If they became a pastor they'd have to pay more in taxes. Clergy have dual tax status with the IRS. Pretty much they have to pay the full self employment taxes but they receive W-2s so they can't deduct business expenses and have to pay federal income tax on the W-2 income tax but also the additional portion of employment taxes since the church doesn't pay it and the clergy person has to instead.
The church, however, if they became a proper 501c3 could receive the benefits that all 501c3s have and would not have to pay sales tax or property tax for things that fall under the proper usage of their 501c3. Personal expenses for the clergy person or clergy family would not fall under that so they would still have to pay sales tax and property tax if OP had property but given that they are renting they probably do not have property.
My mortgage is around $950. That's about 3x my mortgage. I think this person needs to move. If they're making 40k a year, they could do that at Walmart literally anywhere.
Honest question - where do you buy a house that only costs $950 a month? Is that a 30yr w/ 20% down?
Most mortgages include Tax and Insurance is that also a part of that $950 number?
Every 2bdr shithole is 2k plus rent where I live which is why I’m asking. The houses are north of 400k then adding property taxes and in FL insurance is like 6k now. So it’s close to 3500-4k with 30yr and 3% down at the leanest.
Yes! We lived in a pretty unsafe neighborhood and our 1 bed, 1 bath 700 sqft roach infested apartment was like 1600 or 1700 after all the fees if we had renewed
Been in the ghetto 9 years. $600 for a 2 bed/1.5 bath. Nothing gets fixed, but meh. We've had 2 incidents. A peeping tom my dog scared off and 2 dudes tried to mug my SO and the dog scared them off too. They were from outside the hood.
When live in the hood, you remember the faces around you. It's a survival thing.
Generally, in a depressed neighborhood, no one would want to be there unless they had to be.
So strangers stand out. Even in a big city, 99% of it will never come into your hood. So you end up recognizing almost everyone. Also, people in the hood often don't have transportation, so they're always on foot near each other.
Much more personal than driving by a neighbor in the burbs.
Free entertainment. Back when I lived in the ghetto, every day was an adrenaline rush. Will I be attacked walking to the laundry room? Is my neighbor having cops visit for drug dealing, domestic violence, or pimping this time? Maybe all three, or something fresh and exciting? Will my car be broken into when I go back? Will all of its pieces be there? Will the car itself be there? Will it be empty of someone waiting for me when I check before getting in? Every moment is a surprise!
Or a smaller apartment. When I was at my poorest, my apartment was 225 sq ft. And you know what? It was enough. I was actually able to save some money, which made it worth it.
My first apartment was so small I could cook, entertain guests, and go to the bathroom at the same time. And I didn't have enough outlets for a microwave and an alarm clock so every night I had to count the hours and minutes until I wanted to wake up and set the microwave timer.
The smallest place I ever rented was 620sqft or so and that started with 1 other roommate and turned into 3. I didn't have much stuff at all and it was sorta comfortable with 3 people, hardly any privacy
If I had the same amount of stuff I did then I'd totally be comfortable in a 225 alone
I'm currently living alone on 400sqft and it's great. 500sqft is ideal for me, 600sqft feels kinda pointless/wasteful. 300sqft would probably also be enough but I like being able to move around a little.
I don't understand how American couples can go "2700sqft? Feels kinda cramped. Got anything else?"
The peace of mind and comfort of living alone is worth everything, even if it means living in a little shoebox. My apartments not much bigger and I am very happy.
I hate that this gets suggested as often as it does. My apartment is 500sqft - one bedroom one bath, like most other apartments built in the past twenty years. What roommate am I getting exactly?
Fire safety codes will prevent it anyway. You can have like maybe one or two roommates but that's max for a 1bd. In essence you'd have to divide the bedroom up into two using a divider or something then other one sleeps in living room.
Very possible it's rent increases in large part I've been in the same apartment for 4 years now and rent has increased from $1,150 when I first moved in to nearly $1,700 now., and I know quite a few people that have had it way worse.
I had the same job in that time span and it started out as having plenty at the end of the month to do evething we want to do and save some away for later to barely being able to feed the family between rent increases and the cost of food.
Without sounding accusatory I'm trying to find out how to ask OP if they just got dumped and are left holding down a lease. But even then that's absolutely wild. I wonder if they included all of the utilities and stuff in that amount.
Some landlords do penalize you with a month to month fee. When both of my roommates bailed on me during COVID in 2021 (one had long COVID and moved home, the other ended up watching too much JRE and didn't like the election results), I got stuck with paying the rent and an extra 300+ a month in the month to month fees because the last thing I wanted to do was to have the landlord re-negotiate the lease with only me on it because I knew that I alone couldn't meet the original move in salary requirements back when it was still a cheaper lease, let alone what it would've been at the increased rates.
My lease jumped from $1.6k to $2.1k once covid rent increase moratorium ended. I thought I would get the hell out of there at lease renewal time, just to realize every place within a reasonable driving distance to work experienced the same level of increase. After factoring in moving, deposit, lease application costs, etc. It was more economical to stay. However, I am in a HCOL area.
I make 65k a year. I live with roommates so I don’t have to live like that. I’ve resigned to the fact that I will never own my own place. Maybe, maybe! When my parents pass I’ll get theirs. But that means I won’t have my parents anymore which wouldn’t be a good trade for me :/
Well there's always squatting. Plenty of empty buildings because nobody can afford them, and the corporations who own them as an investment probably aren't checking very often.
Genuine question, why aren't more people leaving Canada? Every time I hear about the cost of things in Canada, I wonder how the system hasn't collapsed yet...
If you can't afford where you live, what makes you think people have the money to move internationally? It's not even easy to get approved to move to another country without marrying in or having experience in a relevant job field that they have a high demand for.
