GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’re able to read more about oureditorial guidelinesand our products and servicesreview methodology.
It recommends that you put no more than 30% of your monthly salary toward housing costs.
The rule sounds good in theory, but getting there is not always easy.
The problem is especially prevalent among women, the study found.
Detroit ranks second, at a mean percentage of 63.71%.
These statistics are deeply troubling, Erica Sandberg, Finance Expert at CardRates.com, said in a statement.
The more money people spend on housing, the less they have for essential bills and for enjoying life.
Unfortunately, sometimes people put the difference on their credit cards, and then rack up expensive consumer debt.
The problem has a snowball effect on many other areas of personal finance.
If youre stuck with high housing costs, there are a few ways to relieve the pressure.
Sandberg recommends looking for opportunities to earn more through side gigs or part-time work.
When it comes time to buy a house, takingcertain proactive stepscan help solve a lot of problems.
More From GOBankingRates
Share This Article:
