Did you know that more than a third of American households are inhabited by renters? For those tenants, navigating the relationship with a landlord can be tricky. But renter's have rights (they vary by state and local jurisdiction). Learn more about general renter's rights, and learn tactics for negotiating lower rent (yes, it's possible!). And be sure to check out the interactive graphic below to see the cost of renting across the U.S. We want to know: How much of your income goes to rent each month?
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i am one person income and i get a small social security check and work part time so i can my rent and car insurance, sometimes it gets hard, because i work for the school, and when were off all summer and holidays i get no pay, so i make sure i save every paycheck
Thankfully, I purchased just weeks before COVID hit the US and rentals went through the roof. But if I were renting the same place today, it would be 65% of net income NOT including any utilities. At the time, it was 48%. It's crazy. (Now I pay 40%.)
I work in housing and HUD uses the 30-35% estimate for housing (which includes utility allowances!). It's not even close to reality for many people right now. Of course, they go by gross income.
I share the same story as Kelly. We literally closed on our home a month before the pandemic was official for us in Feb 2020. In March we were both offically on lock down in Virginia. Before ending our lease agreement. We were told that if we did not renew by the end of February, we would have to pay $1,100 a month, plus a new charge for gas and water that would be added in the new lease. Needless to say, we are GRATEFUL to have closed so quickly!! Shout out to Prosperity Morgage! Our original rent was $825 a month. The new expense would have killed our saving potential for the house.