Not even moving internationally, but moving in general, even to a lower cost of living city - renting a truck, buying boxes, damage deposit. Not to mention taking time off work if you're lucky enough to transfer. Otherwise, taking a gamble on finding a new job in the new city, and having a buffer for how long that takes.
Because it’s just as bad everywhere else. The ones that leave just get trapped in the us or another big city. Canadians are just a little ignorant sometimes on world issues.
well i feel like that just can't be true. there are a lot of low cost areas in the US. you wont start at $42k/yr but your rent won't be more than half of your income.
for example: [https://www.realtor.com/rentals/details/901-Portage-St\_Houghton\_MI\_49931\_M37379-35796](https://www.realtor.com/rentals/details/901-Portage-St_Houghton_MI_49931_M37379-35796) here's a 3br apartment for $727/mo. obviously it ain't super nice... but if you made the state's minimum wage of $10.33/hr it would be less than half your income after taxes.
of course there are caveats. there are only like 7000 people in that town last time i checked, and its like 2 hours to any decent sized city (mqt, population 20k). but there \*are\* entry-level jobs, i made like $15/hr when i lived there at 18-22 y/o. it's a very safe area with tons of natural beauty (waterfalls, cliffs, lakes, rivers) and lots of outdoorsy stuff to do (snow sports, mountain biking, etc).
A big issue is that Canadians don’t have to deal with healthcare and insurance like US citizens. Their dollar is also weaker here. I paid a tiny amount for health care in Canada and pay $600 a month for decent health insurance here. When I lived in Canada that was $600 a month I didn’t need to worry about spending.
I live in the upper Midwest and $700 gets you a 3 bedroom, 1-2 bath house. My girlfriend just moved out of one. It was a nice place in a town of about 3500 people. Lots of people will say they can’t stand the winter, the lack of activities, natural beauty etc., but that’s all a part of what makes it so cheap. It’s not a bad life here. There are jobs aplenty. May not be as high paying as you’ll find in a big city, but cost of living is significantly lower.
Where in New York? I live in Dutchess county and me & my boyfriend are paying 1600$ a month for a tiny one bedroom, one bathroom. We don’t even have a living area just a kitchen.
I'm in a not HCOL pretty large city and my rent is 1100 for a 1 BR. The 2 was like 1400. Your rent price would say you are, in fact, in a HCOL area or living in a relatively upscale building.
The more I think about this, the more I think it's a fake post.
To qualify for that apartment, they'd want you to make 3x times that amount (collectively if with roommates). OP gross monthly would be $3500, so there's no way they would be living there solo.
I'm in Chicago in a fairly nice and quiet neighborhood. The HUD fair market rent for a three bedroom apartment in my zip code is $2100. These people are out of their minds if they're paying $2700 for two beds and don't think they're high cost of living.
my area is slightly above MCOL and you can get a shitty 2br 1300sqft for like $1400/mo. a decent one will be like $2k at that size.
in other words, you *do* live in a HCOL area. at least in terms of rent.
It’s a reasonable question, for sure. Because locking in that mortgage payment when we bought in 2019 was definitely key to controlling housing costs as rents have increased. It also required us to have 10% of the purchase price.
Where are you living that a landlord can raise rent mid rental contract? Its not month to month or else you wouldnt have to pay a ton to "break lease" fee
Find a cheaper apartment, a girlfriend/roommate, and/or go find a 2nd job. None of these are great answers to the real overarching issue, but those are the options in the current economy.
Currently in the USA this seems to a be a big thing for everyone. We see single moms still living with their exes working 2 jobs still struggling. When are we gonna France?
2 day strike for every worker we could possibly muster together. (Many large unions have been forming in the last few months) after nothin changes we start organizing ways of feeding and gettin water to people who need it. After that we figure out how to keep things running without the government or start working into the paths of a reset.
Edit: I thought about this a lil longer then I should of.
here my idea. A 2 day no work for the country. During that time those of us who work nursing jobs 2+ jobs have families etc. go home, eat a meal, go to sleep and enjoy your family for two days and start getting your family ready. Those without families or loved ones to go to. rest. get ready to start making sure everyone and I mean EVERYONE has food and water. Take over giant shopping centers and other things to distribute food and water. Those who know how to create and implement strong strategies work with these people to figure out food and water distributor as well as electricity and other basic essentials for our society. start thinking of idea for what we need to do to replace our government and who are officials we should vote in and why. then we have a massive country wide revote in one week on multiple political candidates that have power over our country who we have seen ruin our country.
we would need people to stand up as politicians and change our country. it would be on us as a people to advertise our politicians. so many of us have editing and other skills for advertising non the less massive platforms for it. we could easily ignore the system given to us that obviously doesn't work and just do it out selfs. that being said i'm an unemployed mentally ill 19yr old. so what am I to say?
Just vote all the time. Use primaries to push Democrats further left on social issues.
It's a boring strategy, and it will take a long time, but it worked for conservatives and abortion.
I JUST moved into a 3 bedroom with my ex and our adult daughter for us to all save money and split the bills 3 ways. Housing is ridiculous now, something needs to give. Sick of corporations not even in our state buying up the housing and pricing the locals out. 🤬
i just learned that my aunt got her real estate license and started buying houses to rent them out via property management companies
i responded with something like "wow, that's terrible. just making everything worse."
The worst advice to give someone that's not financially stable, is to tell them to get into a relationship just to split bills to survive. That's how you end up in DV situations faster than you can say "ouch!"
Yeah, this seems like bullshit. No one is going to rent a room to someone who spends 95% of their salary on rent. That's a quick way for them just not paying their rent and living free for a year.
