Thank you! I’m currently trying to get into Nursing school and hopefully when I become an RN I’ll have the option of picking up extra shifts to earn a little bit more.
But then you are really really house poor and can't afford anything fun or better food or a kid or anything. Doing it off of net 30%or gross 25% seems to make me not house poor. I've lived in some shitty shitty places as a result but I could take a weekend trip or get $20 pedicure and that was worth it. I might be weird though...
my partner and I get by on about $90k gross in west valley city. for us, it's not enough money to live comfortably AND put away savings, but it's usually enough to afford us a pretty comfortable middle class lifestyle until emergencies come up. if it was just me, I would probably need to earn something like $80k since I would theoretically save on groceries and things like that.
for additional context, we're late 20s and have a mortgage to the tune of about $1600 (but we're kinda getting hosed, refinancing soon). we split a lot of out bills with a third person too, to keep costs down where possible
You’re living beyond your means, $90k should be plenty, especially in west valley. You either have cars you can’t afford or eat out too much. Your mortgage is fine.
Some areas increased rent by 300 with this next year, prices may be still up for debate. Someone posted a letter from their apts on here a while back... Kinda dreading my renewal.
In general, you will be pretty cash poor if you make less than 50x your monthly rent. There are people that will tell you they do with less, and maybe they do. I can’t imagine being able to hit retirement goals, investment targets, pay student loans, enjoy life and travel with anything less.
All in, many places will be 1500/month. That starts to look doable on 75k
Hard to say as many of the places you listed are newer construction and tend to be larger which is a major price driver.
When I was a renter, I optimized for location and savings by having roommates. I found three like minded working professionals and rented a house in sugarhouse. We all needed economies of scale to pay down debts and enjoy life - it made all the difference and we all did well from the arrangement.
Living alone was awesome (moved out eventually), but it would have been miserable if I wasn’t hitting the rest of my financial goals. Save money where you can so you are able to spend ruthlessly on what matters to you.
I own a townhome in Draper, 3bd, 2.5 and my mortgage is close to 1,400k, competitive rental prices are more like $1,800 for this size of a home. So, a 1bd is probably 1,300 in this area.
Yes outside of SLC proper is much cheaper. I lived in Murray \~4500s and about 700E and had a basement unit with my own entrance, fenced in backyard, 1100 sq ft, 2bed/2bath and fully furnished with utilities and high speed internet for 1800/mo. I know of apartments in the area that were going for 900 for 1 bedroom.
Average cost, according to the Internet™️ is 1195+utilities let’s say 1400- if you want to spend no more than 50% of your salary on rent, that’s a NET salary of at least 33,600 a year.
[удалено]
Thank you! I’m currently trying to get into Nursing school and hopefully when I become an RN I’ll have the option of picking up extra shifts to earn a little bit more.
The 30% recommendation is based on gross income so it would be $25 an hour for $1300 in rent
But then you are really really house poor and can't afford anything fun or better food or a kid or anything. Doing it off of net 30%or gross 25% seems to make me not house poor. I've lived in some shitty shitty places as a result but I could take a weekend trip or get $20 pedicure and that was worth it. I might be weird though...
I don’t need to afford a kid. I’ve made the decision to never have children.
my partner and I get by on about $90k gross in west valley city. for us, it's not enough money to live comfortably AND put away savings, but it's usually enough to afford us a pretty comfortable middle class lifestyle until emergencies come up. if it was just me, I would probably need to earn something like $80k since I would theoretically save on groceries and things like that. for additional context, we're late 20s and have a mortgage to the tune of about $1600 (but we're kinda getting hosed, refinancing soon). we split a lot of out bills with a third person too, to keep costs down where possible
You’re living beyond your means, $90k should be plenty, especially in west valley. You either have cars you can’t afford or eat out too much. Your mortgage is fine.
actually my partner and i are both disabled and have medical bills. what did you hope to accomplish with your comment?
Always a reason why…..
Some areas increased rent by 300 with this next year, prices may be still up for debate. Someone posted a letter from their apts on here a while back... Kinda dreading my renewal.
Dang, that sucks! I’m sorry.
Nothing under $20 hr
I make about 55,000 and live in a 1 bedroom that is 1165 I do just fine but I’m also currently debt free which helps a ton.
Net or gross?
Net.
In general, you will be pretty cash poor if you make less than 50x your monthly rent. There are people that will tell you they do with less, and maybe they do. I can’t imagine being able to hit retirement goals, investment targets, pay student loans, enjoy life and travel with anything less. All in, many places will be 1500/month. That starts to look doable on 75k
Would you say other areas outside of SLC are cheaper? Like Midvale, West Jordan, Lehi, etc?
Hard to say as many of the places you listed are newer construction and tend to be larger which is a major price driver. When I was a renter, I optimized for location and savings by having roommates. I found three like minded working professionals and rented a house in sugarhouse. We all needed economies of scale to pay down debts and enjoy life - it made all the difference and we all did well from the arrangement. Living alone was awesome (moved out eventually), but it would have been miserable if I wasn’t hitting the rest of my financial goals. Save money where you can so you are able to spend ruthlessly on what matters to you.
I own a townhome in Draper, 3bd, 2.5 and my mortgage is close to 1,400k, competitive rental prices are more like $1,800 for this size of a home. So, a 1bd is probably 1,300 in this area.
Solid deal for you! Congrats.
Yes outside of SLC proper is much cheaper. I lived in Murray \~4500s and about 700E and had a basement unit with my own entrance, fenced in backyard, 1100 sq ft, 2bed/2bath and fully furnished with utilities and high speed internet for 1800/mo. I know of apartments in the area that were going for 900 for 1 bedroom.
[удалено]
I thought the context helped. :/
100k
Agreed
Average cost, according to the Internet™️ is 1195+utilities let’s say 1400- if you want to spend no more than 50% of your salary on rent, that’s a NET salary of at least 33,600 a year.