Lifestyle

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Inside: Ever wondered how much rent you can afford on a particular hourly wage? Use the rent calculator to see what you can afford on $17 an hour. Find out from the experts in this guide.

Honestly, this is something most people don’t think about until after they get themselves in a troubling situation.

Determining rent affordability is paramount in your financial planning. It’s important to strike a balance between comfortable accommodation and fiscal responsibility to avoid financial strains down the road.

There exists a direct correlation between your income and the rent you can afford to pay. Higher income opens doors to pricier accommodations while lower wages might enforce budget constraints. Understanding this relationship is crucial.

It guides your housing decisions and helps maintain a stable financial footing.

By calculating your rent affordability, you can set a clear budget, establish your housing needs, and navigate the real estate market with ease.

How much rent can I afford making $17 an hour?

If you make $17 an hour, based on a standard 40-hour work week, your gross income would come up to approximately $2,946 per month.

If you follow the 30% rule, this means you should allocate a maximum of $883 each month for rent.

$2946 x 30% = $883.80

However, remember this is a rough estimate and your specific expenses and financial obligations should also be taken into consideration before deciding on a rent budget.

What Percentage of My Income Should Go to Rent?

This is a good question to consider.

Even better when you are trying to figure out how much to save before moving out.

The 30% Rule Explained

The 30% rule is a simple guideline suggesting that one should allocate no more than 30% of their gross (before taxes) monthly income toward rent.1

This rule of thumb has been widely adopted as a measure of rent affordability. The beauty of the 30% rule lies in its simplicity and ease of use, allowing for quick budgeting while maintaining room for other essential expenses.

Be Conservative and Stick with 20%

According to Money Bliss budgeting percentages, adopting a more conservative approach to budgeting by allocating only 20% of your income towards housing costs can be more beneficial.

If you follow the 20% rule, this means you should allocate a maximum of $499 each month for rent.

$2946 x 20% = $499.20

This strategy helps to account for additional expenses such as utilities, unexpected repairs, and other costs that often accompany home ownership or renting.

This reduced allocation promotes being smart with your money to avoid unnecessary financial stress.

When to Consider Stretching the 30% Rule

At times, it might be necessary to stretch the 30% rule particularly in high-cost areas or during short-term situations. It’s crucial, however, to understand the potential ramifications and adjust other spending habits to compensate.

A temporary overshoot could be justifiable if it leads to significant future benefits, like proximity to a well-paying job. Always remember, that this should be an exception rather than the norm.

How Does the Rent Calculator Work?

A rent calculator is a practical tool that aids in estimating the rent you can afford. You don’t want to be forced to live on a shoestring budget.

This simple calculator is based on your hourly income and spending either 20-30% of your gross income on rent.

Fine-tuning your budget is possible by adjusting the percentage you wish to spend on housing. Remember, the final number serves as a guide and may require adjustments based on your financial situation.

Breaking Down Your Monthly Budget

For savvy budgeters, adhering to the 50/30/20 rule can provide a clear framework for managing your expenses and growing your savings. While at Money Bliss, we went a step further to define it as the 20-50-10-20-0 budget rule. (save-basic expenses-give-fun spending-debt).

This approach gives a precise breakdown of your monthly budget, ensuring that you are living within your means while also setting funds aside for future financial security.

Housing Costs

The basic 50/30/20 rule suggests dividing your monthly net income into 50% for necessities such as rent and groceries, 30% for personal wants like clothing or travel, and designating the remaining 20% for savings goals or debt repayment.

By adding these to your housing budget, you get a realistic picture of your monthly accommodation costs.

When budgeting for rent, one must account for other housing costs. These may include utilities like gas, electricity, and water, as well as internet, cable TV, and trash collection. You might also need to factor in the renter’s insurance and potential parking fees.

Essential Living Expenses

In addition to housing, remember to consider essential living expenses in your budget. These include food, transportation, health insurance, and childcare.

In addition, we advise our readers to put aside about 15-25% of their net income for savings. Accounting for these factors ensures you don’t stretch your budget to the limit solely on rent.

Discretionary spending

While you need to cover essential living expenses, it’s also important to allocate funds for discretionary spending – we call it FUN spending.

This category involves non-essential purchases like eating out, entertainment, vacations, and shopping. Using the 50/30/20 rule as a guideline, 30% of your net income can be put towards these wants, allowing you to enjoy your income while staying financially sound.

Factors Influencing Rent Affordability

There are many factors that impact how much you can spend on rent. As such, this will vary from person to person as situations vary. While these numbers are gross income, you need to realize the amount of money coming out for taxes. Many people don’t understand gross income vs net income.

Furthermore, the cost of living and rental prices in your chosen location can greatly impact how much you can afford. So, use the rent affordability calculator!

Location and Rent Prices

The location of a home greatly influences its rent prices. HCOL vs LCOL is a real thing!

Proximity to the city center, schools, parks, and shopping centers typically equate to higher costs. For example, renting trends in 2023 indicated an increase in prices the closer you get to these amenities.2

By choosing to live a bit further out, you may be able to find more affordable rent payments.

Areas with higher crime rates will have lower rents but these tend to come with more issues.

Size and Type of Housing

The size and type of your dwelling can also significantly affect your rent. Large houses with multiple rooms naturally cost more, whereas smaller apartments or studios are less expensive.

The type of housing also plays a role; for instance, a modern, furnished apartment might cost more than an unfurnished one. Tailoring your choice to your needs and budget allows for comfortable living without overspending.

If you have a pet, don’t forget it may cost more plus you have a pet deposit.

Lease Length Considerations

Lease length can directly impact your rent. Longer leases often equate to lower monthly rents, offering landlords a sense of security. On the contrary, short-term or month-to-month leases typically come with a higher price tag due to their inherent flexibility.

Assess your personal situation and potential need for flexibility before deciding on the lease term.

Also, the amount you need to put down as a security deposit can be negotiated.

Tips to Maximize Your Rent Budget

Plan your budget carefully taking into account factors like income, potential expenses, and the cost of living in your chosen location. So, if you are thinking $5000 is enough to move out, you may be surprised.

