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REPORT: 1 in 3 Americans Spend too Much on Rent
By Joe Gullo
Do you think you're spending more of your check on rent than you should? You're not alone.
New numbers from real estate tracking firm Realtytrac show a third of Americans live in a housing market where rent for a three bedroom home eats up more than 30 percent of their monthly median income.
30 percent is traditionally the max you should pay on rent for it to be considered affordable.
Real estate experts say spending too much on rent can hold you back by preventing you from taking a lower paying job with more advancement opportunities or from saving money to buy a home.