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
International

Jews in eastern Ukraine ordered to register, Kerry…

Secretary of State John Kerry condemned reports that Jews in eastern Ukraine had been ordered to register with the authorities "or suffer the consequences."

National

Chelsea Clinton pregnant with first child

Chelsea Clinton is pregnant with her first child.

National

Divers struggle in search for South Korean ferry…

By Jungmin Jang and Narae KimMOKPO/JINDO, South Korea (Reuters) - Rescuers struggled with strong waves and murky waters on Thursday as they searched for hundreds…

National

New Hampshire moves to decriminalize adultery

For the first time in hundreds of years, it's about to be legal to cheat on your spouse in New Hampshire.

Television

Dick Wolf to bring fictionalized world of 'Law…

A&E has ordered a pilot called "D.O.A." from "Law and Order" mastermind Dick Wolf that will focus on real detectives reexamining cold cases. A trio…

Movies

Review: 'Transcendence' is not stupid but sometimes lacks…

The cyberthriller "Transcendence" explores artificial intelligence, nanotechnology and other ethical quandaries, but has too much ambition, if anything.

Television

Shane West talks WGN America's 'Salem'

The actor on history lessons, a new network and showing his butt.

Movies

Review: 'Fading Gigolo' finds few jokes in women…

John Turturro writes, directs and stars in "Fading Gigolo," in which he plays a prostitute whose pimp is Woody Allen. And there's still very few jokes.

NBA

Carmelo Anthony agonizing over Knicks future as season…

There’s still the cloud hanging over the franchise’s head as to the pending free-agent status of All-Star forward Carmelo Anthony.

NFL

Jets host players with eye toward NFL Draft

The Jets hosted a number of NFL Draft hopefuls for workouts on Thursday, with an eye toward some under-the-radar players.

NFL

Chris Johnson: I wanted to go to 'a…

Now that Chris Johnson is a Jet, the team has to figure out if one of the most explosive players in the NFL over the last half decade has anything…

NHL

Rangers' speed versus Flyers' size makes interesting playoff…

Among the myriad aspects that will make this Metropolitan Division semifinal series fascinating will be the battle between the Rangers' speed and the Flyers' size,…

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.

Travel

Earth Day travel in the Florida Keys

See why this eco-friendly destination deserves your attention.

Tech

Sorry, Facebook — FarmVille goes mobile with 'Country…

Zynga has released a version of the hit "FarmVille" tailored for smartphones and tablets in the hope of reaping a bumper crop of players.