Use the 30% rule as a guide but be aware that in high cost of living areas, you may need to adjust this percentage. When searching for a rental, compare the cost and amenities of different apartments in your preferred areas and see if there are nearby neighborhoods with cheaper rental costs.

Also, you may need to embrace cost-saving measures such as cooking at home and shopping frugally to free up more income for rent.

You can learn more about those areas on our site.

Tip #1 – Reducing Costs and Saving

There are several ways to reduce housing costs and save more in this tough rental market.

  • Consider downgrading to a smaller place or moving to a less expensive area.
  • Negotiate a longer lease term for a reduced monthly rent.
  • Maybe even consider becoming a permanent housesitter to free up your budget.

Small changes can lead to substantial savings over time.

Learn how to budget on a low income.

Tip #2 -Planning for Future Rent Increases

Each year when your lease is about to renew, always factor in the possibility of future rent increases, which could be influenced by trends in the real estate market and inflation.

Ensuring your income can keep up with these increases is necessary for maintaining affordability. Continually reassess your rent affordability, especially during annual lease renewals or job changes.

Tip #3 – Get Roommates

Sharing your space with a roommate is a practical way to cut down on your living expenses substantially. By having one or more people to share the rental costs, utilities, and even groceries in some instances, you are likely to free up a considerable portion of your budget.

However, it’s important to clearly set boundaries and expectations to maintain a smooth living arrangement.

FAQ on Rent Affordability

Spending more than 30% of your income on rent is generally not advisable. It risks leaving you cash-poor, having insufficient resources for other important expenses like groceries, utility bills, health expenses, retirement savings, or emergency funds.

However, in certain scenarios like living in high-cost areas or prioritizing proximity to work (thus lowering your need for a car), bending the rule temporarily might be justifiable. Always reassess your budget to account for flexibility.

Yes, an increase in your hourly wage can slightly affect the amount of rent you can afford. The raise translates to an increased monthly income, which may enable you to comfortably afford higher rent.

However, it’s important to ensure this does not erode financial stability because lifestyle creep is real. Aim to maintain the key balance between comfortable living and responsible saving.

It’s recommended to reassess your rent affordability annually or when there’s a significant change in your financial situation.

Such changes could be a raise or decrease in income, new financial obligations, or plans to save for major future expenses. Regular evaluations ensure your housing budget aligns with your current financial realities.

Is $17 an hour a livable wage?

Given the average rent in the United States is $1702, $17 an hour is not a livable wage, especially in San Francisco or New York. As such, the maximum you should be spending on rent is $883.

If workers are unable to afford to live in the communities they work in, it puts the whole system under stress. While there have been movements to create low-income housing, it is slow to happen and for many, difficult to apply.

Ultimately, whether this wage allows for a comfortable lifestyle depends largely on your financial habits, commitments, and where you live.

With good financial planning, including a solidly crafted budget that factors in rent, savings, and living expenses, a $17 hourly wage can indeed cater to a decent lifestyle.

Remember to reassess your budget regularly and adjust as necessary to meet changing financial landscapes.

Making wise financial decisions now can lead to a financially secure future. Now, do you have the habits needed to be financially stable?

Source

  1. FiftyThirtyTwenty. “About.” http://fiftythirtytwenty.com/about.html. Accessed December 23, 2023.
  2. Rent. “Rent Growth in Half of Suburbs Outpacing Metro’s Core City.” https://www.rent.com/research/suburban-growth-outpacing-core-city/. Accessed December 23, 2023.
  3. Rent Cafe. “Average Rent in the U.S.” https://www.rentcafe.com/average-rent-market-trends/us/. Accessed December 23, 2023.

Know someone else that needs this, too? Then, please share!!

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

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In the world of retail and fashion, home was 2023’s biggest loser.

Apparel firms faced some stress too, but the category managed to avoid the bankruptcy boom that hammered the home sector. In the U.S., the year saw the bankruptcy filings of women’s lifestyle brand Soft Surroundings in September and the April Chapter 11 petition by David’s Bridal, marking its second brush with bankruptcy following its November 2018 filing. Footwear firm Rockport Co. filed on June 14 for its second tour of bankruptcy proceedings, while Shoe City’s parent company ESCO Ltd. filed earlier in the year. Overseas, there was also the Scotch and Soda bankruptcy in March in the Netherlands, followed one month later by the Dutch filing of fashion brand Sandwich.

And just this month, mall operator Pennsylvania Real Estate Investment Trust, better known as PREIT, found itself in bankruptcy proceedings for the second time in three years. The mall REIT expects to exit bankruptcy early next year, after which it will find itself under the ownership of its lenders.

Other retail bankruptcies include Party City, long a fixture on credit ratings watch lists, which filed in January. The party favor firm exited bankruptcy in October, but its bankruptcy also saw the closure of 35 big-box locations. And Christmas Tree Shops, once owned by Bed Bath & Beyond, ended up in bankruptcy court when its parent Handil Holdings filed for Chapter 11 protection in May. The company closed down operations in August, and shuttered 72 doors in the process.

But it’s been the troubled home furnishings category that has endured the most distress this year. That comes as little surprise, particularly after the home furnishings boom during COVID when people were sheltering in place. The return to offices, even in hybrid work environments, curtailed additional spending for refurbishing home workspaces. And the home sector was further hit by rising supply chain costs post-COVID, much of which was due to higher expenses connected to moving big pieces of furniture, both in imports and in shipments to customers.

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Even credit experts foresaw trouble ahead in home. The home furnishings category carried the highest default risk across retail since 2021, according to data from S&P Global Market Intelligence.

And the firing salvo from Wells Fargo’s emergency motion on Dec. 30, 2022, that pushed United Furniture Industries (UFI) into an involuntary Chapter 7 after its shutdown one month earlier set the stage for the upheaval to come in 2023. UFI eventually filed a Chapter 11 petition on Jan. 6.

Home was also the big category loser due to the the mega filings of Bed, Bath & Beyond and Tuesday Morning, with the latter contributing to what seemed to be a trend in second filings, the so-called Chapter 22. Z Gallerie was the rare exception across retail sectors that landed in bankruptcy court for the third time on Oct. 16. It’s first filing was back in 2009.