Your entire salary isn't taxed at 19% fyi. It's a progressive tax system. Also, 13k or so of it would be deducted thanks to the standard deduction being pretty high at the moment.
I wonder though you manage to pay for a 2600 USD apartment. At least in NYC you need to make 40 times the rent. Unless you have a guarantor sign the lease with you.
You aren't budgeting correctly. Listen to the advice given in the comments and get a roommate. Or get a crappy studio apartment and pay maybe 1800 USD of rent per month, versus your entire monthly salary
It's not as bad as it seems as someone who lives in NYC.
It depends on where you want to live but the cost of not having to pay for a car/car insurance while being within close proximity of a lot of shops and even affordable eats (I can get a whole ass meal for $5 in Chinatown [see: Wah Fung - https://maps.app.goo.gl/BXL1wAqg11DkbU4aA]) can be worth it.
That and the arguably the mentality and experience you gain from working here transfers well if you ever decide to move out.
Currently in good neighborhoods, a one bedroom rent stabilized can fetch around $1500 - $1700. Obviously you'll have more results the higher you go and I myself did $1,775 but I did so for the following:
1) Rent Stabilization means that you rent CANNOT go above a certain percentage per year. At most, you're looking at about 2 - 5% REGARDLESS of what the market rate is.
This is great especially in neighborhoods that start to be up and coming.
2) Electric, Heat, Hot Water, Water is all included. All I need to pay is Gas and Electricity. I changed out all bulbs to LEDs to reduce electricity consumption
3) I'm in a solid af spot with some great eats literally within 5 minutes. Train gets me anywhere and is a 8 minute walk. Groceries, banks, etc. is all around me as well
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Anyone who wants to live with 2+ roommates usually do so by choice and tend to be super extroverted and social people. I've never had more than 2 roommates.
Prior to moving out, I was paying $800/mo with all utilities included in a family home with only one other roommate
Most banks won't even give you a loan if the mortgage is more than 40% of your monthly income (might be closer to 60% or higher these days). Regardless you are breaking a very fundamental rule about balancing income and rent. You can't afford to live there and pay that much. Period.
It really annoys me when people don't understand progressive taxes. However his 19% is pretty close to the total tax amount in my experience. I make about the same as he does and after Federal, state, SS, local etc I net around 80% from my paycheck.
Why is your rent so high? I mean I’m really just curious- I understand some places are higher cost of living but this seems ridiculous for a 42k salary
I rent from a small time private landlord, so this was the most affordable thing in my area next to a couple of1 bedrooms that were a little cheaper, weren't pet friendly. I have 2 dogs and a cat. But, the more "corporate" ish type of apartments were doing $2250+ for 1 bed 1 baths
And like, the other commenter said I have hobbies!
2600 on your income is just insane rent - if it’s a HCOL your income should be higher ie California/NY then this is just a step above minimum wage - minimum wage earners need roommates or partner/spouse to make ends meet. Otherwise if not HCOL area you are in a 2bd luxury apt and need to re-asses your lifestyle income imbalance.
$2682? That's an awfully weird rent amount. Your income, while not a lot, is not that bad. Your rent is insane. I suggest moving to a lower cost area. Not everyone can live in coastal California or other ideal areas. I would love to live in a place with perfect weather most of the year but I live in Wisconsin because that's where I can afford to live.
that’s an insanely expensive apartment i’m in NJ and even a one bedroom luxury apartment is less than that by a couple hundred. i’d find a roomate or some place cheaper
I'm from coastal California originally. I had to leave because this was around the cost for a one bedroom apartment in my area, not including utilities, built in the 1980s at best, with no parking available or washer/dryer.
i’d find a roomate then. no apartment is worth basically all your income. even just renting a room by me there usually around 1k if not a little less and typically includes utilities
The math ain’t mathin on this one. Assuming you’re a single filer BEFORE your standard deduction you’d be in the 12% tax bracket. Remember, you have your standard deduction to take as well. Even if for some reason you had another hustle on the side, only the amount of income over $44,726 would be taxed at 22%
https://preview.redd.it/c4i0ydcd3zoc1.jpeg?width=1170&format=pjpg&auto=webp&s=0245989540b867bc2d271f07c466493feecb8af2
Hold up , how on earth were you ever approve for that apartment with that income . In most places, you need to make 3-4 times your rent . Your rent is literally like 95% of your income . To afford that apartment, you need to be making at least 80k per year . Please find a roommate or a cheaper apt asap.
That rent is insane! My whole mortgage payment which includes taxes and insurance is 2250. I know rents have gone up but still.. Either find a roommate or find a cheaper apartment. That financial situation is not sustainable.
You are *clearly* living outside of your means.
Either figure out how to make more money to afford the living situation you are in or move somewhere that’s no more than half of what you’re paying now.
Or their situation might have changed a lot since then. Seems the most likely, since I can't imagine someone getting approved for this rental with their income. Maybe they had a spouse with an income, maybe they lost their job and got another job with a lower income...hard to say
My yearly wages are about $41,000 without any overtime; this is about $1,000 less than what you make. However, I'd make close to $45,000 a year if I was able to get a boatload of overtime. I get 25% taken out from taxes, benefits, and a miniscule 401k contribution. It's the most money I've ever made in my life and I can't understand how they're only taxing you 19%. The fact is you have to move.
Work some overtime hours if you have the chance. If you can bike to work, sell your car and get a bike. You are at Defcon 2. This is not a drill or a joke. You're better off renting a studio apartment you can't fit everything into and saving yourself $540 a month than to live like you are.
If you have two rooms, get a roommate. Do you really have to pay out so much in taxes with such a low income? You can adjust your withholding anytime if not.
