It is estimated that 38 percent of renters are paying too much rent. Can you believe that?
The rule is, one should not pay more than thirty percent of his or her income on rent. And while the minimum wage has not increased, rent has increased by twelve percent here in the southwest.
In Texas, if one has a $400 rent, he or she should make $7.69 hourly to afford it. If one earns minimum wage, then he or she must work 60 hours per week Or if your rent is $500 per month, then one must make $9.62 an hour, or work 75 hours a week if making minimum wage. Not fun!
The good new is you do not live in San Francisco. There the rent is so high, you would have to make $33.60 an hour in order to afford a modest two bedroom apartment.
If you think your rent is too high, you might check with your local Las Cruces, New Mexico lender about purchasing a home. You might find out that your mortgage payment may be less than your current rent payment!