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For instance, if you are in a high-demand market such as New York, Los Angeles, or anywhere near Google headquarters, you might find the rent far exceeds 30% or even 50% of middle-income budgets (Thats why a good rent affordability calculator will consider your location.) "}},{"@type":"Question","name":"Can a single person live on minimum wage? Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. But the 50/30/20 Rule is one that many financial experts agree upon. states that the median salary for workers in the US is around $1,041 weekly, which equates to $54,132 annually. You should consider how long you would need to commute when choosing a specific home can you take advantage of proximity?\n\nAlso, bear in mind what other payments you must deal with utilities, student loans, debt repayment, property tax besides rent alone. Most people, me included, recommend spending no more than one-third of your income on housing. If you are making $40k a year, you will be making around $2,833 a month after taxes. Proponents of raising the minimum wage argue that this helps incomes catch up with the rising costs of living and lift millions out of poverty. The federal minimum wage since 2010 is $7.25 per hour, which represents a gross monthly income of $1,256 or around $15,000 a year. The median income for individuals in the United States is $33,706 as of 2018. Now I know that all the digital nomads and the majority of the Financial Independence community will squawk at this. Consider your monthly income and factor in your various expenses such as groceries, gas, student loans, or medical bills to estimate what you can comfortably afford. After taxes that amount could be between $2,583.33 - $2,833.33. Then tailor your budget accordingly. Weissachstrasse 6e How much home can I afford if I make $62,000/year? - Saving You can expect to pay around $701 for monthly rent in Springfield. More importantly, is what you are doing with your money. This will give you a lot of insight on e.g. } If you dont already have utilities set up, ask your neighbors or landlord for an estimate of whats normal. You should consider how long you would need to commute when choosing a specific home can you take advantage of proximity? However, the current government has promoted a reform to achieve $15 of hourly wage to go in effect as of March 2022. "name": "What percentage of income should go to rent? { For example, if the average cost of all your utilities for the past three months was $300 and you receive two paychecks per month, put $150 aside at every paycheck.