Chicagoans, what % of your income is spent on housing/rent?

For some general perspective on this topic, there are tons of resources at r/personalfinance to help you understand reasonable expenses and how they relate to your income. Would probably be worth combining some of those best practices and opinions with responses you're getting here.

Generally the recommendation is to be at less than 30% of your discretionary income on rent. I personally think that's high but it really just depends on your situation... Not everyone's life can be easily summed up by the number. I split rent with my SO, so after factoring in utilities, I'm putting about 12-13% of discretionary pay towards living expenses. And that's after all pre-tax deductions are factored out, including retirement and FSA. I'm in the city and have about a 25-30 minute rush hour CTA commute to the loop (22-25 mins during off peak). To be fair, our landlord owns a ton of property and keeps or rent pretty low. We're easily +/-15% under market.

/r/chicago Thread