There’s another reason why the home sector’s bankruptcies stood out this year. By the end of the first quarter of 2023, there were already nearly 2,000 announced store closures. That tally included 300 CVS doors and 545 Foot Locker Inc. stores by 2026, including 420 Foot Locker branded sites and 125 Champs Sports locations.

Moving to the end of 2023, total store closings are edging closer to 2,900 locations. The store closures in the home sector contributed a total of 1,228 closed retail doors in 2023. That’s over one-third of the total stores closed this year, with Bed Bath & Beyond contributing 896 to the home sector’s total.

Below is a summary of the top bankruptcies in the home sector in 2023.

Serta Simmons

Mattress maker Serta Simmons Bedding, owned by private equity firm Advent International, filed a Chapter 11 petition on Jan. 23. The filing included the company’s bed-in-a-box brand Tuft & Needle. The company owned more than $62 million to its top 10 unsecured creditors.

Serta Simmons said on June 29 that it completed its restructuring and had emerged from bankruptcy proceedings. “The Serta and Beautyrest brands in our portfolio have a deep heritage in innovation and have played meaningful roles in the lives of consumers for generations,” the company’s CEO Shelley Huff said. “With our financial restructuring behind us, we are taking steps to drive growth by getting back to our innovation roots, reinvesting in our iconic brands, and nailing the fundamentals of our business with a focus on commercial and supply chain excellence.”

During the bankruptcy process, the company reduced its funded debt to $315 million from $1.9 billion at the time of its filing. The $1.6 billion debt reduction lowered the company’s annual cash interest expense by more than $100 million.

Tuesday Morning

Tuesday Morning found itself bankrupt for the second time in three years. It filed for Chapter 11 bankruptcy protection on Feb. 14, citing “exceedingly burdensome debt.” The off-price home retailer has since liquidated operations.

Tuesday Morning’s first petition was in May 2020, which saw it close 213 of its 700 stores. The retailer emerged from bankruptcy in January 2021 with 487 locations in operation. At the time of the second filing, the retailer said it planned to shutter 265 doors. This past May, the 49-year-old retailer decided to shut down operations and join the retail graveyard.

Bed Bath & Beyond

The long-awaited Bed Bath & Beyond bankruptcy finally occurred on April 23, eight months after speculation about its finances had suggested that a collapse was forthcoming.

One month before the bankruptcy, Bed Bath & Beyond closed 416 stores in the U.S., including some Buybuy Baby doors and it shut down its 45-store Harmon’s Beauty business. It also closed its Canadian stores, resulting in a loss of 1,400 retail jobs. When it shut down operations in June, the retail sector lost another 360 Bed Bath & Beyond stores and 120 Buybuy Baby locations.

The Bed Bath & Beyond intellectual property (IP) assets were sold to Overstock.com, best known for its liquidator origins selling excess or closeout inventory, for $21.5 million. Overstock in August rebranded itself as Bed Bath & Beyond. And the Buybuy Baby IP assets were sold to one of its suppliers, Dream on Me Industries Inc., for $15.5 million. Dream on Me subsequently acquired 11 of the Buybuy Baby store leases for $1.17 million, and reopened those locations on Nov. 18. The Harmon IP asset was acquired by investor Jonah Raskas for a reported $300,000. His initial plans are to open five Harmon locations, a CNBC story said.

The home goods chain had been struggling for years, but things started going downhill in a big way after it  dismissed chief executive Mark Tritton and its merchandising leader in the wake of a first-quarter flop in 2022 when it burned through nearly $500 million in Q1 alone. It also spent $589 million on share buybacks instead of investing in turnaround strategies.

Its other problem was Tritton’s turnaround plan, which saw the retailer triple the number of private brands to lift opening price points and bring in more value products for a customer base that was on the hunt for deals on national brands. More bad news followed the troubled chain when its former chief financial officer, Gustavo Arnal, committed suicide in September 2022 after being named in a lawsuit alleging securities violations that included investor Ryan Cohen and his firm RC Ventures as defendants. Arnal has since been removed as a named defendant.

Altmeyer Home Stores

The 81-year-old family-owned regional home chain Altmeyer Home Stores filed for Chapter 7 liquidation in July.

The company operated 11 stores. It was headed by a fourth-generation Altmeyer at the time it filed its Chapter 11 petition.

The company sold primarily soft home linens in bedding, rugs, window treatments and kitchen accessories. But like many in the home sector, it also faced sourcing problems and a slew of online competitors.

Mitchell Gold + Bob Williams

August saw one of the biggest surprises of the year with the abrupt shutdown of upscale home lifestyle retailer Mitchell Gold + Bob Williams after its lender pulled the plug on financing, resulting in the closure of about 35 retail stores and outlets. The company filed its Chapter 11 petition in September, and went into liquidation mode after failing to find a buyer. In November, Surya, a Cartersville, Ga.-based home furnishings firm that specializes in rugs, textiles, lighting, furniture and decor, stepped up to acquire the Mitchell Gold + Bob Williams assets, including its IP and manufacturing facilities.

Surya, which brought on co-founder Mitchell Gold as an advisor, plans to restore the home lifestyle brand to its former glory. It plans to begin shipping the brand’s product line in the first quarter of 2024.

August also saw the closure of furniture firm Klaussner, better known as Klaussner Home Furnishings. And Solid Comfort, a Fargo, N.D.-based maker of casegoods for firms such as Marriott and Hilton in the hospitality industry, also shut down.

Z Gallerie

Upscale home decor retailer Z Gallerie landed back in bankruptcy court for the third time following a Chapter 11 filing by its parent company DirectBuy Home Improvement Inc. in October.

Z Gallerie was sold to DirectBuy, as affiliate of CSC Generation Holdings, during its second tour of bankruptcy proceedings in 2019. Its first petition was filed in 2009. The retailer started out as a picture framing and poster shop in 1979. During its heyday, it operated about 60 locations. At the time the business shut down for good, there were only 21 stores left in operation.

