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Is the One-Third Rule of Rent Really Feasible in Today's Market?

Asked 21 Jan 2025 19:10:14
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21 Jan 2025 19:10:14 Aya Ch posted:
I've heard of the one-third rule for rent, where your monthly rent should be about a third of your income. With rising rent prices, is that still a realistic guideline to follow, or should people be adjusting their expectations? Any advice on budgeting around this?

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Replied 22 Jan 2025 21:34:35
22 Jan 2025 21:34:35 Vla Che replied:
The one-third rule is a classic guideline for budgeting, but it might not be as feasible today given the current housing market. Many people are finding that rent prices have increased, pushing them over that threshold. If you're in this situation, it might help to look at resources that discuss how to assess affordable rent, such as this article, which breaks down whether the one-third rule still holds up. Adjusting other expenses or considering a roommate can help, but the market definitely needs to be taken into account when determining what's manageable.
Replied 28 Jan 2025 21:30:45
28 Jan 2025 21:30:45 User  replied:
It's tough with rent creeping up every year. Any tips on what to prioritize when looking for a place? Budgeting seems like the hardest part for most people in this market.

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