There are many factors to consider when choosing where to live, including location, proximity to work or school, and whether or not you want a roommate. The most important factor? The cost of your living expenses.
However, some people are spending too much on rent without knowing it. Read on to figure out if you should reconsider your living situation.
You Spend More Than 25% of Your Paycheck
Generally, you shouldn’t be spending more than about 25% of your gross income on rent. Additionally, your rent including the cost of utilities shouldn’t be more than 30%. You can also refer to this rent calculator to calculate what you should be spending on rent.
Your Commute Is Too Long
The only time your commute should be more than 30-40 minutes in traffic is if your rent is dirt cheap, or if you’re living somewhere where you don’t have to pay rent (like with your parents). Even if your rent is a reasonable percentage of your income, you also need to take into account how much you’re paying for daily transportation.
The Apartment Is in Shambles
If things are constantly breaking or not working in your apartment (or the complex in general), and it seems to take forever to get them fixed, you may want to reconsider your living situation. Poor management can be hard to spot at first, but if you feel like you’re not getting the help you need from your manager, it may be time to move — especially if you’re paying a lot to live there.
Your Neighbors Pay Less Than You
You shouldn’t just be taking into account what your budget is, but what other people around you are paying. Before you sign a lease on an expensive apartment, ask around to see what your neighbors in that complex are paying. If they’re paying significantly less than you, you should talk to your landlord to see why and if you can get a better deal.
xx, The FabFitFun Team