Source: sourcingjournal.com

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Dallas is a fast-growing and highly desirable city to live in. It’s ranked city No. 24 on U.S. News & World Report’s “Best Places to Live” list for a good reason. In Dallas, you can find big-city vibes as well as toned-down suburban-style living depending on where you settle down — making it suitable for any lifestyle.

The cost of living in Dallas is 7.7 percent higher than the national average, but it still costs less to live here than in cities like Los Angeles, Boston and Chicago. Within Dallas, the average rent is declining year-over-year, and if you have ever considered moving to Dallas, now is the time!

Before moving to Dallas, you should consider some basic expenses like housing, food and utilities. These are all common things to think about before making your move. The below sections will help you determine if living in Dallas makes sense for you.

Housing costs in Dallas

Experts predict the Dallas-Fort Worth metroplex to rank as the sixth-hottest housing market in the nation in 2021.

With that being said, you should know that the cost of living in Dallas for housing is 15.9 percent above the national average and properties do not sit on the market long. Don’t let that deter you from rolling your sleeves up and going after what you want. Just keep in mind that the market is pretty competitive.

Some of the most expensive neighborhoods to live in Dallas are Knox/Henderson, East Dallas, Main Street District and Vickery Place. To reside in one of these neighborhoods, you will find yourself paying $2,000 to $2,500 on average monthly rent for a one-bedroom apartment. Don’t worry though — you get your money’s worth. These neighborhoods are known for their walkability factor, unique restaurant options and upscale services.

On the other hand, you can live in neighborhoods like Highland Hills, Southeast Dallas or Riverway Estates and rent a one-bedroom for under $800. It depends on which amenities are important to you and the lifestyle you want to live within the city.

If you’re house hunting, you’ll also find a vast range of options. According to Redfin, the Dallas home market is up 17.1 percent since last year, and the median sale price is $410,000 — well above the national average of $353,000.

Food costs in Dallas

Food costs in Dallas are right around the national average, making it very reasonable to fill your belly and not break the bank. You can balance dining out at fancy rooftop restaurants with cost-effective home-cooked meals since groceries here remain fairly priced.

If you’re shopping for supermarket staples, you’ll see ground beef costs $4.42, a half-gallon of milk costs $1.97 and eggs are $1.15 for a dozen. There are also farmer’s markets on the weekends, specialty grocery stores for unique items or low-cost grocery stores for everyday essentials.

The foodie scene here is incredible, too. The benefit of living in Dallas means the meal options are endless — you can find something to fit any budget. You can score a food truck meal for under $5. Not into that? Scour the city for the best burger and pay $18 a pop.

Living in Dallas means getting used to having casual eateries, mid-priced options or five-star restaurants with highly accredited chefs right at your fingertips.

Utility costs in Dallas

What you pay for utilities will rely on usage, but you can expect them to run 8 percent above the national average. In case you haven’t heard, Texas summers are sizzling hot.

A monthly energy bill is close to $200, higher than in New York, Atlanta and even Los Angeles. Trying to stay cool in Dallas is no joke so just prepare to crank up that A/C.

The monthly cost of a phone bill is around $185, the internet is $45 and water bills are usually under $100. The cost of water is high in Texas due to the dry climate.

Transportation costs in Dallas

It’s very reasonably priced to get around Dallas, whether you own a car, take advantage of public transportation or use ride-booking services in the city. Dallas has a transit score of 45, a walk score of 57 and a bike score of 56.

There are newly built highways and toll roads that make getting from one side of Dallas to the other a breeze. If you own a Toll Tag, you get a special toll rate of 19 cents per mile — worth the initial $40 payment.

Dallas also has the DART (Dallas Area Rapid Transit) system, so if you don’t want to get behind the wheel, you buy a daily pass for $6 or a monthly pass for $96.

Transportation costs in Dallas are 6.8 percent under the national average. A gallon of regular unleaded gas costs $1.92 and is cheaper than in other large, popular Texas cities like Houston and Austin.

Healthcare costs in Dallas

Healthcare requirements vary so much from person to person, so it’s tough to come up with an average for overall healthcare. Just know that whether you are seeking a general family doctor, an emergency comes up or you need special medical attention, Dallas has elite healthcare providers, services, hospitals and facilities.

Medical City Dallas is an example of a leading health care provider. It’s one of the largest in the region and includes 16 hospitals employing over 17,000 employees.

Healthcare costs in Dallas remain steep — 13.8 percent higher than the national average. A doctor visit will run you $121, a trip to the dentist costs $134 and seeing the optometrist is $98.

Goods and services costs in Dallas

Aside from the essential bills, the goods and services category encompasses anything that is not consumable.

Dallas ranks 7.1 percent higher than the national average in this category. Examples include office pens, a new hairbrush, a movie ticket and services like dog grooming, landscaping and home repairs.

Dallas is a very pet and dog-friendly city but just know that a trip to the vet will set you back $64

A trip to a beauty salon averages $45, a movie ticket runs $11 and a yoga costs about $21 per class.

Taxes in Dallas

Fun little fact: There’s no state or local personal income tax in Texas. That means that there are no taxes at a state level for Social Security benefits, pensions, 401(k)s or any other type of retirement income. This helps save a bit of money and offsets the high property taxes, but you don’t have to worry about that if you’re renting.

Texas’ statewide sales tax is a modest 6.25 percent, but total sales taxes, including county and city taxes, sit at 8.25 percent. So, f you spend $100 in Dallas, you can expect to pay $8.25 in sales tax or less.

Dallas residents also benefit from three Texas tax-free weekends where the state and local taxes get waived for specific items.

How much do you need to earn in Dallas?

Experts suggest you not spend more than 30 percent of your annual income on housing.

If you take the average rent price for a one-bedroom in Dallas, which is $1,390, and multiply that by 12, you get what you need for housing for the year — $16,680.

So, to cover for housing that is 30 percent of your annual income, you need to earn at least $55,600 annually in Dallas. For more specific needs you can use our rent calculator.

