Rent Relative to Income Throughout Career
The common wisdom is 40x rent to income, or 30% of your gross income should be your upper limit on monthly rent expense. Is this in general a good rule of thumb throughout different points in one's career? Would it be prudent to lower or higher that ratio the earlier or the later you are in your career? (AKA look at lower budgeting earlier in your career but be okay with higher budgeting as your income increases).
Mostly just considering NYC
Depends on your goal. If you plan to work for a lot of life then it's not a huge deal to spend a bit more. If you want to be able to retire asap then keep the rent price down. There's a happy middle ground on this of course
very true, thanks!
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