The age-old financial planning rule cautioning consumers not to spend ore than 30% of their incomes on rent is “all but thrown out the window” thanks to rising costs, according to a new analysis from MyEListing.com.

Using Census Bureau data, the firm found that more than half of all Americans spend in excess of 30% of their incomes on rent each month, while more than two in five renters spend 35% or more. In addition, 61% of all US metros surveyed by the firm have more than 40% of residents paying more than 35% of their income in rent.

Lynn Pollack

 

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