We don’t hear quite as much about the 30% rule now as we used to, but it’s still a recommended way of financial planning. The rule is simple: Spend no more than 30% of your monthly income on your mortgage or rent payments. Simple, yes, but attainable? Not for most in a climate of soaring rent prices. A 2024 Redfin study found that more than 20% of Americans are spending 100% of their paychecks on rent.
Find Out: Here’s the Line Between Middle Class and Upper-Middle Class in Every State
