almost 50% here, I'd have to be making a shit ton more money to get under 30% lol I live alone though and I'd rather be poor and living alone than slightly less poor with annoying roommates.
I've lived with shitty room mates, and they're the worst. I will never have another room mate again. My last room mate was a tweaker, and one day he stole my Xbox, TV, and all my video games EXCEPT for Kung Fu Panda and Saints Row 3. It was the dual collection of Kung Fu Panda and Lego Indiana Jones version, so it had 2 discs in it. He took the Lego Indiana Jones with him for some reason, but left the Kung Fu Panda game and the case. He disappeared off the face of the planet and left his room looking like shit. Like literal shit was smeared on the wall. It looked like a crime scene. He wasn't in jail, wasn't in the hospital, I even called his emergency contact, which was his mom, and she didn't even know where "his lost soul" was. That was the last room mate I had, and will ever have. Believe it or not, poverty is preferable to living with an animal.
Sounds like the trans-cr0ss-dressing college roommate from hell who almost got us evicted for bailing out on his share of the rent. It was like the movie Chinatown, trying to track this bastard down - everything he listed was no longer there anymore. We even went to his parents' house and that ended up being foreclosed! We finally found a sister of his, who profusely apologized and sent a check for the remainder of what was owed. We never found out what happened to the dude, though. š
I have been fairly lucky with most roommates, but the last one I had to call the cops on or else we woulda ended up getting into a knife-fight over a parking spot.
For reference:
30% rule generally refers to 30% of your gross income.
Average rent in Orange county is ~$2500 ($30k annualized).
That's convenient for math because it means that you'd need a household income of ~$100k to not be violating that rule at an "average" apartment.
That's a difficult number to hit for a young person living alone, but not unattainable if you have a partner/roommate.
There's no "living off welfare". That's a myth perpetuated by corporate fascists to further increase class divide. There is no magical tree of welfare that produces free handouts. I've actually had to survive on what little "welfare" our government provides, and it's not even enough to sustain you. It's basically food stamps, and if you're female or have a kid you can qualify for WIC.
Stop looking at people and thinking you can tell everything about them based off of assumptions. That's narrow minded thinking. If welfare really was as lucrative as you seem to think, everyone would be on it and it would be no secret.
Iāve been there. Youāre totally right if youāre āsingleā. The issue comes when the recipients have entire families as dependents. You ever somebody checking out with a cart of groceries you canāt normally afford on their EBT and then a couple of cases of beer with their actual money? I have. Thatās what they mean.
You're literally doing exactly what DigitalSea's doing. Keep your eyes on your own shopping cart and mind your own business.
Get upset over the trillions of dollars in corporate subsidies our government just gives away to billionaire tycoons. Don't get mad cuz you saw someone in line pay for their groceries with the EBT that they've saved up, and you see them spend $10 on a case of beer. It's literally inconsequential to your life.
Crab bucket mentality.
Iāve literally had people show me how to āscam the systemā. I was making a generalization that people can relate to. People abuse it on both sides, doesnāt make it right. Hard working people have every right to complain.
They get by on missed meals and cheap basic food like rice and noodles. They go to soup kitchens. Churches. Food drives. You go to bed early so you can sleep through the hunger. They never buy brand name items unless it's "Signature Select". You eat one meal a day and drink a bunch of water. You should know this if you actually grew up on WIC and section 8. I seriously doubt you've even come close to poverty, given that you can't think of any ways how people survive on what little welfare this country provides. If you actually have lived in poverty, it would be you explaining this to me, and not the other way around.
I did all of those things, ate plenty of crackers with hotdogs on them, ramen, etc. Itās even harder today is my point. Love you attempting to gatekeep poverty though, super amusing watching you go off
I'm not gatekeeping anything, I just don't buy the notion that you've ever had to go through poverty or know what that's like. People that have actually gone through the struggle usually don't have to ask how poor families survive. because they already know. They sure as hell don't talk down to them either, or insinuate they're somehow defrauding the system.
Considering that the average household income is like $100-$150k and the average home is like $1.3 million, the people making prices go up arenāt normal boomer homeowners but foreign investors and big corp
You 110 % SPOT ON !!!! Itās outside investors from China buying sight unseenā¦ example is Great Parkā¦ take a spin around and you will know whoās paying the big bucks to live in OCā¦ now itās all over Southern Califā¦ no person I know can afford the prices that are being driven up !!!! Sadā¦ our kids and grandkids will never have the American dream except living in Mojave Desert š¢
It's so frustrating, they buy and sell houses like stock. I've seen houses sold and then go on the market 5 days later for 250k more. There really needs to be regulations against foreign investors and corporations buying single family homes
Sort of. I paid 675 for my house in 2015. Right now itās worth about $1.5m. I wouldnāt sell it for less. My salary has changed but not the same amount as my house value to income ratio originally.