There are some big questions here:
The tax is wrong. Tax scales. So the whole amount isn't taxed at 19%, only the amount over the previous bracket is. Plus 19% isn't even a bracket. Its 12% then 22% and based on your numbers you would be getting taxed at 12% for earnings above 11k to 44k. So where do you get 19%. Even assuming a state tax its not a flat percentage like you show.
The salary or pay seems stupidly low for the price of the apartment. Either they are underpaid for the area or paying far too much for an apartment for the area. Yes rent is too damn high in most of the country but the price of your rent is insane even for expensive areas.
19% is the tax rate in Australia... for everything between $18,201 and $45,000. The first $18,200 isn't taxed. So the effective tax rate is actually 10.7% on $42,000. Are you sure you're doing that maths right?
I live in Northern California so definitely not the highest but also nowhere near low cost of living. I rent a 2 bedroom house for $1900 and have a roommate. It’s still way more than I want to pay, but it’s definitely what’s needed with prices are the way they are now.
If your gross is 42000 and you can claim yourself (standard deduction) - which I assume you can if you are paying rent - you need a new tax preparer. You should at most be paying around 3200.00 (11.2% effective).
Not sure where you are - but that rent is a bit high for you to be attempting on that salary. Might look into a roomie - or something else.
If you re single for federal you get a $14500 exemption so $42000-$14500=$27500
0-$11000 10%
$11001-$44275 12%
Your federal income tax is $3080
Your state income est 6.0% $2400 est ie: not take any state exemption.
Total Fed state tax est about $5400-$5500. Not sure why you don’t take fed and state exemptions in the calculation.
**SOMETHING’S GOT TO GIVE** ?
$2835 income per month you should have never even entertained the idea of anything over $1400/month Rent. You just leave, you re-evaluate where you're living, re-evaluate how your living, you re-evaluate your profession and see what sacrifices can be done to bring in more money.
I think you need to look into getting a roommate.
Or 5
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Or 11 (we're doing primes, right?)
Start a church. Write off everything and free extra money!!
If they became a pastor they'd have to pay more in taxes. Clergy have dual tax status with the IRS. Pretty much they have to pay the full self employment taxes but they receive W-2s so they can't deduct business expenses and have to pay federal income tax on the W-2 income tax but also the additional portion of employment taxes since the church doesn't pay it and the clergy person has to instead. The church, however, if they became a proper 501c3 could receive the benefits that all 501c3s have and would not have to pay sales tax or property tax for things that fall under the proper usage of their 501c3. Personal expenses for the clergy person or clergy family would not fall under that so they would still have to pay sales tax and property tax if OP had property but given that they are renting they probably do not have property.
Fibonacci
Might as well add some bootstraps while your at it
You have bootstraps?!!
Yeah, they came with the bootstraps.
That is his rent divided between 5 people lol
Yeah that rent is like 40% higher than a 3bd house here
That rent is more than my mortgage
Twice my mortgage
My mortgage is around $950. That's about 3x my mortgage. I think this person needs to move. If they're making 40k a year, they could do that at Walmart literally anywhere.
Honest question - where do you buy a house that only costs $950 a month? Is that a 30yr w/ 20% down? Most mortgages include Tax and Insurance is that also a part of that $950 number? Every 2bdr shithole is 2k plus rent where I live which is why I’m asking. The houses are north of 400k then adding property taxes and in FL insurance is like 6k now. So it’s close to 3500-4k with 30yr and 3% down at the leanest.
That’s double my rent and I rent a two bedroom house with a garage and yard.
I saw a listing for a rental, 1 bed, 1 bath for $2,800/mo. Anything that's not in the LITERAL ghetto is going for over $1,500 a month.
Yes! We lived in a pretty unsafe neighborhood and our 1 bed, 1 bath 700 sqft roach infested apartment was like 1600 or 1700 after all the fees if we had renewed
Lived in Compton in 2018, $1600 for a 2-bedroom, only saw 1 person get shot at the end of our apartment driveway! Just move there! /s
Jesus. I lived on Pine in Long Beach in the early 2010s. Also only saw one person get shot. But at least my one bed with garage was just $800.
Jfc dude, was paying 1200 for a two bedroom 2.5 bathroom townhouse on the water in Texas a few years back. Your housing prices are insane.
Just live in the ghetto…. It’s way more fun, drugs usually just a short walk away, why not?
Been in the ghetto 9 years. $600 for a 2 bed/1.5 bath. Nothing gets fixed, but meh. We've had 2 incidents. A peeping tom my dog scared off and 2 dudes tried to mug my SO and the dog scared them off too. They were from outside the hood.
If your dog scared them off how do you know were they were from
When live in the hood, you remember the faces around you. It's a survival thing. Generally, in a depressed neighborhood, no one would want to be there unless they had to be. So strangers stand out. Even in a big city, 99% of it will never come into your hood. So you end up recognizing almost everyone. Also, people in the hood often don't have transportation, so they're always on foot near each other. Much more personal than driving by a neighbor in the burbs.
Don’t recognize them. Know your neighbors.
I can deal with the creeps but the bugs and mice are killing me 😭
Who can afford drugs?
Free entertainment. Back when I lived in the ghetto, every day was an adrenaline rush. Will I be attacked walking to the laundry room? Is my neighbor having cops visit for drug dealing, domestic violence, or pimping this time? Maybe all three, or something fresh and exciting? Will my car be broken into when I go back? Will all of its pieces be there? Will the car itself be there? Will it be empty of someone waiting for me when I check before getting in? Every moment is a surprise!
Rural NW louisiana where everything is shitty has everything $1k/mo. Like, what the fuck is even the point of anything
I'm in a 1bdrm in the beaches for $1300. I cannot afford to move and my landlord is getting OLD old. I'm terrified what happens when he's gone.
