[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f2anlmodky91if":3,"$ffeh0925h8cuz":43,"$fbwk2pqjjqsc7":47},{"item":4,"previous":31,"next":37},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":29,"updatedAt":30},1205,"are-you-spending-too-much-on-rent","Are You Spending TOO Much on Rent?","Chances are if you are renting you are spending too much of your income on your monthly housing expense. There is a \u003Ca href=\"https:\u002F\u002Fwww.investopedia.com\u002Fterms\u002Ft\u002Ftwenty-eight-thirty-six-rule.asp\">long-standing ‘rule’\u003C\u002Fa> that a household should not pay more than 28% of their income on their rent or mortgage payment. This percentage allows the household to save money for the future while comfortably covering other expenses.","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2018\u002F10\u002F15131844\u002F20181030-Share-STM1.jpg","Chances are if you are renting you are spending too much of your income on your monthly housing expense. There is a \u003Ca href=\"https:\u002F\u002Fwww.investopedia.com\u002Fterms\u002Ft\u002Ftwenty-eight-thirty-six-rule.asp\">long-standing ‘rule’\u003C\u002Fa> that a household should not pay more than 28% of their income on their rent or mortgage payment. This percentage allows the household to save money for the future while comfortably covering other expenses.\u003C!--more-->\r\n\r\nAccording to new \u003Ca href=\"https:\u002F\u002Fwww.apartmentlist.com\u002Frentonomics\u002Fcost-burden-2018\u002F\">data\u003C\u002Fa> released from \u003Cem>ApartmentList.com\u003C\u002Fem>, \u003Cstrong>49.5 million renters\u003C\u002Fstrong> in the United States were cost-burdened in 2017, meaning they\u003Cstrong> spent more than 30%\u003C\u002Fstrong> of their monthly incomes on rent. This accounts for nearly half of all renter households in the country and is up 3.1 million from 2007.\r\n\r\nWhen a household is cost-burdened by their monthly housing expense, they are not as easily able to save money for the future. This is a big factor for many renters who dream of owning their own homes someday.\r\n\r\nBut there is hope for those who are able to save at least a 3% down payment! The percentage of income needed in the US to buy a home is significantly less than renting at 17.1%!\r\n\r\nThe chart below compares the \u003Ca href=\"https:\u002F\u002Fwww.zillow.com\u002Fresearch\u002Faffordability\u002F\">historic percentage\u003C\u002Fa> of income needed to rent and buy from 1985-2000 to the first quarter of 2018. As you can see, the cost of renting has climbed above historic numbers while the cost of buying dropped over the same period of time.\r\n\r\n\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2018\u002F10\u002F20181030-STM-ENG.jpeg\">\u003Cimg class=\"alignnone wp-image-38316\" src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2018\u002F10\u002F20181030-STM-ENG.jpeg\" alt=\"Are You Spending TOO Much on Rent? | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nIf you are one of the many renters who is spending too much of their monthly income on rent, consider saving money by getting a roommate, moving into a less expensive apartment, or even moving in with family. These are all ways to save for a down payment so that you can put your housing costs to work for you!","\r\nIf you are one of the many renters who is spending too much of their monthly income on rent, consider saving money by getting a roommate, moving into a less expensive apartment, or even moving in with family. These are all ways to save for a down payment so that you can put your housing costs to work for you!","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2018\u002F10\u002F20181030-STM-ENG.jpeg",false,[17,21,25],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers",{"id":22,"name":23,"slug":24},11,"First-Time Buyers","first-time-buyers",{"id":26,"name":27,"slug":28},53,"Rent vs. Buy","rent-vs-buy","2018-10-30T10:00:02Z","2018-10-22T15:29:22Z",{"id":32,"slug":33,"title":34,"featuredImage":35,"publishedAt":36,"contentType":10,"isVideo":15},1204,"thinking-of-selling-your-home-heres-why-you-need-a-pro-in-your-corner","Thinking of Selling Your Home? Here’s Why You Need A Pro in Your Corner","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2018\u002F10\u002F01170439\u002F20181029-Share-STM.jpg","2018-10-29T10:00:43Z",{"id":38,"slug":39,"title":40,"featuredImage":41,"publishedAt":42,"contentType":10,"isVideo":15},1206,"taking-fear-out-of-the-mortgage-process","Taking Fear Out of the Mortgage Process","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2018\u002F10\u002F15144631\u002F20181031-Share-STM.jpg","2018-10-31T10:00:55Z",{"cover":44,"open":45,"shareSpread":46},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",[48,52,53,57,61,65,69,70,74,78,82,86,90,94,98,99,103,107,111,115,119,123,127,131,135,139,143,147,151,155],{"id":49,"name":50,"slug":51},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":54,"name":55,"slug":56},6,"For Sellers","sellers",{"id":58,"name":59,"slug":60},7,"Foreclosures","foreclosures",{"id":62,"name":63,"slug":64},8,"Infographics","infographics",{"id":66,"name":67,"slug":68},9,"Home Prices","home-prices",{"id":22,"name":23,"slug":24},{"id":71,"name":72,"slug":73},34,"Senior Market","senior-market",{"id":75,"name":76,"slug":77},35,"Mortgage Rates","mortgage-rates",{"id":79,"name":80,"slug":81},38,"Move-Up","move-up",{"id":83,"name":84,"slug":85},41,"For Sale by Owner","for-sale-by-owner",{"id":87,"name":88,"slug":89},42,"Featured","featured",{"id":91,"name":92,"slug":93},45,"New Construction","new-construction",{"id":95,"name":96,"slug":97},52,"Luxury \u002F Vacation","luxury--vacation",{"id":26,"name":27,"slug":28},{"id":100,"name":101,"slug":102},80,"Time-sensitive","time-sensitive",{"id":104,"name":105,"slug":106},81,"Outdated","outdated",{"id":108,"name":109,"slug":110},147,"Internal","internal",{"id":112,"name":113,"slug":114},148,"Do Not Autopost","do-not-autopost",{"id":116,"name":117,"slug":118},320,"Inventory","inventory",{"id":120,"name":121,"slug":122},321,"Agent Value","agent-value",{"id":124,"name":125,"slug":126},322,"Affordability","affordability",{"id":128,"name":129,"slug":130},323,"Buying Tips","buying-tips",{"id":132,"name":133,"slug":134},324,"Downsize","downsize",{"id":136,"name":137,"slug":138},325,"Economy","economy",{"id":140,"name":141,"slug":142},326,"Equity","equity",{"id":144,"name":145,"slug":146},327,"Forecasts","forecasts",{"id":148,"name":149,"slug":150},328,"Selling Tips","selling-tips",{"id":152,"name":153,"slug":154},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":156,"name":157,"slug":158},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]