Do people actually follow the 30% of your income rule for housing? If you live in a big/expensive city, I find it hard to believe.

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Nope. I have a rule that I only pay 14% of salary for housing and save 30%. And I don't make crazy income and live in DC. You have to sacrifice now to do well later

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Don't worry OP. As long as you're spending below 100% of your income on housing you're fine. I'm sure you're great at managing your money

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You can do $1300 studios. And yea roommates are a typ of sacrifice

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I actually follow far below that rule, which is why I picked Dallas. You can't build wealth if your cost of living is too high

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50% fixed, 30% variable, 20% savings

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I'm at 34%.

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It's a stupid rule. It doesn't take into account other large expenses you may have like a car, student loans, etc

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Either we have different definitions of "crazy income" or you live in SE with roommates lol @D1

Currently spend 24% on housing, live in Bay Area. That's as high as I am comfortable with, too.

30% after taxes*

Im 23% after taxes. In dc area

I'm at 34% now...the highest I have been is 40%.

12% after taxes

11% after taxes for my mortgage. Bought a place and rent out the other room. Move south lol

I'm around 25% after tax including escrows. However, it's a 15 year mortgage, so I'm paying myself.

This leads to the point that your question is over simplified. What are you getting for your 30%? Rent vs buy? Are you paying PMI because you didn't have the down payment? Are you in something frivolous or is the cost reasonable relative to your location? What does 30% include - are you in a building that has massive HOA fees? What's your base - 30% of $75k on rent might be reasonable, of $200k might be silly.

20% after taxes in Philly

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