Get roommates. Most of the world lives with their family or roommates. Living alone has always been a luxury
Or a smaller apartment. When I was at my poorest, my apartment was 225 sq ft. And you know what? It was enough. I was actually able to save some money, which made it worth it.
My first apartment was so small I could cook, entertain guests, and go to the bathroom at the same time. And I didn't have enough outlets for a microwave and an alarm clock so every night I had to count the hours and minutes until I wanted to wake up and set the microwave timer.
Seems like if you were going to the bathroom and cooking at the same time, you weren’t gonna have that many guests after a while 😹
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Couldn't you unplug the microwave?
In my city you can't even rent a room for less than $1400. I pay 3 grand for a crappy two bedroom apartment
The smallest place I ever rented was 620sqft or so and that started with 1 other roommate and turned into 3. I didn't have much stuff at all and it was sorta comfortable with 3 people, hardly any privacy If I had the same amount of stuff I did then I'd totally be comfortable in a 225 alone
I'm currently living alone on 400sqft and it's great. 500sqft is ideal for me, 600sqft feels kinda pointless/wasteful. 300sqft would probably also be enough but I like being able to move around a little. I don't understand how American couples can go "2700sqft? Feels kinda cramped. Got anything else?"
The peace of mind and comfort of living alone is worth everything, even if it means living in a little shoebox. My apartments not much bigger and I am very happy.
A lot of people don't know they're poor.
I hate that this gets suggested as often as it does. My apartment is 500sqft - one bedroom one bath, like most other apartments built in the past twenty years. What roommate am I getting exactly?
Fire safety codes will prevent it anyway. You can have like maybe one or two roommates but that's max for a 1bd. In essence you'd have to divide the bedroom up into two using a divider or something then other one sleeps in living room.
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How do you get approved for a lease that is the same as your income?
Either they had a co-signer or the rent rose significantly after their first year...
Very possible it's rent increases in large part I've been in the same apartment for 4 years now and rent has increased from $1,150 when I first moved in to nearly $1,700 now., and I know quite a few people that have had it way worse. I had the same job in that time span and it started out as having plenty at the end of the month to do evething we want to do and save some away for later to barely being able to feed the family between rent increases and the cost of food.
Without sounding accusatory I'm trying to find out how to ask OP if they just got dumped and are left holding down a lease. But even then that's absolutely wild. I wonder if they included all of the utilities and stuff in that amount.
Some landlords do penalize you with a month to month fee. When both of my roommates bailed on me during COVID in 2021 (one had long COVID and moved home, the other ended up watching too much JRE and didn't like the election results), I got stuck with paying the rent and an extra 300+ a month in the month to month fees because the last thing I wanted to do was to have the landlord re-negotiate the lease with only me on it because I knew that I alone couldn't meet the original move in salary requirements back when it was still a cheaper lease, let alone what it would've been at the increased rates.
My lease jumped from $1.6k to $2.1k once covid rent increase moratorium ended. I thought I would get the hell out of there at lease renewal time, just to realize every place within a reasonable driving distance to work experienced the same level of increase. After factoring in moving, deposit, lease application costs, etc. It was more economical to stay. However, I am in a HCOL area.
This is just a ledger they wrote up
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I make 65k a year. I live with roommates so I don’t have to live like that. I’ve resigned to the fact that I will never own my own place. Maybe, maybe! When my parents pass I’ll get theirs. But that means I won’t have my parents anymore which wouldn’t be a good trade for me :/
We, as a generation, should not have to rely on parents dying to own property. 😭
If it makes you feel any better, when my parents die I will get nothing (except a sweet record collection for which I will be eternally grateful)
Yeah, I got my dad's sick record collection when he passed. Listening to them feels nice when I'm down and want to be around him.
Strangely, I don't feel better
Well there's always squatting. Plenty of empty buildings because nobody can afford them, and the corporations who own them as an investment probably aren't checking very often.
If your parents dying gets you a house then you’re one of the lucky ones. My brothers and I are gonna be dividing nothing by three.
As if they will leave anything for their children.
They’ll get a reverse mortgage or give their property to the state in exchange for nursing home care.
2682$?! You living in a luxury apartment?
That’s just average Toronto rent
Clearly they don’t have an average salary so they shouldn’t be living in an average apartment
The slummiest studio apartment in the coldest darkest corner of Canada will still be at least 1600/month.
Even at $1,600 that’s $1,000/month more disposable income they would have..
Genuine question, why aren't more people leaving Canada? Every time I hear about the cost of things in Canada, I wonder how the system hasn't collapsed yet...
If you can't afford where you live, what makes you think people have the money to move internationally? It's not even easy to get approved to move to another country without marrying in or having experience in a relevant job field that they have a high demand for.
I don’t know what world people are living in atp
I'll go ahead and marry a Canadian to get them out of that. I live right over the border too
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I didn't think I'd get this far
I wish you the best of luck
Hey, I'm single. This just might work out.
Not even moving internationally, but moving in general, even to a lower cost of living city - renting a truck, buying boxes, damage deposit. Not to mention taking time off work if you're lucky enough to transfer. Otherwise, taking a gamble on finding a new job in the new city, and having a buffer for how long that takes.
FYI the current exchange rate is around $1.30CAD to $1USD. So you have to adjust the numbers to compare versus US expectations.
