Take New York City, where the median monthly rent is $1,714, and the median income for an individual is $48,066, according to the US Census.
As we can see, the 30% rule isn't always helpful for people in high-cost areas.
Using the 30% rule to determine your rent payment capacity: A step-by-step guideDetermining affordable rent for your budget requires a bit of math.
This is the maximum amount you should spend on rent each month, according to the 30% rule.
Rent budgeting tipsIf you're having trouble affording your rent, here are some things that might help:Track your spending habits.
Persons:
it's, pare
Organizations:
Census Bureau, of Housing, Urban Development, Chevron
Locations:
New York City