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how much of your salary should go on rent?

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
Just interested in the above question. Still living at home at the moment but looking at moving out in the near future. Been a while since I've had to worry about rent and bills so just wondered.

How much of your monthly salary goes on rent\bills?

Comments

  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    15% of our monthly income goes on rent and another 10% on all bills (including loans and credit cards)
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    My housemate and I are paying £600 each a month which includes all bills and rent. That's about 28% of my monthly take-home.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    About 20% of my take home goes on rent & council tax - but then I put more into savings each month than I spend on my rent.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Im in the same position as Goodfella so i'd be interested to hear about this as well
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    24% of mine goes on rent (but bills and TV license are included with that). When I started my job it was closer to 30% but commuting wasn't an option so I had to move out.
    The 24% means I have a bit left over (after living expenses, which for me are small) each month to put in the bank and save :)
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    55% of my income goes on rent excluding bills.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    As much as I hate to say it, to a big extent it will come down to budgeting and what your income is.

    It's reasonably likely that some of the people who've said 20% pay similar rent to RG on 55%, it's just how you make the rest of life balance that's different.

    Beware of bills though. Of my immediate living costs, only 75% is the actual rent figure, bills and council tax are another 1/3 on top of that.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    About 40% of my income goes on mortgage, bills, food.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    doesnt it just depend on your income and how much rents are in your area?
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Thanks for the replies so far everyone :)
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    doesnt it just depend on your income and how much rents are in your area?

    It does, but there's always been a theory/idea that you spend a third of your salary on rent, a third on living/bills and a third on saving. Obviously, if you over stretch with the rent it's gonna mess it up regardless so it isn't a perfect theory tbh.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Whowhere wrote: »
    It does, but there's always been a theory/idea that you spend a third of your salary on rent, a third on living/bills and a third on saving. Obviously, if you over stretch with the rent it's gonna mess it up regardless so it isn't a perfect theory tbh.

    just seems a strange question. We're still living in the same house as 2 years ago and our income is double now as it was then. Are people supposed to move house every time they get a new job?
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Not so much have to move, but dont move into somewhere which would go over the 1/3 thing.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    just seems a strange question. We're still living in the same house as 2 years ago and our income is double now as it was then. Are people supposed to move house every time they get a new job?

    No....?

    I guess you move once you've outgrown it. We've lived in the same house for 6/7 years. It's a 2 bed we got together before we got married, and we're desperate for space, but nobody is buying.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Ive just been totting up my monthly costings - Id say 25% of my take home pay goes on rent - thats probably been fairly consistant in the last few places Ive lived in as as my salary has increase so has the space I live in!

    Bills is a different thing council tax is about £80 a month, mobile £30, BT (landline+broadband) £30, car stuff...variable! if you dont count running costs you theres road tax, insurance, parking permits :/ gonna fuck work off on theirs cos its £300 per year which is just ridic., gas and leccy - tis scary! I manage to save some money every month too which I think is quite important.


    I reckon you should look around at the kind of places youd like to live, get an idea of the rent and try to save that much every month until you do move out - that way you'll have your deposit and probably a bit extra for new home stuff.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    about 15% of our (after tax) salary goes on rent
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