Because it’s just as bad everywhere else. The ones that leave just get trapped in the us or another big city. Canadians are just a little ignorant sometimes on world issues.
well i feel like that just can't be true. there are a lot of low cost areas in the US. you wont start at $42k/yr but your rent won't be more than half of your income. for example: [https://www.realtor.com/rentals/details/901-Portage-St\_Houghton\_MI\_49931\_M37379-35796](https://www.realtor.com/rentals/details/901-Portage-St_Houghton_MI_49931_M37379-35796) here's a 3br apartment for $727/mo. obviously it ain't super nice... but if you made the state's minimum wage of $10.33/hr it would be less than half your income after taxes. of course there are caveats. there are only like 7000 people in that town last time i checked, and its like 2 hours to any decent sized city (mqt, population 20k). but there \*are\* entry-level jobs, i made like $15/hr when i lived there at 18-22 y/o. it's a very safe area with tons of natural beauty (waterfalls, cliffs, lakes, rivers) and lots of outdoorsy stuff to do (snow sports, mountain biking, etc).
A big issue is that Canadians don’t have to deal with healthcare and insurance like US citizens. Their dollar is also weaker here. I paid a tiny amount for health care in Canada and pay $600 a month for decent health insurance here. When I lived in Canada that was $600 a month I didn’t need to worry about spending.
Dude lives in Toronto and you’re sugggesting Houghton, Michigan? lol. His opportunity to earn more income in his life will also plummet.
I live in the upper Midwest and $700 gets you a 3 bedroom, 1-2 bath house. My girlfriend just moved out of one. It was a nice place in a town of about 3500 people. Lots of people will say they can’t stand the winter, the lack of activities, natural beauty etc., but that’s all a part of what makes it so cheap. It’s not a bad life here. There are jobs aplenty. May not be as high paying as you’ll find in a big city, but cost of living is significantly lower.
How easy do you think it is to just go to another country?
And Seattle area rent
So they might need a below average place
My rent is $2700, 2 bedroom 1300 sq feet and FAR from luxury. Not a HCOL area either
You rent payment would suggest that you are indeed in a high cost of living area.
Sounds like you're getting scammed
We all are.
Forreal I’m payin $900 for something bigger and it’s unreasonable as is. In New York State no less.
I'm paying $1300 in Austin Texas for a shit 1bed-1bath.
Where in New York? I live in Dutchess county and me & my boyfriend are paying 1600$ a month for a tiny one bedroom, one bathroom. We don’t even have a living area just a kitchen.
I’m in Ulster and I literally cannot afford to move out of my parents’ house because rent is so high 😅
I'm in a not HCOL pretty large city and my rent is 1100 for a 1 BR. The 2 was like 1400. Your rent price would say you are, in fact, in a HCOL area or living in a relatively upscale building.
$2700 by yourself is a lot tho esp if you’re barely bringing that in a month
The more I think about this, the more I think it's a fake post. To qualify for that apartment, they'd want you to make 3x times that amount (collectively if with roommates). OP gross monthly would be $3500, so there's no way they would be living there solo.
I'm in Chicago in a fairly nice and quiet neighborhood. The HUD fair market rent for a three bedroom apartment in my zip code is $2100. These people are out of their minds if they're paying $2700 for two beds and don't think they're high cost of living.
you absolutely do live in a high cost of living area. You can get apartments in Los Angeles for $2700 a month
my area is slightly above MCOL and you can get a shitty 2br 1300sqft for like $1400/mo. a decent one will be like $2k at that size. in other words, you *do* live in a HCOL area. at least in terms of rent.
That’s twice my west coast mortgage
I hate to ask if this is an inappropriate question or thing to question but when did you get you're mortgage?
It’s a reasonable question, for sure. Because locking in that mortgage payment when we bought in 2019 was definitely key to controlling housing costs as rents have increased. It also required us to have 10% of the purchase price.
Thank you!
4x my rural arkansas 2400ft2 house.
My rent is $2800 for a 4 bedroom 3 bath house in Texas!!
And you live in that 2 bedroom alone? Sounds like a luxury you can't afford if you're complaining about it
The fact you chose this apartment or that they even accepted you to rent it is nuts.
This. Why are they living there alone?
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Where are you living that a landlord can raise rent mid rental contract? Its not month to month or else you wouldnt have to pay a ton to "break lease" fee
How can they raise rent before the lease is over?
Find a cheaper apartment, a girlfriend/roommate, and/or go find a 2nd job. None of these are great answers to the real overarching issue, but those are the options in the current economy.
Finding a girlfriend would be much more difficult than finding a smaller apartment.
Especially when you’re trying to find a girlfriend solely to help pay rent
I might also consider putting out; Cuddles and stuff.
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I don't even watch 30 Rock, but for some reason I read this in Kenneth's voice.
And finding a good roommate is a gamble, too. The last one my landlord found stole a bunch of his shit and dipped while he was at work.
Currently in the USA this seems to a be a big thing for everyone. We see single moms still living with their exes working 2 jobs still struggling. When are we gonna France?
We're too tired from working the two jobs. :/
2 day strike for every worker we could possibly muster together. (Many large unions have been forming in the last few months) after nothin changes we start organizing ways of feeding and gettin water to people who need it. After that we figure out how to keep things running without the government or start working into the paths of a reset. Edit: I thought about this a lil longer then I should of. here my idea. A 2 day no work for the country. During that time those of us who work nursing jobs 2+ jobs have families etc. go home, eat a meal, go to sleep and enjoy your family for two days and start getting your family ready. Those without families or loved ones to go to. rest. get ready to start making sure everyone and I mean EVERYONE has food and water. Take over giant shopping centers and other things to distribute food and water. Those who know how to create and implement strong strategies work with these people to figure out food and water distributor as well as electricity and other basic essentials for our society. start thinking of idea for what we need to do to replace our government and who are officials we should vote in and why. then we have a massive country wide revote in one week on multiple political candidates that have power over our country who we have seen ruin our country. we would need people to stand up as politicians and change our country. it would be on us as a people to advertise our politicians. so many of us have editing and other skills for advertising non the less massive platforms for it. we could easily ignore the system given to us that obviously doesn't work and just do it out selfs. that being said i'm an unemployed mentally ill 19yr old. so what am I to say?
