3 ms·
> Just out of curiosity, is it the norm in the US to be able to exceed a third of your income in rents ? Landlords usually want proof of income, and the most
by simplestats 5y ago
> Just out of curiosity, is it the norm in the US to be able to exceed a third of your income in rents ?
Landlords usually want proof of income, and the most typical cutoff stated is gross income must be 3x rent. Though it may be a somewhat higher fraction of your net (after tax) income.
In Manhattan, and perhaps other extreme markets, the factors are even higher.
It can get very expensive for the landlord if a tenant can't pay. Plus for larger firms such as apartment complexes and rental agencies, they may be forbidden from making subjective judgements of tenants due to laws against dicrimination. Meaning they use one-size-fits-all rules like income cutoff.