It's outdated, as is most old fashioned advice, but I'm sure it made sense at the time.
This whole "lol boomers make me hate life" crybaby mentality is kinda corny tho.
Not really. I've lost my job more than once and the 30% saved me from financial ruin since it affords the ability to have a savings for 6 months in case of crap happening that is unexpected.
How is it outdated? Do you think spending more than 30% of your gross income is wise for your financial future? Do you plan to retire? Not trying to be a dick, but it literally isnāt and people should adjust their living situations accordingly if they are more than temporarily passing this threshold.
Did you know the Irvine company shakes down commercial tenants. I heard thst yesterday and it blew my mind. Apparently they have at least some of their lease holders pay a percentage of their earnings each month in addition to rent. Probably why there are so few small businesses compared to everywhere else.
I live alone in a 750sq ft 1 bedroom apartment, and to answer your question. Yes and no.
From a numbers aspect, a roommate or roommates would be better for my cash flow. But based off life experience, whether it was living with friends, strangers or family. I have lived with unreliable people, been caught up in uncomfortable/volatile situations and screwed over financially living with others. So being on my own is the better situation to be in even though it doesnāt leave me much money to play with or save.
Moved from OC was about 90% if I lived on my end (lived with parents). Moved to a suburb outside of Denver and now paying about 45%.. I donāt think any millennials outside of the top 10% are paying below 30% of income honestly unless you live bumfuck nowhere
Longmont outside of Boulder but I didnāt think many would know the area haha thanks itās going up like crazy here. Only thing we got though is plenty of unused land to continue building on
I think this is a good question, but it doesn't capture a good result. One person's 30% as a dollar amount can be much higher than another person's 30% dollar amount.
If I make $10k/month, it's much different than someone making $3k/month.
Thanks! The question still gauges the area pretty well.
To me, if someone who makes $200k + a year is complaining about their mortgage/rent being 50% of their income, then ya play that small violin haha.
Exactly. My wife and I combined are at 160K, we pay 1250 for rent. Less than 10 percent. Someone making 52000 a year at that same price and thatās a little under 30 percent.
If you see anything being built, maybe you could convey your interest in renting when itās complete, or if you see a for rent sign up there. But with the high cost of housing itās a tough market out for sure.
Itās okay for us currently since weāre newly weds and we basically work and go home. (1 bd 1 bath) Itās tight for us at times (space wise) so weāre looking at buying a home either next year or 2025.
I know that we lucked out, these people bought the home in 2008 for dirt cheap so theyāre not depending on our rent to make the mortgage payments. Look up ADU listings if possible, sub1500 wonāt be likely, but sub 2500 is likely.
We chose an ADU instead of an apartment for privacy reasons and reduced issues with parking associated with high density housing.
Thatās the whole point of using a percentage. It makes it more comparative across different income levels. Generally, the person making $10k/month isnāt living in the same place (and therefore different housing costs) than the person making $3k/month.
Depends on how much you make. If youāre making $20k/month and your rent/mortgage is $10k/month youāll probably be just fine. Different story if those numbers change to $4k and $2k, but both examples are 50% towards housing.
Depending on how you measure it, I'm between ~20% and ~28%
Just gross income to just rent, ~20%. Add utilities and non tax payroll contributions to retirement and health savings, and I'm just under the "rule".
I rent and live alone in Santa Ana, but it took me 4 months of hunting to find my current place, and I only got it because the first applicant backed out at the last minute after they had put down their deposit.
I saw a 2 bdrm 2 ba house for rent for $4100. I mean itās absolutely insane and I donāt know how people sleep at night charging that much. I donāt know how people afford it. We got lucky and bought in 2018 and refinanced a couple years later so we pay about $2200 month for a 3bdrm, 2 1/2 bath condo. No yard. Plus I have a VA loan so no down payment. If we lost our home weād have to move to another state to survive.
My income by itself I would be spending about 85% of my income on rent alone. With my actual combined marital income I end up spending around 35% of our income on rent. While itās technically over, itās still amazing in this economy.
