Rent: How much is too much?

Are you paying too much for rent?
Are you paying too much for rent?

$1500? $2500? $3000? If you’re beginning to feel like your rent taking over your income, chances are you’re one of the 26.4% of renters who are spending more than half of their income on rent. The problem is that according to the National Low Income Coalition (NLIHC), your rent shouldn’t exceed more than 30 percent of your gross income.  However, in high cost areas like New York City and Los Angeles, maintaining that standard can prove problematic.

In the Wall Street Journal article, “Is Your Rent Too Damn High?”, writer AnnaMaria Andriotis discovered that New York City, Los Angeles and Washington D.C. were the three highest areas in America with the average rates at nearly $2100 per mont. The cities also have rates that run as much as 218% higher than surrounding major cities.

“Now compare these rents to incomes,” Andriotis said. “In the New York metro area, income fell 4.6% to $52,375, which translates into no more than $1,527 per month. You’d be hard-pressed to find that kind of deal on a studio in Manhattan or a two-bedroom in Brooklyn.”

According to the NLIHC a renter need to make a wage of at least $18.79 per hour in order to afford “decent” living arrangements. However, with the average renter earning $14.32 per hour, the numbers simply don’t add up.

In May 2013, the Central for Housing Policy published a study entitled, “An Annual Look at the Housing Affordability Challenges of America’s Working Households.” The study looks  at the disparity of high rental rates against the lack of income to supplement them.

“Spending most of your paycheck on rent means cutting back on other necessities, including health care and even food,” Janet Viveriros, co-author of the study told MSN.com.

To check out how your rent measures up against apartments around you try the Rentometer site for averages in your neighborhood.

Follow Courtney M. Fowler on Twitter @Court_Nation.


News
Entertainment
Sports
Lifestyle
Local

Memorial held for Sean Collier, MIT police officer…

More than 1,600 people gathered at MIT on Friday for a memorial service for Sean Collier, the police officer shot to death a year ago in the aftermath of the…

National

Florida man charged with murdering son to play…

A Florida man annoyed that his 16-month-old crying son was preventing him from playing video games suffocated the toddler, police said on Friday.

International

Powerful 7.2 magnitude earthquake rattles Mexico

A powerful earthquake struck Mexico Friday, shaking buildings and sending people running into the street, although there were no reports of major damage.

News

OMG! Exercise can make skin (and butt) look…

A moderate exercise regime can turn back time and actually reverse the skin's aging process, according to new research. The study showed that a minimum…

Entertainment

Whoopi Goldberg makes her debut as marijuana columnist

"It helps my head stop hurting, and with glaucoma your eyes ache, and she takes the ache out. It's wonderful," she said.

The Word

Kate Middleton made fun of Prince William's bald…

Kate Middleton and Prince William are in Sydney, Australia, right now, and it sounds like that brash Aussie sense of humor might be rubbing off.

The Word

Is Tom Cruise dating Laura Prepon?

"Mission: Impossible" star Cruise is said to be dating Laura Prepon, star of "Orange is the New Black."

Television

'Scandal' recap: Season 3, Episode 18, 'The Price…

Sally is Jesus, Olivia caused global warming, and Mellie's still drunk. Let's recap the Scandal finale. A church full of Washington insiders is about to…

MLB

MLB video highlights: Red Sox score two in…

Lester shines in Red Sox win over White Sox

Sports

2014 Boston Marathon preview: Elite American, International runners…

2014 Boston Marathon: Elite American, International runners to watch

NBA

2014 NBA Finals odds: Ranking which playoff teams…

2014 NBA Finals odds: Ranking which playoff teams have the best shot at a championship. The Thunder, Clippers, Heat and Rockets lead the way.

NFL

2014 Patriots, full NFL schedule release date announced

2014 Patriots, full NFL schedule release date announced

Tech

VIDEO: 'Vein-scanning' may become the future of paying

Designed to make transactions quicker and easier, the technology works by scanning the unique vein patterns in each person's palm.

Tech

#FollowFriday: 10 of the smartest Twitter accounts

Spending lots of time on Twitter? You might as well learn something. Here are some of the smartest accounts to follow.

Style

Light-up nail art syncs with phone

This Japanese technology syncs light-up nail art with your phone.

Wellbeing

Why is dance cardio taking off in NYC?

Instructors at some of the city's hottest classes explain why.