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Rent Market: In September 2022, the average U.S. employee will spend 46.38% of their monthly income on rent
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Im sure that leaves tons of money for record car payments and loan interest
Don’t worry, just live with 8 roommates. That’s the NEW American Dream!
2300 rent for a shit house, 300 electric bill, no wonder my local stores are always out of stock with ramen.
$2000 a month rent on $2100 net biweekly here…
50% here in Vancouver 🙁
I’m at about 32%
The big squeeze.
Of everyone’s paychecks. This will couple well with the record CC debt people are carrying.
Neo-Feudalism sure is fun!
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Costs have been spiraling out of control for decades. College, healthcare, now rent.
What’s the mystery?
Money is becoming more and more worthless.
I’ve been calling it LaaS for awhile now: Life as a Service
We moved out of our 1100 rent in Apollo beach fl cause the landlord sold to a major corporate rent company, immediately they asked for a lease at 2300 or stay monthly at 2750, yeah we left cause we were gonna buy a house…. The people selling the house figured out they couldn’t buy shit with the 200k they were selling it for and backed out of the sale so… currently me and the wife are back at my parents indefinitely… 600 monthly… I’m 41 and never thought I’d be back living with my parents. I could go live somewhere else but it’s like playing Russian roulette and them asking you where do you want the bullet? Sucks cause there is no where to go at this point, you either fold and give them your check or run back to someone who needs a roommate or your parents. Stay strong out there my friends, we’ve endured and it shall pass
BTW nice scale in the chart.
Anybody and their brother qualified for an auto loan the last couple of years similar to 08 with houses. This time housing required tougher credit reviews. Repos are going up. People will start alternating between paying auto and mortgage/rent each month in conjunction with high fuel prices. This is very bad. I believe the auto market will and is collapsing, leaving people with car payments they can’t get out of.
Very sustainable. Usa usa usa.
And hit-pieces will still be written about Millennials killing the Housing market, without the slightest hint of irony.
The economy stopped working for working class since 2008 when Fed start pumping free money into the economy. Asset inflation was happening all along and Fed gave zero fuck about it. And they won’t. The house get older population barely changes but house price, rents doubles in 5 years time. Its totally detached from realities. They barely shrink the balance sheet. The interest rate is only one part of the equation. That will leave inflation at around 5% or so, to bring it down to 2% they need massive shrinking of balance sheet. They wont do it because it will dry up all the liquidity from the market i.e. keep pumping money and help rich getting richer, poor getting poorer and set the Fed inflation target at 4%.
The only solution I see is just to break the system as we know it once more like 1929, and reset everything.
Yeah, see what all you greedy mfers have caused. Thanks alot
Zillows rent index is also “likely” grossly overestimating the value of rentals, just like their zestimates
WTF kind of math is this?
The graph shows ~64hrs of work a month to pay rent. There are 173 work hours in a month assuming you work 40hrs a week. That comes out to 36.9% of your monthly income.
Even if you assumed, incorrectly, that it was 160hrs (4 weeks, 40hr weeks) per month, that comes out to 40%.
What be income?
The dream, only 48%.
Min wage in Toronto.. The avg rent is $2800/mo. Min wage gets ya roughly $1900/mo after taxes 
Y’all are working less than 160 hours a month?
Scaling on this graph is also a bit twisted.
Wow, closer to the 50/20/30 win win!
I managed to get a 2.7% 30 year fixed mortgage last year. Looking at prices a few weeks ago of the 1 bed 1 bath apt I used to live in I’m currently paying $400/month less in a townhome I now own.
[What did I say?](https://external-content.duckduckgo.com/iu/?u=https%3A%2F%2Ftse4.mm.bing.net%2Fth%3Fid%3DOIP.kIFPZUo2dnJKG9Lh9p-2bgHaFH%26pid%3DApi&f=1&ipt=5002c2dad6c5454b28078047bd4b7aa406e12fdf58ade1a2d3fd8ea18a94be3c&ipo=images)
I believe the chart is saying 63 hours of work to afford rent. Wouldn’t that be about 39%
BRB building second home on my lot.
At least you’re better than Portugal, here most people have to pay between 60% to more than 100% of the salary to live alone.
3800 mortgage and RE taxes, net 3699 every two weeks. Illinois.
Luckily my wife is also pulling in about the same, so we’re at like 25%, but, of course, dropping down to only one high income would put us out of our home pretty quickly.
Sounds about right. And this all really sucks especially as a business owner. Due to the fact my business has suffered pretty heavily due to inflation and increase cost of living- I’ve had to take many pay cuts just to keep things afloat. We were doing just fine about a year and a half ago.. actually did better during covid lockdowns & near the end of the lock downs than we’ve been doing the past 5/6 months or so. Been really tough man