Are you paying too much for rent? - Fox 28: South Bend, Elkhart IN News, Weather, Sports

Are you paying too much for rent?

Posted:
 How much is too much when it comes to paying your rent every month?

Experts say if more than 30% of your monthly income is going towards your rent payment, then you're paying too much. They also say that one-third of Americans live in a housing market where rent for a three bedroom apartment is making them overpay. Traditionally, 30% is the most you should be dishing out on rent each month.

Plus, overpaying on rent doesn't just hurt your wallet, it could be hurting your career as well. Real estate experts say emptying your wallet for housing could hold you back from job opportunities. They say you are more likely to pass up a lower paying job with more advancement in the long run. They also say it hinders your efforts to save money to purchase a home.

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