> when rent is less than 10% of take home pay If that were ever true, people would chose to spend a higher percentage to get a nicer, bigger, or better located

> when rent is less than 10% of take home pay If that were ever true, people would chose to spend a higher percentage to get a nicer, bigger, or better located place. Unlike many goods, there is practically no upper bound on what you can spend on housing. You can't buy a better phone for $3000, but you can continue to buy a better home up to $50 million (possibly more).