Etini
Valued Contributor
The three basic needs of man are food, shelter, and clothing. For those people that have not yet built or bought a house. The big question is how much of your annual income should you spend on paying rent for your accommodation? Some people pay very high rents to the that it seems like they are working for their landlords. When a person considers his income level, what percentage of his income should he spend on rent so he can pay conveniently and not also be slaving for the landlord?
I think a person's annual rent should not be more than his/her cumulative income for three months. By right, your annual rent should not be more than your total income for two months. But to stretch it a little, let's take three months. If your annual rent is beyond your total income for three months, you are working for your landlord. And if care is not taken, you might struggle to pay that rent. So if your monthly income is $100, don't stay in a house that is more than $300 annual rent.
I think a person's annual rent should not be more than his/her cumulative income for three months. By right, your annual rent should not be more than your total income for two months. But to stretch it a little, let's take three months. If your annual rent is beyond your total income for three months, you are working for your landlord. And if care is not taken, you might struggle to pay that rent. So if your monthly income is $100, don't stay in a house that is more than $300 annual rent.