Living in Dallas

While there are many things to consider before moving to Dallas, this vibrant city has a lot to offer. From budget-friendly living to lavish lifestyles and everything in between, Dallas is a great place to plant your roots and call home.

Cost of living information comes from The Council for Community and Economic Research.
Rent prices are based on a rolling weighted average from Apartment Guide and Rent.’s multifamily rental property inventory of one-bedroom apartments in April 2021. Our team uses a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.

Source: rent.com

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Welcome to Irvine, CA, a dynamic city known for its thriving community and business landscape. Offering residents a unique blend of opportunities and experiences, Irvine is a place where innovation meets a high quality of life. Whether you’re in search of a new home or curious to explore what Irvine is known for, this Redfin article is your guide to uncovering the distinctive qualities that define Irvine, CA.

1. Master-planned community

Irvine is known for being a master-planned community. This means that the city was carefully designed and developed with a specific vision in mind. The layout of the city, including its residential areas, commercial spaces, and recreational facilities, is meticulously planned to create a cohesive and harmonious environment for its residents.

2. Educational hub with UCI

Irvine is renowned for being an educational hub, primarily due to the presence of the University of California, Irvine (UCI). UCI is a prestigious research university that attracts students from all over the world. The university’s academic programs, cutting-edge research, and vibrant campus life contribute to Irvine’s reputation as a center for higher education.

3. Irvine Spectrum Center

The Irvine Spectrum Center is a prominent feature of Irvine. It is a large outdoor shopping center that offers a wide range of retail, dining, and entertainment options. With its unique blend of shops, restaurants, and entertainment venues, the Irvine Spectrum Center has become a popular destination for both residents and visitors.

4. Business and technology district

The city is home to numerous companies, ranging from startups to multinational corporations, across various industries. The presence of these businesses has created a vibrant and innovative ecosystem, attracting professionals and entrepreneurs who contribute to Irvine’s economic growth and success.

5. Architectural uniformity

The city’s buildings and neighborhoods adhere to a consistent design aesthetic, creating a visually cohesive and harmonious environment. This commitment to architectural uniformity contributes to Irvine’s overall appeal and enhances the city’s sense of identity and community.

6. Greenbelt and open spaces

Irvine boasts an extensive network of parks, trails, and recreational areas, providing residents with ample opportunities for outdoor activities and relaxation. These green spaces contribute to Irvine’s quality of life and promote a healthy and active lifestyle.

7. Ethnically diverse community

The city is home to a rich tapestry of cultures and nationalities, creating a vibrant and inclusive atmosphere. This diversity is celebrated through various cultural events, festivals, and community initiatives, fostering a sense of unity and appreciation for different backgrounds and traditions.

8. Irvine Great Park

The Irvine Great Park is a prominent landmark. It is a large public park that offers a wide range of recreational amenities, including sports fields, playgrounds, and a balloon ride. The park’s expansive green spaces and diverse attractions make it a popular destination for outdoor enthusiasts and locals looking to enjoy nature and leisure activities.

9. High standard of living

Irvine consistently ranks among the top places to live in the U.S., thanks to its excellent schools and well-maintained infrastructure. Irvine’s commitment to providing a high quality of life for its residents is evident in its amenities, services, and overall community development.

Source: redfin.com

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Inside: Ever wondered how much rent you can afford on a particular hourly wage? Use the rent calculator to see what you can afford on $18 an hour. Find out from the experts in this guide.

Honestly, this is something most people don’t think about until after they get themselves in a troubling situation.

Determining rent affordability is paramount in your financial planning. It’s important to strike a balance between comfortable accommodation and fiscal responsibility to avoid financial strains down the road.

There exists a direct correlation between your income and the rent you can afford to pay. Higher income opens doors to pricier accommodations while lower wages might enforce budget constraints. Understanding this relationship is crucial.

It guides your housing decisions and helps maintain a stable financial footing.

By calculating your rent affordability, you can set a clear budget, establish your housing needs, and navigate the real estate market with ease.

How much rent can I afford making $18 an hour?

If you make $18 an hour, based on a standard 40-hour work week, your gross income would come up to approximately $3,120 per month.

If you follow the 30% rule, this means you should allocate a maximum of $936 each month for rent.

$3120 x 30% = $936

However, remember this is a rough estimate and your specific expenses and financial obligations should also be taken into consideration before deciding on a rent budget.

What Percentage of My Income Should Go to Rent?

This is a good question to consider.

Even better when you are trying to figure out how much to save before moving out.

The 30% Rule Explained

The 30% rule is a simple guideline suggesting that one should allocate no more than 30% of their gross (before taxes) monthly income toward rent.1

This rule of thumb has been widely adopted as a measure of rent affordability. The beauty of the 30% rule lies in its simplicity and ease of use, allowing for quick budgeting while maintaining room for other essential expenses.

Be Conservative and Stick with 20%

According to Money Bliss budgeting percentages, adopting a more conservative approach to budgeting by allocating only 20% of your income towards housing costs can be more beneficial.

If you follow the 20% rule, this means you should allocate a maximum of $624 each month for rent.

$3120 x 20% = $624

This strategy helps to account for additional expenses such as utilities, unexpected repairs, and other costs that often accompany home ownership or renting.

This reduced allocation promotes being smart with your money to avoid unnecessary financial stress.

When to Consider Stretching the 30% Rule

At times, it might be necessary to stretch the 30% rule particularly in high-cost areas or during short-term situations. It’s crucial, however, to understand the potential ramifications and adjust other spending habits to compensate.

A temporary overshoot could be justifiable if it leads to significant future benefits, like proximity to a well-paying job. Always remember, that this should be an exception rather than the norm.

How Does the Rent Calculator Work?

A rent calculator is a practical tool that aids in estimating the rent you can afford. You don’t want to be forced to live on a shoestring budget.

This simple calculator is based on your hourly income and spending either 20-30% of your gross income on rent.

Fine-tuning your budget is possible by adjusting the percentage you wish to spend on housing. Remember, the final number serves as a guide and may require adjustments based on your financial situation.

