Almost 100% Of My Income Goes Toward Rent – Yahoo Finance

December 23, 2021 by No Comments

Welcome to Taking Stock, a space where we can take a deep breath and try to figure out what the COVID-19 economy really means for our finances. Every month, personal finance expert Paco de Leon will answer your most difficult, emotionally charged questions about money. This year has forced many of us to reprioritize our finances, and there’s no clear road map for getting through the pandemic yet — but Taking Stock is here to help us figure it out together.

Last time, we talked about whether it’s ever justified to spend half your paycheck on rent. This week, we asked Refinery29 readers the highest amount they’ve ever spent on rent, and the reality of an unaffordable housing crisis that forces many of us to spend much more than we’re comfortable with.

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Deb, 38 — Schenectady, New York

The most Deb ever paid in rent was $700 per month when her income was $850 per month. She paid this for about four and a half years. “It was horrible,” she says. “I was broke all the time, I was always borrowing money. By the second week I’d literally maybe have $20 to my name til the next month. It was a huge financial strain and I had no life whatsoever. Missed out on everything. My mental health deteriorated; I didn’t get out of bed, I was isolated. It was bad.”

“I currently make $800 on disability for PTSD. I’m renting a room in this disgusting house,” she says. “I mean I do have my own room with heat, hot water, internet included and it’s $425 a month. It doesn’t leave me with much money. I’m so sick of living with people, but I don’t make enough to live alone. I’m a clean person, so living in filth or with slobs is killing me. Feeling helpless and not being able to move forward really sucks!”

There was a time when she had free housing and only needed to pay for food. “But I had no privacy, my roommate was disgusting and would leave doors open so raccoons or skunks would come into the house,” Deb says. “I found maggots in the trash can. There was no heat, I would just lock myself in my room and use a portable heater. But hey — it was free. The place was absolutely disgusting and freezing and definitely not safe.”

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