY Afford to Pay? (By Income Level)

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In this video, I'll be covering the topic of how much rent you can actually afford by income level as well as tips on how to set a realistic budget in order to build financial stability. If you're in the process of finding a place to live, figuring out rent prices, and deciding how much you should spend on housing, then this video is for you.

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Since 1985, rent prices in the U.S. have grown faster than incomes, making it hard for many people to pay their rent. Housing is a huge expense for most people, and the amount you spend on rent often plays a big role in your overall financial picture. However, this is a personal topic and there are many external factors to consider, so it's important to look into your unique situation before making a big financial decision. By the end of the video, you'll have a better understanding of how much you should allocate for rent if you want to be super financially responsible and have enough money for other things like investments and starting a business.

Make sure to watch this video all the way to the end, because I'll be going over 3 important rules (30%, 50/30/20, and 1 Week Pay rules), costs to consider, and the impact of locations to determine how much you can spend on rent. With more and more people spending most of their income on rent, you want to know exactly how to save and grow your net worth. Remember, being able to say you can afford something versus being able to say you can smartly afford something are two very different things.

If you liked the video, and you want to see more videos on personal finance, check out my other videos:

Why I Rent an Apartment Instead of Buying a House As a 30 y/o Millionaire:

5 Passive Income Ideas - How I ACTUALLY Make $35k/Week in 2023:

I hope you guys found this video helpful, and if you did, please SHARE it with a friend or family member who you think could benefit and also LIKE and subscribe for more videos like this in the future!

Thank you so much for watching, and I hope you have a wonderful rest of your day!

-Charlie

#RENT #INCOME #FINANCE

Timeline:
0:00 - Intro
0:40 - Rent Vs Inflation
1:05 - 30% Rule
1:50 - How Much Should You Spend On Rent?
3:45 - Assess Your Own Situation!
4:44 - Example
5:30 - A Car Payment's Impact On Rent
5:53 - Your Location's Impact On Rent
7:47 - Example
8:55 - Getting In The 20% - 30% Rent Ratio
9:41 - Finding a Remote Job
10:36 - Final Thoughts

Topics covered: Rent vs Income, 30% Rule, Budgeting, Personal Finance, Rent, Money, Remote Work, How much House can I afford?

Disclaimer: Some of the links above may be affiliate links, which means that if you click on them I may receive a small commission. The commission is paid by the retailers, at no cost to you, and this helps to support our channel and keep our videos free. Thank you!

In addition, I am not a financial advisor. Charlie Chang does not provide tax, legal or accounting advice. The ideas presented in this video are for entertainment purposes only. Please do your own due diligence before making any financial decisions.

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Комментарии

I would love to have the luxury of deciding how much to pay. I basically always go for the cheapest place that is still in a safe neighborhood and not horribly far from work. Impossible to find anything under 30%

barbarar

Rule 1 is to figure out how much you can afford, but another quality of life rule that I realized is that if you can pay a little more and get responsive maintenance, a roach free unit, and great amenities (a big pool is something I love in these summer months) then go for it. Better than paying less but having peace of mind affecting by lack of AC on summer or roaches all over your belongings and food.

bluesky

There should be a law that keeps rent affordable or to ensure businesses have to pay a livable wage

JewishKeto

Household income almost $150k. Mortgage is $1100 mo ($1800 total with taxes, insurance and HOA) We were blessed and lucky to buy a home right before covid with a 2.625% rate.

caydenthompson

400-600 a month on rent boy wouldn’t that be nice lmao

perezident

All this told me apartments are far out of range for the median income salary of around $36k according to the national debt clock. How people are actually making due is a mystery.

infini.tesimo

The 3x the rent for approval in a safe neighborhood is horrible when average costs for a house or apt are near 2000 or more. That means you have to make over $37 an hour. WTH!?

rumham

Well I spent 20 years of my life working my way up to $30/hr and I can still only afford $760/month maximum in rent so I guess I don't deserve to be alive.

shuffinginoblivion

How much rent do you pay and what's your household income? Let me know in the comments, I'm curious!
Hope you find this video helpful - I think it's a topic that affects everyone that rents, and is likely most people's most expensive monthly expense. Have a great day!
-Charlie

CharlieChang

Why is it based on gross? Shouldn’t it be based on net?

Cteezy

I have been looking for videos and yours came out just in time!

PerryPerfectPerson

finding something under 30% sounds like a dream in my area where bachelors start at 2050$, the 30% rule is a nice thought but is a old thought structure from over a decade ago that really just doesnt work in a lot of cities. (even greater city areas and suburbs around big cities dont get that much cheaper and at what point is the HOURS wasted traveling worth the savings?)

MatthiasAI

so pretty much, as a 17 year old who wants to move to LA and had completely accepted spending 60-70% of my paycheck on rent, i’m horribly wrong? idk i feel like i can live on 35%. see yall out there

georgeellis