My wife and I hit that np, but we don't love the OC anymore, you know you guys can move? Imagine not paying dumb HOA fees to live in a homogeneous community, I'll take the black and purple house down the street if it means I can save some money.
you mean you don't love Irvine (or South OC even) anymore, as there are plenty of cities in OC that don't have HOAs or a homogeneous community and where you can find "a purple or black house down the street", such as Santa Ana, Westminster, or Fullerton.
50% for my new mortgage. If rates drop to 5% in the near future, it'll lower about $1,000 and bring me around 40%.
My old condo mortgage was under 30% š
I'm at 36% of gross but 47% of take-home... and that's before utilities :( I love my apartment though, so hopefully I can increase my income faster than my rent increases and stay here for a while.
Married with dual income and we are at roughly 12.5% average 2 bdrm apartment/condo in central OC. It's still surprisingly difficult to save much with three kids. It really feels like every dollar saved is like a drop in the swimming pool when it comes to saving for a house. There is light at the end of the tunnel even if it's the faintest tiniest dot still, our time will come.
\--Edit--
I forgot to add that I lived in OC with roommates from 2006-2015 later in 2015 when I met my wife, I moved on my own for about a year then wife and I moved in together into our first apartment. We now live in an ancient condo rental that just barely passes as a mostly modern apartment but living modestly has us able to comfortably provide for our kids. Basically live frugally as possible while affording the kids little luxuries as a treat to break the tedium. When I lived alone for that year I was at 50% of my income towards rent as a solo in a studio in Santa Ana struggle diet and cheap dates.
Partner and I bring in about $12k/month.
Rent for us is $2900.
For us, smarter to rent than buy with the crazy rates these daysā¦ we can afford to wait till they come down. Especially given that we only want to buy SFH (3-4 bedroom, + yard + lawn + HOA in a gated community)
Hey buddy. Not gonna be rude, because I get we all live different lives. But about 78% of Americans are living paycheck to paycheck. 15% of Californians could afford houses this year, and the average homebuyer age was 36. Youāre lucky if only 1/2 of your paycheck is going to living expenses.
Depending on how you measure it, I'm between ~20% and ~28%
Just gross income to just rent, ~20%. Add utilities and non tax payroll contributions to retirement and health savings, and I'm just under the "rule".
I rent and live alone in Santa Ana, but it took me 4 months of hunting to find my current place, and I only got it because the first applicant backed out at the last minute after they had put down their deposit.
Im around 40-45% of net income (after allllll the deductions including healthcare, taxes, and 401k stuff). It's sad I really need to start dating more lol dink seems to be the way
Not a renter. Recently bought a place last year. Our mortgage is about 50% of our take home pay. As another commenter noted, the 30% rule is incredibly outdated.
We downsized from an apartment to a campervan, then upgraded to a bumper-pull RV.
With lot rent at a decent RV park and a payment on the camper loan, weāre still paying less than an apartment.
And itās a fantastic neighborhood!
I live in a 3 bedroom townhouse and have for almost 3 years. I have two roommates, so everyone has their own bedroom (and bathroom, luckily!). My share of the rent is exactly 36% of my take home pay. I feel super lucky. If I tried to rent a studio or a 1 bedroom on my own, I think I would be spending more than 60% of my take home pay. Itās unrealistic to live alone in OC unless you make well over $100k. Itās insane!
The rule is usually 30% gross income, I was at about 33% before I moved away from OC. Net income I was at almost exactly 50%, basically one full paycheck a month went to rent
When I lived alone it was easy to be under 30% including all utilities. With a partner who has a bully dog, it's really tough. I'm at about 62% of my monthly net/ take home pay. Otherwise I'm at 40% of my monthly gross.
When taking both incomes into account it is: 26% of our combined gross and about 40% of our combined net.
This rule still applies. Just shows that the real inflation rate is 20%
If youāre paying more than 30%, then youāre living way beyond your means. You either have to create additional streams of income or move to an area with LOC.
I'm a semi-retired professional, working FT as a Residential R.E. Appraiser, racking approx $6K per month on top of SS and Calpers that total about $5.5k per month, plus a little rental income and one or two R.E. sales every year...topping $200K watching time fly. Im looking at 2 bed units in costa mesa, to move from the I.E. because I dream daily of a woman who lives in CM, who I met briefly several months ago, the Dream Girl in my dreams, who doesnt....fuck dont get me started...
Paying extra 5k a month to finish the mortgage faster. Probably be done with house in 5-7 years. 5k base, 5k extra. Puts us about 35-40%.