Breaking Down Your Monthly Budget

For savvy budgeters, adhering to the 50/30/20 rule can provide a clear framework for managing your expenses and growing your savings. While at Money Bliss, we went a step further to define it as the 20-50-10-20-0 budget rule. (save-basic expenses-give-fun spending-debt).

This approach gives a precise breakdown of your monthly budget, ensuring that you are living within your means while also setting funds aside for future financial security.

Housing Costs

The basic 50/30/20 rule suggests dividing your monthly net income into 50% for necessities such as rent and groceries, 30% for personal wants like clothing or travel, and designating the remaining 20% for savings goals or debt repayment.

By adding these to your housing budget, you get a realistic picture of your monthly accommodation costs.

When budgeting for rent, one must account for other housing costs. These may include utilities like gas, electricity, and water, as well as internet, cable TV, and trash collection. You might also need to factor in the renter’s insurance and potential parking fees.

Essential Living Expenses

In addition to housing, remember to consider essential living expenses in your budget. These include food, transportation, health insurance, and childcare.

In addition, we advise our readers to put aside about 15-25% of their net income for savings. Accounting for these factors ensures you don’t stretch your budget to the limit solely on rent.

Discretionary spending

While you need to cover essential living expenses, it’s also important to allocate funds for discretionary spending – we call it FUN spending.

This category involves non-essential purchases like eating out, entertainment, vacations, and shopping. Using the 50/30/20 rule as a guideline, 30% of your net income can be put towards these wants, allowing you to enjoy your income while staying financially sound.

Factors Influencing Rent Affordability

Many factors impact how much you can spend on rent. As such, this will vary from person to person as situations vary. While these numbers are gross income, you need to realize the amount of money coming out for taxes. Many people don’t understand gross income vs net income.

Furthermore, the cost of living and rental prices in your chosen location can greatly impact how much you can afford. So, use the rent affordability calculator!

Location and Rent Prices

The location of a home greatly influences its rent prices. HCOL vs LCOL is a real thing!

Proximity to the city center, schools, parks, and shopping centers typically equate to higher costs. For example, renting trends in 2023 indicated an increase in prices the closer you get to these amenities.2

By choosing to live a bit further out, you may be able to find more affordable rent payments.

Areas with higher crime rates will have lower rents but these tend to come with more issues.

Size and Type of Housing

The size and type of your dwelling can also significantly affect your rent. Large houses with multiple rooms naturally cost more, whereas smaller apartments or studios are less expensive.

The type of housing also plays a role; for instance, a modern, furnished apartment might cost more than an unfurnished one. Tailoring your choice to your needs and budget allows for comfortable living without overspending.

If you have a pet, don’t forget it may cost more plus you have a pet deposit.

Lease Length Considerations

Lease length can directly impact your rent. Longer leases often equate to lower monthly rents, offering landlords a sense of security. On the contrary, short-term or month-to-month leases typically come with a higher price tag due to their inherent flexibility.

Assess your personal situation and potential need for flexibility before deciding on the lease term.

Also, the amount you need to put down as a security deposit can be negotiated.

Tips to Maximize Your Rent Budget

Plan your budget carefully taking into account factors like income, potential expenses, and the cost of living in your chosen location. So, if you are thinking $5000 is enough to move out, you may be surprised.

Use the 30% rule as a guide but be aware that in high cost of living areas, you may need to adjust this percentage. When searching for a rental, compare the cost and amenities of different apartments in your preferred areas and see if there are nearby neighborhoods with cheaper rental costs.

Also, you may need to embrace cost-saving measures such as cooking at home and shopping frugally to free up more income for rent.

You can learn more about those areas on our site.

Tip #1 – Reducing Costs and Saving

There are several ways to reduce housing costs and save more in this tough rental market.

  • Consider downgrading to a smaller place or moving to a less expensive area.
  • Negotiate a longer lease term for a reduced monthly rent.
  • Maybe even consider becoming a permanent housesitter to free up your budget.

Small changes can lead to substantial savings over time.

Learn how to budget on a low income.

Tip #2 -Planning for Future Rent Increases

Each year when your lease is about to renew, always factor in the possibility of future rent increases, which could be influenced by trends in the real estate market and inflation.

Ensuring your income can keep up with these increases is necessary for maintaining affordability. Continually reassess your rent affordability, especially during annual lease renewals or job changes.

Tip #3 – Get Roommates

Sharing your space with a roommate is a practical way to cut down on your living expenses substantially. By having one or more people to share the rental costs, utilities, and even groceries in some instances, you are likely to free up a considerable portion of your budget.

However, it’s important to clearly set boundaries and expectations to maintain a smooth living arrangement.

FAQ on Rent Affordability

Spending more than 30% of your income on rent is generally not advisable. It risks leaving you cash-poor, having insufficient resources for other important expenses like groceries, utility bills, health expenses, retirement savings, or emergency funds.

However, in certain scenarios like living in high-cost areas or prioritizing proximity to work (thus lowering your need for a car), bending the rule temporarily might be justifiable. Always reassess your budget to account for flexibility.

Yes, an increase in your hourly wage can slightly affect the amount of rent you can afford. The raise translates to an increased monthly income, which may enable you to comfortably afford higher rent.

However, it’s important to ensure this does not erode financial stability because lifestyle creep is real. Aim to maintain the key balance between comfortable living and responsible saving.

It’s recommended to reassess your rent affordability annually or when there’s a significant change in your financial situation.

Such changes could be a raise or decrease in income, new financial obligations, or plans to save for major future expenses. Regular evaluations ensure your housing budget aligns with your current financial realities.

Is $18 an hour a livable wage?

Given the average rent in the United States is $1702, $18 an hour is not a livable wage, especially in San Francisco or New York. As such, the maximum you should be spending on rent is $936.

If workers are unable to afford to live in the communities they work in, it puts the whole system under stress. While there have been movements to create low-income housing, it is slow to happen and for many, difficult to apply.

Ultimately, whether this wage allows for a comfortable lifestyle depends largely on your financial habits, commitments, and where you live.

With good financial planning, including a solidly crafted budget that factors in rent, savings, and living expenses, a $18 hourly wage can indeed cater to a decent lifestyle.

