Moving to Minneapolis: 70k salary, NO loans - Leasing a condo @ $1695 with all utilities+parking included? Need perspective.
Rent is on the higher end (~48% of net income with extreme estimates on deductibles). My values (fulfilled for this place) include: proximity to work, proximity to good eats and the city life, neighborhood safety, my own unit (alleviating anxiety), in-unit laundry (so clothes aren't shredded by industrial washers therefore less shopping/spending). I lived as a grad student paying over 50% of net income for rent for 1.5 years, and consider myself "cheap" on most things except for real estate. I am a "home-body" and highly value my place of residency (especially living alone) because it brings me peace. I value it over fancy vacations, fancy cars, and frivolous spending (going out too frequently, etc.). Though I am an introvert, I want to live in the city because I would be more likely to partake in social events. If I lived in the burbs, it would be too easy for me to hide, I would never get out - too much of a hassle with travel, public transit, and/or parking.
With that, however, I would like some perspective, since I've been reading some interesting posts on here about rent. I've done it before.....Can I work my frugal fairy dust here?
Posted Jan 12, 2017, 6:28 AM UTC
You say 48% of your net income, but what percent of your gross income? How much are you putting away for retirement?
~8%, with the company matching it.
Edit: Unnecessary verbiage
I think it's okay then, especially if "proximity to work" means walking or public transit then.