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Rent - Too high or nah? (1 Viewer)

Soulfly3

Soulfly3

Footballguy
Coworker is a single dude, with little/few expenses. Car is about $300/mnth, Insurance (car + home) is $130, Utilities (gas, water, hydro) about 300$/mnth total. Groceries about 4-500/mnth 

Brings in $5200net monthly.

He's looking at a place that'll run him $2100/mnth in rent, plus the above costs will stay consistent.

What are your thoughts on this?

 
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Soulfly3 said:
Coworker is a single dude, with little/few expenses. Car is about $300/mnth, Insurance (car + home) is $130, Utilities (gas, water, hydro) about 300$/mnth total. Groceries about 4-500/mnth 

Brings in $5200net monthly.

He's looking at a place that'll run him $2100/mnth in rent, plus the above costs will stay consistent.

What is the SP's thoughts on this?
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Whereabouts is this?  Makes a major difference.

In Manhattan or Silicon Valley, $2100 won't even get you a nice studio.  Here in Springfield, MO, $2100 will get you a furnished upscale 3 bedroom penthouse with a view of downtown.

 
Jayrod said:
Whereabouts is this?  Makes a major difference.

In Manhattan or Silicon Valley, $2100 won't even get you a nice studio.  Here in Springfield, MO, $2100 will get you a furnished upscale 3 bedroom penthouse with a view of downtown.
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Niagara-on-the-lake, ON, Canada.

Very, very expensive area. It's a 2 bedroom house. It's actually quite beautiful. Garbage houses/abandoned lots go for half a million, easily.

 
You talkin' US dollars or Canadian dollars?  I don't know the exchange rate, but it's probably an important detail.

 
It would be more than what I'd want to spend as a percentage of my income but he's still theoretically able to save money after those costs on top of that rent.

It's just personal preference at that point. How much he has saved already would be a factor to me but not my call.

 
He is a very active person (MMA guy) so he eats a TON and eats all organic etc, so his groceries are legit 4-500/mnth.

Yes, this is in Canada, and CDN dollars. But i dont think the currency matters much, considering it's 2100 of his 5200 net wage.

TV and internet MAY be included in the rental cost (he's not certain), but that's usually around 100$ total for both, if not.

 
ETA: he looked at a few apartments here, and those were running around 1700-1900$.... so the fact this is a legit nice 2 bedroom house for 2100 has him strongly considering

 
I think it is too high a % to just rent, IMO.  If I were in his shoes, I'd go with an apartment and save the $300-400.

 
What would he stand to save by getting a place that's not as nice?  If he's getting a place that'll make him feel grimy in order to save $200-300, then it's not really worth it.  If he can still get a decent place without a few features and save $700 or more, then we're closer to just packing the money away.   

 
He's currently in a 2 bedroom that's pretty old, run down slightly, not efficient at all and has some small rodent issues (due to age)... And he pays 1700. 

So the extra 450 REALLY is an upgrade in terms of quality of life

He will be giving up a nice and big backyard w a patio tho. New place has a miniscule backyard, but he's not huge on that anyways

 
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How old is he?

If he's older and plans on remaining single and is just taking care of himself for the long term, then I don't see a problem with it as long as he still saves and plans for retirement.

If he's young and looking to have a family down the road, it's probably smarter to cut that down some and start saving early.

While it's not an ideal %, it's not outrageous and when you compare to what he's already spending and how it compares, then it's reasonable. 

 
gianmarco said:
How old is he?

If he's older and plans on remaining single and is just taking care of himself for the long term, then I don't see a problem with it as long as he still saves and plans for retirement.

If he's young and looking to have a family down the road, it's probably smarter to cut that down some and start saving early.

While it's not an ideal %, it's not outrageous and when you compare to what he's already spending and how it compares, then it's reasonable. 
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single, and not broke. not rolling in it from what he says, but he's not hurting for cash.

in his late 30s, and I dont think he has any plans for a family. definitely hates kids (probably why we get along)

 
I think that's nuts to pay that much relative to his take home. But I'm middle aged dude not trying to score with the women of Canada.

Side question: Does he tell you about his "American girlfriend"?

 
The General said:
I met that guy in some bar in downtown NYC. He had that hairdo, beard, whole thing going on.
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He lives or lived somewhere in the neighborhood... Used to see him and his "rent is too damn high-mobile" all the time. Not so much lately- maybe the rent really and truly got too damn high for him and he moved.

 
El Floppo said:
He lives or lived somewhere in the neighborhood... Used to see him and his "rent is too damn high-mobile" all the time. Not so much lately- maybe the rent really and truly got too damn high for him and he moved.
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That sucks. That’s the NY flavor I like seeing when I visit.

 
Hard to tell off of his net.. isn't the rule of thumb 30% of gross?

Probably not too far off?  Depends what he is doing with the rest of his money imo.  Is he saving/investing what he should?

 
matuski said:
Hard to tell off of his net.. isn't the rule of thumb 30% of gross?

Probably not too far off?  Depends what he is doing with the rest of his money imo.  Is he saving/investing what he should?
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Gross is around 7200/mnth. Maybe a little more. 

So it's LITERALlY 30% of gross, almost to the dollar  :lol:

 
Speaking from strictly a financial sense I think it's a bad idea.  I think the 50/30/20 model is a good starting point.  If his monthly take-home is $5200 then I'd have half that earmarked for housing, utilities, groceries, transportation, etc.  Before getting to the etc. he's already at $3200.  So if he's saving 20% that leaves monthly discretionary spending (plus any etc.) in the triple digits.  And that's assuming no debt.

 
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