The U.S. Department of Housing and Urban Development thinks that no more than 30 percent of your gross income should go to rent. Any more than that and you are overburdened.
If you have significant debt, such as student loans or car payments, then subtract these debt payments from your total household income. Now multiply that amount by .30 to see how much rent you can afford.
About 34 percent of American households are renters. According to a study by iPropertyManagement, rental prices have surged 70 percent since 2020.