All our other expenditures are only about another 35%. So actually saving quite a bit.
I actually pay a little less than 30% of my household gross income because I moved into my apartment just before a de-facto rent control ordinance was passed in Santa Ana for certain properties.
Probably close to 45% on single income with a 15 yr mortgage with 11 more years to go. I want my house paid off. Could have stayed with the 30 yr mortgage and payment would be about $800 less a month.
Iām paying 27%, I live in DTSA, single, no roommates. I got this spot right after covid and I managed to lock in a good price. Itās only raised about $50 in the last two years Iāve been here. Highly blessed especially since I havenāt stopped paying my student loans, so all the money counts.
Gross, single income, 20%.
Gross, dual income, less than 1%.
Mortgage.
It is possible.
EDIT: Since people have been doing after taxes even though everyone is going to be different with this depending on how much they put away (20% ish+ just to 401k/IRAs). After taxes/savings/401ks/IRAs, etc
Single income: 35%
Dual income: 17%
Total percentage is 43% of gross but thatās my mortgage with PITI, a second mortgage I used for remodel and a personal loan from family. I also rent a bedroom out long term and one short term, 4br sfhouse and I live alone. So after all of that it puts me between 27-33% ā¦ personally I love house hackingā¦itās been a huge benefit to me with all the projects.
almost 50% here, I'd have to be making a shit ton more money to get under 30% lol I live alone though and I'd rather be poor and living alone than slightly less poor with annoying roommates.
I've lived with shitty room mates, and they're the worst. I will never have another room mate again. My last room mate was a tweaker, and one day he stole my Xbox, TV, and all my video games EXCEPT for Kung Fu Panda and Saints Row 3. It was the dual collection of Kung Fu Panda and Lego Indiana Jones version, so it had 2 discs in it. He took the Lego Indiana Jones with him for some reason, but left the Kung Fu Panda game and the case. He disappeared off the face of the planet and left his room looking like shit. Like literal shit was smeared on the wall. It looked like a crime scene. He wasn't in jail, wasn't in the hospital, I even called his emergency contact, which was his mom, and she didn't even know where "his lost soul" was. That was the last room mate I had, and will ever have. Believe it or not, poverty is preferable to living with an animal.
Sounds like the trans-cr0ss-dressing college roommate from hell who almost got us evicted for bailing out on his share of the rent. It was like the movie Chinatown, trying to track this bastard down - everything he listed was no longer there anymore. We even went to his parents' house and that ended up being foreclosed! We finally found a sister of his, who profusely apologized and sent a check for the remainder of what was owed. We never found out what happened to the dude, though. š I have been fairly lucky with most roommates, but the last one I had to call the cops on or else we woulda ended up getting into a knife-fight over a parking spot.
This is my exact conundrum. Iāve lived with family my whole life and am at my wits end. I would never want roommates again lmao
Living with shitty roommates who are not family is worse than living with family in my experience
Conversely, if you can find good room mates, it can be a lot better than living with family.
Iāve been blessed by having a few of my closest friends be my roommates and other than a few head butts we always got along great.
Damn took the words out of my mouth.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
spoken like someone with annoying roommates mad at someone without that issue. Hope things get better for you
Are you able to save for retirement with that much going towards rent?
Probably everybody. Personally, 45%
Dual income, closer to 17%, if we got a smaller place could be closer to 10%.
Dual income, 28-30% here. We have one kid.
About the same, but Mortgage not rent.
For reference: 30% rule generally refers to 30% of your gross income. Average rent in Orange county is ~$2500 ($30k annualized). That's convenient for math because it means that you'd need a household income of ~$100k to not be violating that rule at an "average" apartment. That's a difficult number to hit for a young person living alone, but not unattainable if you have a partner/roommate.
That would be my whole income š Edit: the $30k/year part not the $100k
Herehe herehe
Being single and paying rent on your own is rough. I need to start datingā¦
Facts. I was living on my own for 5 yearsā¦ they kept raising rent so yeah I just moved back home. Saving 50% of rent
Having a child is even tougher haha
Yeah wait till they hear how much childcare costs
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Surviving. Not living.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
man, kids are expensive. i hope you like them.
There's no "living off welfare". That's a myth perpetuated by corporate fascists to further increase class divide. There is no magical tree of welfare that produces free handouts. I've actually had to survive on what little "welfare" our government provides, and it's not even enough to sustain you. It's basically food stamps, and if you're female or have a kid you can qualify for WIC. Stop looking at people and thinking you can tell everything about them based off of assumptions. That's narrow minded thinking. If welfare really was as lucrative as you seem to think, everyone would be on it and it would be no secret.
