Posted on 01/24/2023 10:59:25 AM PST by millenial4freedom
The average US household is now considered 'rent-burdened' as a record-high number of people are spending more than 30 percent of their income on rent.
According to Moody's Analytics' latest affordability report, the national average rent-to-income (RTI) ratio reached 30 percent for the first time since the company began tracking the data more than 20 years ago.
(Excerpt) Read more at msn.com ...
ONLY 30%?
Seriously?!?
Either their study-mean is higher-than-average income, or they’ve found some dirt-cheap rents at least by current standards.
I can’t find anything at less than 60% of my current income, for love OR money.
This is why so many young people are living at Mom & Dads after college.
My 24 year old son just moved out of a one bedroom apartment and into a two bedroom townhouse. He is sharing this with another young man he works with. His monthly cost went from $1750 down to $1200. This is about an hour NW of Boston. If he was in Boston/Cambridge it would be about $500 more for each of them.
Just a supporting article for Biden’s Federal Rent control plans. We will be seeing many of these would be my guess.
That’s 30% of their gross income. Rent is probably more like 50% or more of their net income.
I have a friend who is paying nearly $4.4K per month in Cambridge. Top of the line place. But that rate just blows me away. He works for dot com startups. So he is on his third or fourth go-round at 35.
Thirty percent is a nationwide figure, so it depends largely on where someone is living. The article cites over 68 percent for New York City, for example.
I am in the higher middle income group at this point in my life (could retire tomorrow or in 5 years, who knows).
I just did some rough calcs on my numbers. I figure my fed and state income taxes and SS (not including sales taxes) at 22%. My retirement contributions are 15%. So that leaves 63% as disposable income. Not too bad really.
My home mortgage which I locked in at 2.25% is about 28% of my take home pay, but only 16% of my gross.
Five years ago I moved out of CA after ~20 years of living there. I would say that there my mortgage/rent (depending on where I was at the time) was closer to the 30% of gross pay number. Life was much more stressful then. It was clear to me that that was not how the American dream was meant to be spent.
thanks to Biden and the Fed
*******
Also due to the Democrats’ war on landlords and bi-partissn NIMBY objectons to rental housing.
My rent is free. Long as I pay the property taxes.
Yes, on of my son’s best friends works and lives in Cambridge.
Their monthly rent is $3600 for a two bedroom. He is a robotics engineer.
One of the young guys in my office lives on the Medford/Summerville, MA border. Right next to Winter Hill Street where Whitey Bulger used to hang out. Rent is $4200 for a 5 bedroom house. He shares it with four other guys he went to college with.
You guys have NOTHING to bitch about. Hunter Biden’s rent payment was 150% of his monthly income...
Build more housing
No Sheeot! Hunter must really be struggling with that $50k nut to crack every month.
The New Yorkers and Californians moving to Florida saw my previous apartment rent go up by 1400.00 a month from 2200.00 to 3600.00 . This was a new building when I moved in in 2020. So instead of trying to fix their state, they are screwing up the state I grew up and lived most of my life in. My only beef with our Governor is that if we saw those kind of rate increases after a hurricane, we would have seen it prosecuted as price gouging. Since this took place during the pandemic emergency, it should have been treated the same.
Is that after taxes of the income or before taxes?
We need to build much more housing
I live in Western MA. Even the rents out here are nuts.
When my wife and I got married 26 years ago our cell phone bill was more that her dad’s mortgage. Inflation is a female dog!
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