{ "media_type": "text", "post_content": "What percentage of your monthly income goes to rent? Found my dream home and it’s almost double my current rent. Telling myself I can do this.", "post_id": "5b01c35a56dd1b00146d7c16", "reply_count": 31, "vote_count": 2, "bowl_id": "5565cfca8b2b9a03009acf57", "bowl_name": "Advertising", "feed_type": "crowd" }

What percentage of your monthly income goes to rent? Found my dream home and it’s almost double my current rent. Telling myself I can do this.

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@ad3, not really accurate in regards to “that’s what happens when you stop getting paid shitty salaries”. Rather, that’s what happens with you are smart with your money and where you move to. Prioritize right, instead of always having to be in the hot spot, or the nicest apt, strategize and make it work for your overall goal.

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@ad3, art directors should make more than +/-2500k a month so I’d say it may be time to start looking for a new gig that values you a bit more. Unless you’re in the middle of bumblefuck and that’s the going rate. 🤷‍♀️ but sounds like you’re in NYC so I’d just say you’re being screwed with your income at your current agency. You’re worth more.

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Affordability is a math issue not an emotional one . You can't afford it . Sorry

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Be conservative on rent; sock away as much savings as you can. Then, keep an eye out down the line for your dream home - which might be a fixer upper with potential - and you’ll be able to afford it bc you’ve played the long game

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~30% and I’m saving a ton of money. Don’t push things to the point you’ve got no margin of safety

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50%. NYC. I need a raise.

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20%. Find a place you like and stay there. It’s not worth it to be house poor

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Since I freelance I can't give you a %, but I can say my financial life didn't turn around until I found cheap rent. I have a nice apt, there are things I don't like about it, but I stay because the low rent helped me save tons of money.

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7% currently! And in NYC. Large apt, moved into a developing bk neighborhood at the right time. Now the neighborhood is insanely developed but my rent has only gone up $130 in past 7 years.

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Same as CD2. I moved to the west 140's. My rent's gone up $100 since I moved in 10+ years ago, and my landlords were apologizing.

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Im in NYC, millennial. My living situation hasn’t really changed since college. Having a super nice place isn’t a priority. Having money to fuck out of this industry asap is.....
I’m also from an immigrant family and have a visceral reaction against paying too much for someone else’s mortage.

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^ Yep. Hey. Same. This new spot would be 50. I’m in SF

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Edelman is right 👆🏼 you can control your other spending habits but your rent is locked in

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15%. I allow myself plenty of other extravagances in experiences though.

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I’d say about 1/4

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@cd2 it's easier to manage money when you have it or have it in surplus. If I only paid 7% of my salary in housing, I'd be paying $320 a month...which doesn't exist in NYC. So, like i said, it's easier to spend a smaller percentage on housing when you make more...the percentage naturally goes down.

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slightly more than 1/4, but that’s how it should be

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I'm also in SF, and spend around 50% on my monthly rent. It's worth it - my house is sick. But in an expensive city it works both ways: evertyhting else is expensive so it's almost worth it to get something nice, while it might make it tough for you to move up in the future

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Be careful. The industry is hanging and nobody is safe.

smart

My mortgage payment (incl insurance, taxes) is ~30% of my take home

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