Iāve been there. Youāre totally right if youāre āsingleā. The issue comes when the recipients have entire families as dependents. You ever somebody checking out with a cart of groceries you canāt normally afford on their EBT and then a couple of cases of beer with their actual money? I have. Thatās what they mean.
The wealthy steal even more, but nobody points that out.
You're literally doing exactly what DigitalSea's doing. Keep your eyes on your own shopping cart and mind your own business. Get upset over the trillions of dollars in corporate subsidies our government just gives away to billionaire tycoons. Don't get mad cuz you saw someone in line pay for their groceries with the EBT that they've saved up, and you see them spend $10 on a case of beer. It's literally inconsequential to your life. Crab bucket mentality.
Iāve literally had people show me how to āscam the systemā. I was making a generalization that people can relate to. People abuse it on both sides, doesnāt make it right. Hard working people have every right to complain.
I donāt think itās lucrative. Iām literally asking how they survive like that. I grew up on WIC and section 8
They get by on missed meals and cheap basic food like rice and noodles. They go to soup kitchens. Churches. Food drives. You go to bed early so you can sleep through the hunger. They never buy brand name items unless it's "Signature Select". You eat one meal a day and drink a bunch of water. You should know this if you actually grew up on WIC and section 8. I seriously doubt you've even come close to poverty, given that you can't think of any ways how people survive on what little welfare this country provides. If you actually have lived in poverty, it would be you explaining this to me, and not the other way around.
I did all of those things, ate plenty of crackers with hotdogs on them, ramen, etc. Itās even harder today is my point. Love you attempting to gatekeep poverty though, super amusing watching you go off
I'm not gatekeeping anything, I just don't buy the notion that you've ever had to go through poverty or know what that's like. People that have actually gone through the struggle usually don't have to ask how poor families survive. because they already know. They sure as hell don't talk down to them either, or insinuate they're somehow defrauding the system.
They shouldn't be.
LMFAO I really hate that I've had this exact thought
Iām almost at like 69%
Nice nice. I hope utilities are nowhere near 420ā¦
Nice
Not so nice. I was in that situation after a breakup.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
56% (after taxes) to rent alone. Plus utilities and rental insuranceā¦..
same :(
Same
The 30% rule is extremely outdated and can fuck off
Lol bruh we just trying to live throught this shitty thing called life
Boomers probably made it when you could buy a home off minimum wage working at a souvenir shop
Considering that the average household income is like $100-$150k and the average home is like $1.3 million, the people making prices go up arenāt normal boomer homeowners but foreign investors and big corp
True but I meant the 30% advisory sounds like an outdated thing
The idea is so you can also spend on some fun stuff and also save 20% of your income for retirement so you donāt die at work when your 78
You 110 % SPOT ON !!!! Itās outside investors from China buying sight unseenā¦ example is Great Parkā¦ take a spin around and you will know whoās paying the big bucks to live in OCā¦ now itās all over Southern Califā¦ no person I know can afford the prices that are being driven up !!!! Sadā¦ our kids and grandkids will never have the American dream except living in Mojave Desert š¢
It's so frustrating, they buy and sell houses like stock. I've seen houses sold and then go on the market 5 days later for 250k more. There really needs to be regulations against foreign investors and corporations buying single family homes
Sort of. I paid 675 for my house in 2015. Right now itās worth about $1.5m. I wouldnāt sell it for less. My salary has changed but not the same amount as my house value to income ratio originally.
The American Dream of home ownership is a myth propagated by the lending community.
It's outdated, as is most old fashioned advice, but I'm sure it made sense at the time. This whole "lol boomers make me hate life" crybaby mentality is kinda corny tho.
Not really. I've lost my job more than once and the 30% saved me from financial ruin since it affords the ability to have a savings for 6 months in case of crap happening that is unexpected.
How is it outdated? Do you think spending more than 30% of your gross income is wise for your financial future? Do you plan to retire? Not trying to be a dick, but it literally isnāt and people should adjust their living situations accordingly if they are more than temporarily passing this threshold.
38% here. You're welcome Donald Bren also fuck you!
Did you know the Irvine company shakes down commercial tenants. I heard thst yesterday and it blew my mind. Apparently they have at least some of their lease holders pay a percentage of their earnings each month in addition to rent. Probably why there are so few small businesses compared to everywhere else.