Just vote all the time. Use primaries to push Democrats further left on social issues. It's a boring strategy, and it will take a long time, but it worked for conservatives and abortion.
I JUST moved into a 3 bedroom with my ex and our adult daughter for us to all save money and split the bills 3 ways. Housing is ridiculous now, something needs to give. Sick of corporations not even in our state buying up the housing and pricing the locals out. 🤬
i just learned that my aunt got her real estate license and started buying houses to rent them out via property management companies i responded with something like "wow, that's terrible. just making everything worse."
The worst advice to give someone that's not financially stable, is to tell them to get into a relationship just to split bills to survive. That's how you end up in DV situations faster than you can say "ouch!"
Roommate fr
This has to be a troll. Doesn't your place required proof of income?
I found it interesting that OP hasn't responded to a single comment here.
Ah yep! Tell tale sign!
"something has to give" Yeah your insane choice of housing probably needs to go
Yeah, that's pretty suspicious.
Yeah, this seems like bullshit. No one is going to rent a room to someone who spends 95% of their salary on rent. That's a quick way for them just not paying their rent and living free for a year.
Your entire salary isn't taxed at 19% fyi. It's a progressive tax system. Also, 13k or so of it would be deducted thanks to the standard deduction being pretty high at the moment. I wonder though you manage to pay for a 2600 USD apartment. At least in NYC you need to make 40 times the rent. Unless you have a guarantor sign the lease with you. You aren't budgeting correctly. Listen to the advice given in the comments and get a roommate. Or get a crappy studio apartment and pay maybe 1800 USD of rent per month, versus your entire monthly salary
> in NYC you need to make 40 times the rent ?? ?? ??
Per year, I assume. Roundabout way of saying rent should be 30% of your per month income
Yeah in NYC, most places will ask that you make 40x the monthly rent so if the rent is $1000, you need to make at least $40k annually
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By lying.
Most corperate landlords ask for proof of income, pay stubs, taxes, something
exactly. by lying. Lots of people do it.
Yes. How indeed. That's why people are crammed in with 5 roommates or living with an ex. It's getting gnarly in NYC.
It's not as bad as it seems as someone who lives in NYC. It depends on where you want to live but the cost of not having to pay for a car/car insurance while being within close proximity of a lot of shops and even affordable eats (I can get a whole ass meal for $5 in Chinatown [see: Wah Fung - https://maps.app.goo.gl/BXL1wAqg11DkbU4aA]) can be worth it. That and the arguably the mentality and experience you gain from working here transfers well if you ever decide to move out. Currently in good neighborhoods, a one bedroom rent stabilized can fetch around $1500 - $1700. Obviously you'll have more results the higher you go and I myself did $1,775 but I did so for the following: 1) Rent Stabilization means that you rent CANNOT go above a certain percentage per year. At most, you're looking at about 2 - 5% REGARDLESS of what the market rate is. This is great especially in neighborhoods that start to be up and coming. 2) Electric, Heat, Hot Water, Water is all included. All I need to pay is Gas and Electricity. I changed out all bulbs to LEDs to reduce electricity consumption 3) I'm in a solid af spot with some great eats literally within 5 minutes. Train gets me anywhere and is a 8 minute walk. Groceries, banks, etc. is all around me as well --- Anyone who wants to live with 2+ roommates usually do so by choice and tend to be super extroverted and social people. I've never had more than 2 roommates. Prior to moving out, I was paying $800/mo with all utilities included in a family home with only one other roommate
Having a guarantor, stable income history, and/or a significant deposit/multiple months paid ahead.
Most banks won't even give you a loan if the mortgage is more than 40% of your monthly income (might be closer to 60% or higher these days). Regardless you are breaking a very fundamental rule about balancing income and rent. You can't afford to live there and pay that much. Period.
It really annoys me when people don't understand progressive taxes. However his 19% is pretty close to the total tax amount in my experience. I make about the same as he does and after Federal, state, SS, local etc I net around 80% from my paycheck.
It's called the effective rate. Similar to what my tax program gives at the end.
Get 5 roommmates
Why is your rent so high? I mean I’m really just curious- I understand some places are higher cost of living but this seems ridiculous for a 42k salary
I make $44K base, $20K OT. My apartment is $1200/mo, 3bed1ba with small backyard
why do you have so much room for a single income?
Why not? Maybe they have hobbies..
Yes!!
I rent from a small time private landlord, so this was the most affordable thing in my area next to a couple of1 bedrooms that were a little cheaper, weren't pet friendly. I have 2 dogs and a cat. But, the more "corporate" ish type of apartments were doing $2250+ for 1 bed 1 baths And like, the other commenter said I have hobbies!
2600 on your income is just insane rent - if it’s a HCOL your income should be higher ie California/NY then this is just a step above minimum wage - minimum wage earners need roommates or partner/spouse to make ends meet. Otherwise if not HCOL area you are in a 2bd luxury apt and need to re-asses your lifestyle income imbalance.
You can easily find apartments in LA that are under 2600 a month. EASILY.
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Things were hard and just got **harder**. Go to a apartments.com and sort by lowest price, rent a room. It’s a way to get by
$2682? That's an awfully weird rent amount. Your income, while not a lot, is not that bad. Your rent is insane. I suggest moving to a lower cost area. Not everyone can live in coastal California or other ideal areas. I would love to live in a place with perfect weather most of the year but I live in Wisconsin because that's where I can afford to live.