Remember to reassess your budget regularly and adjust as necessary to meet changing financial landscapes.

Making wise financial decisions now can lead to a financially secure future. Now, do you have the habits needed to be financially stable?

Source

  1. FiftyThirtyTwenty. “About.” http://fiftythirtytwenty.com/about.html. Accessed December 23, 2023.
  2. Rent. “Rent Growth in Half of Suburbs Outpacing Metro’s Core City.” https://www.rent.com/research/suburban-growth-outpacing-core-city/. Accessed December 23, 2023.
  3. Rent Cafe. “Average Rent in the U.S.” https://www.rentcafe.com/average-rent-market-trends/us/. Accessed December 23, 2023.

Know someone else that needs this, too? Then, please share!!

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

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With 2024 right around the corner, it’s time to look ahead at home decor trend forecasts so you can bring fresh new details into your home.

That’s why “Good Morning America” lifestyle contributor Lori Bergamotto took an in-depth look at the best ways to test out some of these trends for yourself before you decide to dive in with larger investment pieces.

Using resources like Apartment Therapy, Pinterest, Domino Magazine and Architectural Digest, Bergamotto uncovered fantastic ideas for small interior facelifts that utilize trends like scalloped edges, kitschy kitchens and chrome details to liven up your house.

Keep scrolling to find everything you need to give your home a new look!

Get more shopGMA! Sign up for our newsletter, and follow on Instagram and TikTok.

By clicking on these shopping links, visitors will leave Goodmorningamerica.com. These e-commerce sites are operated under different terms and privacy policies than Goodmorningamerica.com. ABC will receive a commission for purchases made through these links. Prices may change from the date of publication.

Scalloped detail

Apartment therapy reports wavy, scalloped edges are a great way to participate in the “pattern-meets-silhouette” trend for the coming year. While many household items tend to have straight edges — think towels, tables, etc. — these details soften the edges in a room and, with items like this natural jute rug or dainty sheet set, offer an easy way to try out the trend before potentially committing to a larger piece down the line.

Shubhlaxmifashion Scallop Pattern Natural Jute Bohemian Area Rug Hand Woven Reversible 2′ x 3′

Pottery Barn

LoveShackFancy Embroidered Scallop Sheet Set

  • $99 to $179

  • Pottery Barn

Kitsch’en

According to Pinterest, kitchens are gaining steam as the star room of the home, with eclectic kitchen decor taking collective precedence and leaping 50% in online searches over the past few months.

Domino Magazine predicts the No. 1 way to express this trend will be through the kitsch: the campy, eccentric design concept that has taken a backseat to more minimalistic homes over the past several years. Searches for the term are up 75%, meaning 2024 will see the return of colorful, funky touches throughout the home.

A low-stakes way to incorporate kitsch is with kitchenware! These Anthropologie plates are adorable, affordable and would provide the perfect backdrop for any retro dishes you have bookmarked and are ready to try — Bergamotto recommends Baked Alaska.

Anthropologie

Adley Glass Dessert Plates, Set of 4

  • Anthropologie

Anthropologie

Nathalie Lete Heritage Dinner Plate

  • Anthropologie

Corduroy

The trendsetting, trade-only High Point Market was reportedly rife with corduroy accents for this year, a move that was echoed by Architectural Digest’s claim that the fabric is going to be a mainstay for 2024. While couches were the piece du jour at High Point, replacing your furniture yearly is not exactly a convenient way to experiment with the trend!

Try these beautiful throw pillows instead. They come in 33 colors and cost under $15 each.

Home Brilliant Cream Pillow Covers, 18inch x 18inch

Chrome

Another prediction from Architectural Digest is chrome, a simple way to add “smooth surfaces that shimmer so the vibe isn’t sterile” to your abode. While it works beautifully in large-scale pieces, try it in smaller doses with this fun mushroom lamp or accent table to add some edge to any room.

EdensDECOR Silver Mushroom Decor Table Lamp

Deco 79 Aluminum Tray Inspired Top Accent Table with 3 Tripod Legs, 16″ x 16″ x 25″ Silver

Source: goodmorningamerica.com

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The Miami housing and rental market presents a unique blend of opportunities and challenges for both renters and buyers. Situated within Florida’s sun-kissed coastlines, Miami’s real estate echoes the city’s culture and its reputation as a hub for international commerce, tourism and upscale fun under the sun.

As a city known for its varied neighborhoods, ranging from the upscale allure of South Beach to the historic charm of areas like Little Havana and Coral Way, Miami’s housing market is full of different living options. The city’s real estate scene is not just about finding a place to live; it’s about embracing a lifestyle shaped by tropical climates, scenic beaches and a melting pot of cultures from across the globe.

The Miami housing market, at a glance

This article delves into the current state of the housing and rental markets in Miami, providing an in-depth analysis of neighborhood-specific trends and data. From the recent price surges in neighborhoods like the Upper Eastside to the more affordable options in areas like Riverview, we provide insights catering to a range of preferences and budget restrictions.

Whether you’re a potential homebuyer, a lifelong renter or just someone curious about Miami real estate, this article will be your detailed guide to understanding why Miami continues to be such a desirable and undeniably unique place to call home.