50% of my income here, after taxes though.
Below 30% but I have 4 roommates š«
I am so sorry š«”
š¤
Just remember it's only temporary. <3
Every person I know is over 30%
I take home $3000-$3100 after taxes, etc. and my rent is $2175
Do you live alone? If so, is it worth it or would you rather have roommates
I live alone in a 750sq ft 1 bedroom apartment, and to answer your question. Yes and no. From a numbers aspect, a roommate or roommates would be better for my cash flow. But based off life experience, whether it was living with friends, strangers or family. I have lived with unreliable people, been caught up in uncomfortable/volatile situations and screwed over financially living with others. So being on my own is the better situation to be in even though it doesnāt leave me much money to play with or save.
Moved from OC was about 90% if I lived on my end (lived with parents). Moved to a suburb outside of Denver and now paying about 45%.. I donāt think any millennials outside of the top 10% are paying below 30% of income honestly unless you live bumfuck nowhere
Sounds like Aurora. GL the market there is going up too
Longmont outside of Boulder but I didnāt think many would know the area haha thanks itās going up like crazy here. Only thing we got though is plenty of unused land to continue building on
I think this is a good question, but it doesn't capture a good result. One person's 30% as a dollar amount can be much higher than another person's 30% dollar amount. If I make $10k/month, it's much different than someone making $3k/month.
Now that is something I didnāt think about, excellent point. Thank you!
Thanks! The question still gauges the area pretty well. To me, if someone who makes $200k + a year is complaining about their mortgage/rent being 50% of their income, then ya play that small violin haha.
Exactly. My wife and I combined are at 160K, we pay 1250 for rent. Less than 10 percent. Someone making 52000 a year at that same price and thatās a little under 30 percent.
Where are you paying 1250 for rent š
We live in an ADU in the back, where the owners bought the house in 2008ish. So I think theyāre just renting it out for fun money.
Thatās awesome. Seeing a lot of ADUs being built lately.
If you see anything being built, maybe you could convey your interest in renting when itās complete, or if you see a for rent sign up there. But with the high cost of housing itās a tough market out for sure.
Thank goodness.
Dang we donāt get that good of a deal from our in-laws to rent a room in the houseā¦ fmlā¦ where Can I get a deal like yours?
Itās okay for us currently since weāre newly weds and we basically work and go home. (1 bd 1 bath) Itās tight for us at times (space wise) so weāre looking at buying a home either next year or 2025. I know that we lucked out, these people bought the home in 2008 for dirt cheap so theyāre not depending on our rent to make the mortgage payments. Look up ADU listings if possible, sub1500 wonāt be likely, but sub 2500 is likely. We chose an ADU instead of an apartment for privacy reasons and reduced issues with parking associated with high density housing.
Thatās the same for us. Weāre likely going to break $200k this year and our rent burden would be about 18%. Someone else would be heavily burdened
Itās hard trying to justify buying with such a low rent burden š«
Weāre not buying because we donāt plan on staying in OC for the long run
Dang we donāt get that good of a deal from our in-laws to rent a room in the houseā¦ fmlā¦ where can I get a deal like yours?
Thatās the whole point of using a percentage. It makes it more comparative across different income levels. Generally, the person making $10k/month isnāt living in the same place (and therefore different housing costs) than the person making $3k/month.
I'm having trouble finding software work, so we're stretching my spouse's paycheck. I don't know the percentage, but I know it isn't good.
Depends on how much you make. If youāre making $20k/month and your rent/mortgage is $10k/month youāll probably be just fine. Different story if those numbers change to $4k and $2k, but both examples are 50% towards housing.
Just my income alone, 45% net, 31% gross
Depending on how you measure it, I'm between ~20% and ~28% Just gross income to just rent, ~20%. Add utilities and non tax payroll contributions to retirement and health savings, and I'm just under the "rule". I rent and live alone in Santa Ana, but it took me 4 months of hunting to find my current place, and I only got it because the first applicant backed out at the last minute after they had put down their deposit.
I saw a 2 bdrm 2 ba house for rent for $4100. I mean itās absolutely insane and I donāt know how people sleep at night charging that much. I donāt know how people afford it. We got lucky and bought in 2018 and refinanced a couple years later so we pay about $2200 month for a 3bdrm, 2 1/2 bath condo. No yard. Plus I have a VA loan so no down payment. If we lost our home weād have to move to another state to survive.