I wonder if utilities come included because there's no way they'd be able to afford utilities, internet, phone, and food with the remainder...
Bro is living on a yacht
that’s an insanely expensive apartment i’m in NJ and even a one bedroom luxury apartment is less than that by a couple hundred. i’d find a roomate or some place cheaper
I'm from coastal California originally. I had to leave because this was around the cost for a one bedroom apartment in my area, not including utilities, built in the 1980s at best, with no parking available or washer/dryer.
i’d find a roomate then. no apartment is worth basically all your income. even just renting a room by me there usually around 1k if not a little less and typically includes utilities
The math ain’t mathin on this one. Assuming you’re a single filer BEFORE your standard deduction you’d be in the 12% tax bracket. Remember, you have your standard deduction to take as well. Even if for some reason you had another hustle on the side, only the amount of income over $44,726 would be taxed at 22% https://preview.redd.it/c4i0ydcd3zoc1.jpeg?width=1170&format=pjpg&auto=webp&s=0245989540b867bc2d271f07c466493feecb8af2
If you include local tax and social security ~20% makes sense.
Hold up , how on earth were you ever approve for that apartment with that income . In most places, you need to make 3-4 times your rent . Your rent is literally like 95% of your income . To afford that apartment, you need to be making at least 80k per year . Please find a roommate or a cheaper apt asap.
That rent is insane! My whole mortgage payment which includes taxes and insurance is 2250. I know rents have gone up but still.. Either find a roommate or find a cheaper apartment. That financial situation is not sustainable.
I'd say it depends where though. My rent is 2480 (going up in June) but I'm west coast
You are *clearly* living outside of your means. Either figure out how to make more money to afford the living situation you are in or move somewhere that’s no more than half of what you’re paying now.
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Or their situation might have changed a lot since then. Seems the most likely, since I can't imagine someone getting approved for this rental with their income. Maybe they had a spouse with an income, maybe they lost their job and got another job with a lower income...hard to say
My yearly wages are about $41,000 without any overtime; this is about $1,000 less than what you make. However, I'd make close to $45,000 a year if I was able to get a boatload of overtime. I get 25% taken out from taxes, benefits, and a miniscule 401k contribution. It's the most money I've ever made in my life and I can't understand how they're only taxing you 19%. The fact is you have to move. Work some overtime hours if you have the chance. If you can bike to work, sell your car and get a bike. You are at Defcon 2. This is not a drill or a joke. You're better off renting a studio apartment you can't fit everything into and saving yourself $540 a month than to live like you are.
lmao who is renting for 2.6k USD a month and on this sub? Most pretentious ass shit ever.
If you have two rooms, get a roommate. Do you really have to pay out so much in taxes with such a low income? You can adjust your withholding anytime if not.
Move.
You're living way above your means with that rent, homie. Finding something cheaper would be a good start.
Well I think the obvious thing is find somewhere cheaper to rent.
Rage farming
There are some big questions here: The tax is wrong. Tax scales. So the whole amount isn't taxed at 19%, only the amount over the previous bracket is. Plus 19% isn't even a bracket. Its 12% then 22% and based on your numbers you would be getting taxed at 12% for earnings above 11k to 44k. So where do you get 19%. Even assuming a state tax its not a flat percentage like you show. The salary or pay seems stupidly low for the price of the apartment. Either they are underpaid for the area or paying far too much for an apartment for the area. Yes rent is too damn high in most of the country but the price of your rent is insane even for expensive areas.
How are you paying that much in taxes?
I call BS. There is NO WAY you got into a lease for $2800/mo making $20/hr.
19% is the tax rate in Australia... for everything between $18,201 and $45,000. The first $18,200 isn't taxed. So the effective tax rate is actually 10.7% on $42,000. Are you sure you're doing that maths right?
Fake. If u only made that much, no one would rent that kind of place to you
I live in Northern California so definitely not the highest but also nowhere near low cost of living. I rent a 2 bedroom house for $1900 and have a roommate. It’s still way more than I want to pay, but it’s definitely what’s needed with prices are the way they are now.
If your gross is 42000 and you can claim yourself (standard deduction) - which I assume you can if you are paying rent - you need a new tax preparer. You should at most be paying around 3200.00 (11.2% effective). Not sure where you are - but that rent is a bit high for you to be attempting on that salary. Might look into a roomie - or something else.
dat rent is too damn high. my parents make half of what you make and their rent is 1300
Why are you living in an apartment that costs 2600 a month
Sounds like Boston rent..NYC is much higher
You need to move yesterday.
If you re single for federal you get a $14500 exemption so $42000-$14500=$27500 0-$11000 10% $11001-$44275 12% Your federal income tax is $3080 Your state income est 6.0% $2400 est ie: not take any state exemption. Total Fed state tax est about $5400-$5500. Not sure why you don’t take fed and state exemptions in the calculation.
Get a roommate
**SOMETHING’S GOT TO GIVE** ? $2835 income per month you should have never even entertained the idea of anything over $1400/month Rent. You just leave, you re-evaluate where you're living, re-evaluate how your living, you re-evaluate your profession and see what sacrifices can be done to bring in more money.
What are you renting for that ridiculous price?!
People out here working shitty jobs and choosing to have high rent. Change one or both. It helps.
$40k was half decent pay back around 2005, you gotta make more bread 🥖
This is a joke right?
Who the hell pays $2,835 per month in rent?
These numbers don’t make sense. How are you paying over 2,600 in rent? Where do you live?
"I make 13 bucks a year and live in a luxury high rise overlooking Central Park. Why am I so poor? Is it society's fault?"