Neighborhoods by the numbers

  1. Upper Eastside: This area north of Wynwood has seen a notable increase in rental prices, with an average one-bedroom rent at $1,910. Its proximity to popular locations and beautiful views of the bay only add to its status as a top location fro renters and homebuyers in Miami.
  2. South Beach: Known for its legendary nightlife, South Beach’s rent has risen by 7.6% over the past year. The average rent for a one-bedroom apartment is $1,986, reflecting its popularity and the lifestyle it offers.
  3. Dadeland: As an inland neighborhood, Dadeland’s average rent for a one-bedroom apartment is $2,099. Its connection to the Metrorail makes it an appealing choice for those seeking connectivity to Downtown Miami and the Miami International Airport.
  4. Coral Way: This neighborhood has a median rent of $2,375 for a one-bedroom and $2,924 for a two-bedroom unit. Known for its stunning architecture and natural beauty, Coral Way offers a unique living experience in Miami.
  5. Liberty City: With median rents of $1,300 for a one-bedroom and $1,250 for a two-bedroom apartment, Liberty City is an affordable option. The area is transforming at the moment, aiming to improve living conditions and opportunities for residents.
  6. Spring Garden: This historic neighborhood offers a mix of nature and city living, with median rents at $2,499 for a one-bedroom and $1,950 for a two-bedroom apartment. Its park-like atmosphere makes it an attractive choice for those seeking green spaces.
  7. Little River: Emerging as a trendy area, Little River has median rents of $1,350 for a one-bedroom and $1,500 for a two-bedroom apartment. The neighborhood is becoming increasingly walkable and is home to art studios, entertainment venues and restaurants in one area.
  8. Little Haiti: Known for its culture and culinary prowess, Little Haiti offers relatively affordable living with median rents of $1,250 for a one-bedroom and $1,650 for a two-bedroom apartment.
  9. Edgewater: This neighborhood has seen a decline in rental prices, making it an affordable option with an average two-bedroom rent of $2,394. Its proximity to Wynwood and Biscayne Bay only adds to its appeal.
  10. Fountainebleau: Near Florida International University, Fountainebleau offers average two-bedroom rents of $1,819, catering to a younger demographic and college students.
  11. Riverside: A highly populated neighborhood with a busy feel, Riverside offers average two-bedroom rents of $1,628. Its central location makes commuting to other parts of the city extremely convenient.
  12. Riverview: The most affordable neighborhood in Miami, Riverview offers an average two-bedroom rent of $1,356, a decline of 4.26% since 2021.

Affordable neighborhoods

  1. Miami Urban Acres: Near Coral Gables, this neighborhood offers convenience and accessibility to top Miami attractions without the high costs associated with more central locations.
  2. Edgewater: Surprisingly affordable despite its proximity to Downtown and Biscayne Bay, Edgewater has seen a decrease in rents, making it an attractive option for many.
  3. Fountainbleau: This neighborhood is popular among students and young professionals, offering affordable living with plenty of amenities.
  4. Riverside & Riverview: These neighborhoods provide affordable housing options with good access to Downtown and a lively community atmosphere.

Cost of living

Miami’s cost of living is about 6.3% above the national average, influenced by factors like transportation and goods and services prices. Despite this, healthcare costs in Miami are 1.4% below the national average. Public transportation options like the Metrobus, Metrorail and Metromover provide affordable travel within the city, although owning a car is definitely a good idea due to the city’s spread-out nature.

Make the move to Miami

The Miami housing market offers a range of options from upscale neighborhoods like South Beach and Coral Way to more affordable areas like Liberty City and Riverview. The cost of living, influenced by factors like transportation, healthcare,and taxes, varies across different neighborhoods. Miami’s unique perks like its tropical climate, beach access and cultural diversity add to its appeal as a residential destination.

If all the information above has you clamoring to make the move to Miami, you’re in the right place to start down the road toward finding that perfect place.

Source: rent.com

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Denim continues to gain ground in living spaces.

Vintage and handmade marketplace Etsy named denim décor one of its trend predictions for 2024.

Etsy reports that there are currently more than 16,000 denim home décor listings on the platform, including wall art, denim upholstered furniture and area rugs, and it expects the number to grow in 2024. Many sellers recycle denim to make their products, spanning Christmas stockings made from repurposed jeans, baskets woven with the seams of jeans to patchwork foot stools made from fabric scraps.

“From throw pillows to quilts to placemats, denim will be making its way from our closets to our living spaces in 2024. This timeless and durable textile lends itself to a laid-back, lived-in aesthetic that channels the ’70s, and provides the same sense of comfort as your favorite pair of jeans,” Etsy stated.

Though denim lends itself well to crafters, several major denim brands have dabbled in home décor. In 2021, when homebound consumers were buying fewer jeans, Wrangler teamed with Pottery Barn Teen and Levi’s linked with Target for limited-edition home collections.

Other brands have entered long-term partnerships. Denim-turned-lifestyle retailer Gap sells home décor through Walmart. In August, True Religion entered into a licensing agreement with Envogue to produce True Religion-branded line will include bedding, decorative pillows, bath towels, kitchen linens and more.

The presence of denim in living spaces is one example of how the gap between fashion and home décor is shrinking.  

Related Story

Etsy reported that the growing trend of “romanticizing life” to escape uncertain times will filter into home and apparel in 2024. “This year’s top trend predictions indicate that consumers are craving the comfort of a little extra sweetness in their daily rituals, as they elevate life’s simple pleasures and create moments of beauty to savor each day,” Etsy stated.

The marketplace’s color of the year—Berry—reflects this sweet and romantic mood. Described as a grown-up version of 2023’s Barbiecore pink craze, Etsy reports seeing the rich color gain momentum for bed linens, wall art, knitwear, jewelry and more.

The romance theme is magnified in Romancecore, a trend that Etsy combines silk, satin and sheer fabrics with feminine details like lace, ruffles and bows—a motif that also topped Pinterest’s forecast for the new year.

On Etsy, searches for sheer clothing have increased 38 times in the last three months compared to the same time the previous year and searches for satin slip dresses have increased by over 10 times.

Classic footwear with a retro vibe is part of the trend as well. Searches for ballet flats have increased 162 percent, while searches for mesh Mary Janes have grown 240 times over.  

That interest in vintage is inspiring Etsy shoppers to build custom charm jewelry. The marketplace has a 33 percent increase in searches for charm bracelets and a 26 percent increase in searches for charm necklaces.

“From heirloom vintage gold and silver charms to more contemporary, quirky, and colorful pieces meant to be collected and stacked, this trend marks a return to the art of storytelling through personal accessories and a desire for items that carry sentimental value,” Etsy stated.

Barrel handbags are on the horizon as well. Compact yet roomy and versatile, the duffel-like handbag is set to overtake the baguette bag, which Etsy has seen a 13 percent decline in searches in the last three months.

“The revival of this versatile style signals that shoppers are leaning into practicality while embracing new shapes—the more interesting, the better,” Etsy stated.

Source: sourcingjournal.com