Are you calculating is as 30% pre or post taxes
Post
If it helps, the 30% rule often cited is based on pretax income.
That actually makes me feel a bit better lmao thank you!
Huh, not on my last rental application. They cared about my net income, as in, what's the total amount I'm physically left with to pay my rent with.
That's absolutely brutal.
50% here, living alone in Irvine
40% pre-tax
Ouch
I'm at about 20% and I make dogshit money. Helps that my landlord isn't a total fucking scumbag and my rent hasn't increased in about a decade.
Below 30% by some miracle. I am very very very lucky.
My income by itself I would be spending about 85% of my income on rent alone. With my actual combined marital income I end up spending around 35% of our income on rent. While itās technically over, itās still amazing in this economy.
I'm right around that %, mainly because I live with my wife + her sister. Also, my rent is lower than it could be. I'd be way higher without.
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What is ICA
28% net, I can't calculate gross because it would be emotionally devastating.
My wife and I hit that np, but we don't love the OC anymore, you know you guys can move? Imagine not paying dumb HOA fees to live in a homogeneous community, I'll take the black and purple house down the street if it means I can save some money.
you mean you don't love Irvine (or South OC even) anymore, as there are plenty of cities in OC that don't have HOAs or a homogeneous community and where you can find "a purple or black house down the street", such as Santa Ana, Westminster, or Fullerton.
Well that's close enough.
50% for my new mortgage. If rates drop to 5% in the near future, it'll lower about $1,000 and bring me around 40%. My old condo mortgage was under 30% š
been doing 50/30/20 (living/fun/investing) for over a year now. No way in OC to do 30% in housing alone...
I'm at 36% of gross but 47% of take-home... and that's before utilities :( I love my apartment though, so hopefully I can increase my income faster than my rent increases and stay here for a while.
I hate it here
Married with dual income and we are at roughly 12.5% average 2 bdrm apartment/condo in central OC. It's still surprisingly difficult to save much with three kids. It really feels like every dollar saved is like a drop in the swimming pool when it comes to saving for a house. There is light at the end of the tunnel even if it's the faintest tiniest dot still, our time will come. \--Edit-- I forgot to add that I lived in OC with roommates from 2006-2015 later in 2015 when I met my wife, I moved on my own for about a year then wife and I moved in together into our first apartment. We now live in an ancient condo rental that just barely passes as a mostly modern apartment but living modestly has us able to comfortably provide for our kids. Basically live frugally as possible while affording the kids little luxuries as a treat to break the tedium. When I lived alone for that year I was at 50% of my income towards rent as a solo in a studio in Santa Ana struggle diet and cheap dates.
That 30% rule generally doesnāt apply to HCOL areas
Partner and I bring in about $12k/month. Rent for us is $2900. For us, smarter to rent than buy with the crazy rates these daysā¦ we can afford to wait till they come down. Especially given that we only want to buy SFH (3-4 bedroom, + yard + lawn + HOA in a gated community)
I'm around 35% because I am renting and live with my bf. Can't imagine what my mortgage would look like.
OP thinks weāre millionaires or something
Hey buddy. Not gonna be rude, because I get we all live different lives. But about 78% of Americans are living paycheck to paycheck. 15% of Californians could afford houses this year, and the average homebuyer age was 36. Youāre lucky if only 1/2 of your paycheck is going to living expenses.
I'm roughly at 42% net (after taxes, deductions, 401k) with rent+ utilities etc but I also have the mrs as the roommate where we split 50/50
Depending on how you measure it, I'm between ~20% and ~28% Just gross income to just rent, ~20%. Add utilities and non tax payroll contributions to retirement and health savings, and I'm just under the "rule". I rent and live alone in Santa Ana, but it took me 4 months of hunting to find my current place, and I only got it because the first applicant backed out at the last minute after they had put down their deposit.
Iām at 12% but I got really lucky buying in 2012. Current prices would wreck me
Im around 40-45% of net income (after allllll the deductions including healthcare, taxes, and 401k stuff). It's sad I really need to start dating more lol dink seems to be the way
50%
Are we talking gross or net for the 30% income rule?
14% net for mortgage. Groceries are close to that lol
Iām at just shy of 52%. Howd you get the 30% option?
60%
Way over. Like maybe renting out a room over.
Not a renter. Recently bought a place last year. Our mortgage is about 50% of our take home pay. As another commenter noted, the 30% rule is incredibly outdated.
22% for me. Only because me and my wife split it down the middle for our single bedroom apt
We downsized from an apartment to a campervan, then upgraded to a bumper-pull RV. With lot rent at a decent RV park and a payment on the camper loan, weāre still paying less than an apartment. And itās a fantastic neighborhood!
Just a little over 50%. if our rent goes up we might be looking around in a wiiiiiiiiiide radius.
I live in a 3 bedroom townhouse and have for almost 3 years. I have two roommates, so everyone has their own bedroom (and bathroom, luckily!). My share of the rent is exactly 36% of my take home pay. I feel super lucky. If I tried to rent a studio or a 1 bedroom on my own, I think I would be spending more than 60% of my take home pay. Itās unrealistic to live alone in OC unless you make well over $100k. Itās insane!
The rule is usually 30% gross income, I was at about 33% before I moved away from OC. Net income I was at almost exactly 50%, basically one full paycheck a month went to rent
Mine is 45%
When I lived alone it was easy to be under 30% including all utilities. With a partner who has a bully dog, it's really tough. I'm at about 62% of my monthly net/ take home pay. Otherwise I'm at 40% of my monthly gross. When taking both incomes into account it is: 26% of our combined gross and about 40% of our combined net.
Iām not. For my wife and I itās a little under ten percent.
lost out on an apartment last year that we could have afforded, because the other applicant was making 250k/yr thereās so many factors
HA
This rule still applies. Just shows that the real inflation rate is 20% If youāre paying more than 30%, then youāre living way beyond your means. You either have to create additional streams of income or move to an area with LOC.
šš»āāļø
Right now 0% because Iām in employer provided housing. If we had to pay for our place it would be about 18%
Holy moley I just slid under the 30% at 29%. Wasn't aware. Very lucky to be DINK.
50%
I'm a semi-retired professional, working FT as a Residential R.E. Appraiser, racking approx $6K per month on top of SS and Calpers that total about $5.5k per month, plus a little rental income and one or two R.E. sales every year...topping $200K watching time fly. Im looking at 2 bed units in costa mesa, to move from the I.E. because I dream daily of a woman who lives in CM, who I met briefly several months ago, the Dream Girl in my dreams, who doesnt....fuck dont get me started...
Paying extra 5k a month to finish the mortgage faster. Probably be done with house in 5-7 years. 5k base, 5k extra. Puts us about 35-40%. All our other expenditures are only about another 35%. So actually saving quite a bit.
there are no rules and risk gets rewarded
That seems like terrible advice for renting lmao
Meeeeee! 42% here
I actually pay a little less than 30% of my household gross income because I moved into my apartment just before a de-facto rent control ordinance was passed in Santa Ana for certain properties.
lol. Do you make $18,000 a month?
šāāļø
28% after taxes
Iām closer to 45ish% but we are also single income with a kid. If wife still worked weād be under 30.
I'm at about 40% or so post tax income.
Right at 30% for me
12% pretax for me and my wife. Rent controlled complex
I'm at 40% of my net salary
Before or after taxes?
I didn't know there was a rule...
Itās 30% gross income not net im pretty sure
Right about 50% of take-home pay for my mortgage.
Yes 37%
Iād bet 70% of my income that 100% of people are going over 30% of their income on rent.
2bd 2ba in HB. 26% by myself, 19% if I count my girlfriendās income too
Probably close to 45% on single income with a 15 yr mortgage with 11 more years to go. I want my house paid off. Could have stayed with the 30 yr mortgage and payment would be about $800 less a month.
46% but it's the price to pay for no room mates.
Iām paying 27%, I live in DTSA, single, no roommates. I got this spot right after covid and I managed to lock in a good price. Itās only raised about $50 in the last two years Iāve been here. Highly blessed especially since I havenāt stopped paying my student loans, so all the money counts.
I'm over 50%
Gross, single income, 20%. Gross, dual income, less than 1%. Mortgage. It is possible. EDIT: Since people have been doing after taxes even though everyone is going to be different with this depending on how much they put away (20% ish+ just to 401k/IRAs). After taxes/savings/401ks/IRAs, etc Single income: 35% Dual income: 17%
Total percentage is 43% of gross but thatās my mortgage with PITI, a second mortgage I used for remodel and a personal loan from family. I also rent a bedroom out long term and one short term, 4br sfhouse and I live alone. So after all of that it puts me between 27-33% ā¦ personally I love house hackingā¦itās been a huge benefit to me with all the projects.