Yeah, the 3x salary requirements are insane when housing accounts for almost 50% of people’s take home pay in most places.
Comment on A conundrum
Kolanaki@pawb.social 3 days ago
“The apartment is $1300 a month.”
“Perfect, I make $2000 a month.”
“No. You’re gonna need to make $3900 a month before we will rent to you.”
Furbag@lemmy.world 3 days ago
Paddzr@lemmy.world 3 days ago
3x rent is pre tax, 50% is after tax.
Just a small clarification.
merc@sh.itjust.works 2 days ago
There’s a rule of thumb that your rent / mortgage payments should only be 1/3 of your pre-tax pay. In expensive cities that’s sometimes impossible to manage. But $1300 out of $2000 means you’re spending 2/3 of your pre-tax pay on housing. If you’re taxed at only 20% that means your take-home pay is going to be $1600. After rent you’d only have $300 a month for food, utilities, clothing, transportation, etc.
If I were a landlord and someone on $2000/month wanted a $1300/month apartment, I’d be asking questions too.
PeriodicallyPedantic@lemmy.ca 3 days ago
you’re not gonna be able to afford this apartment after a few years of 10% rent increases, and we don’t want the inconvenience of evicting you when that time comes
But_my_mom_says_im_cool@lemmy.world 3 days ago
I live in the Toronto area and rent here is up to like $2600 for a 2 bedroom. Why haven’t we burned shit down? Why do we take this??
Im no leader but I’ll gladly build some gallows and die for my kid’s generation. Im also a vegetarian, but I’m willing to roast and take a bite of the billionaire just to show my conviction. I think we should actually literally do it with one to prove a point