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Housing expenses frequently take up the largest chunk of monthly expenses and include monthly mortgage or rent payments, depending on whether you own or rent your home.
Of the various monthly bills Americans face, housing is easily the largest. Recent research amassed by The Motley Fool Ascent found that as of 2023, Americans spent an average of $2,120 per month ...
Our analysis of BLS data shows that monthly housing expenses in 2023 were up 5% over the year before. How you can save: If housing eats up a large portion of your budget, there are no easy answers.
Ankeny, Iowa. Median household income: $103,578 Housing costs as a percent of income: 18.1% Median monthly housing costs: $1,560 Cost-of-living index: 86.6 Find Out: 20 Best Cities Where You Can ...
“A commonly recommended guideline suggests allocating no more than 28% of your monthly income towards housing expenses,” said Cody Horvat, licensed real estate broker at The Scott Group, a ...
The 30% rule holds that no more than 30% of one’s gross monthly income should go toward housing expenses, including rent or mortgage payments, utilities, taxes, and insurance.
Be sure to budget for ongoing expenses like property taxes, homeowner’s insurance, and maintenance costs. These additional costs can sometimes push your total housing expenses well beyond 30% ...
Your mortgage payments and rent are likely to be one of the biggest lines in your monthly budget since they are a housing necessity. Cruze recommends keeping these expenses to 25% or less of your ...