Question to those who rent

[guxx.livejournal.com]

The popular theory is apartment rent should not be higher than 1/3 of net income.

To those of you who rent, does this hold true?

Comments

[androidqueen.livejournal.com]

i don't live in davis anymore. i live in boston. both places, it held true.

[androidqueen.livejournal.com]

i think the theory is not so much "rent should not be higher than 1/3 net income" as "most people choose not to pay more than 1/3 net income in rent."

[ukelele.livejournal.com]

No, I think it really is one of those pieces of received wisdom that is generally a good idea -- it's just not practical in Boston. Kinda like there are general income ratios or down payment percentages mortgage lenders usually look at, but they kinda ignore them in markets like this one where it just isn't practical.