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Posted on 6/22/17 at 3:52 am to MSTiger33
quote:
Hey Einstein, the wage shown on the map is the average for the entire state of New York, not just NYC.
Posted on 6/22/17 at 3:55 am to GreatLakesTiger24
The flaw to this seems to be looking at it st the state level. For example, rent rates in birmingham are probably higher than rent rates in Gardendale or Hueytown, but both would be pretty easy commutes.
Posted on 6/22/17 at 4:10 am to dbeck
quote:
For Arkansas, 30% of monthly salary at $13.72/hr is $658.56
That comes out to 40%. Take the taxes out first. 30% is less than $500.
This post was edited on 6/22/17 at 4:11 am
Posted on 6/22/17 at 4:18 am to Huey Lewis
quote:
I wonder if being a maladjusted loser that can't maintain a stable friendship or relationship and thus split the cost of rent with another person might also effect a person's ability to ever earn more than minimum wage?
This
Posted on 6/22/17 at 4:25 am to SoulGlo
im moving to arky
Posted on 6/22/17 at 4:27 am to saintsfan1977
quote:
Take the taxes out first.
Why? The report uses gross income.
Posted on 6/22/17 at 4:49 am to GreatLakesTiger24
Didn't know I'd been so lucky all these years.
Posted on 6/22/17 at 4:52 am to beaverfever
Lucky would have been born in a place with high income/high cost of living and then retire to Arkansas.
Posted on 6/22/17 at 4:54 am to GreatLakesTiger24
Who only works 40 hours a week?
Posted on 6/22/17 at 5:07 am to GreatLakesTiger24
Yeah these numbers also don't take into account groceries, fuel, electricity, etc etc
Does emphasize how many people either don't live within their means or are under paid
Does emphasize how many people either don't live within their means or are under paid
Posted on 6/22/17 at 5:17 am to dbeck
quote:You cant spend what you dont have. 30% of gross income and 30% of net income is 2 different things. You have less than $1000 a month after rent if you use gross income. Car note, insurance, gas, electricity, telephone. How much you have left for groceries? Better be a few cases of Ramen noodles and tap water.
Why? The report uses gross income.
This post was edited on 6/22/17 at 5:23 am
Posted on 6/22/17 at 5:37 am to saintsfan1977
Someone asked what the rent for each state was. I gave them the formula based on the chart. The chart shows the hourly wage needed for rent to equal 30% of gross income.
Posted on 6/22/17 at 5:45 am to dbeck
I can do the math using the formula. They might as well say 40% of net income. 30% is a number someone used to make it look like it wasnt much. Cut the taxes out and see what 30% is. $160+ a month. Someone making that kind of scratch should not be paying $650 a month on rent. They cant afford it unless they bike to work.
Posted on 6/22/17 at 5:47 am to dbeck
D.C. must be doing extremely well in terms of the private sector growth to be that high
Right?.......... frickin pathetic
Right?.......... frickin pathetic
Posted on 6/22/17 at 5:50 am to saintsfan1977
Someone making $13 an hour only pays about 2k annually in federal income tax
Posted on 6/22/17 at 5:56 am to yellowfin
I figured about 25% of their check goes to Nonc Sam. Assuming single male. I know thats the minimum I had taken out when I was single.
ETA- NM. The taxes are around $3800 due to the bracket. Still not much to live on but I guess they can manage.
ETA- NM. The taxes are around $3800 due to the bracket. Still not much to live on but I guess they can manage.
This post was edited on 6/22/17 at 6:02 am
Posted on 6/22/17 at 5:56 am to dbeck
quote:
Hey Einstein, the wage shown on the map is the average for the entire state of New York, not just NYC.
Personally, I would've still expected it to be higher with the Adirondack property prices. I guess it's cheap as hell in Buffalo, Albany, and Syracuse
Posted on 6/22/17 at 6:03 am to saintsfan1977
Pays 10% up to about 9k then 15% from there to about 32k. Also pays 0% on about 10k for standard deduction and personal exemption
Posted on 6/22/17 at 6:03 am to CCTider
From the downloadable PDF:
quote:
Fair Market Rent (FMR) is typically the 40th percentile of gross rents for standard rental units.
FMRs are determined by HUD on an annual basis, and reflect the cost of shelter and utilities. FMRs are used to determine payment standards for the Housing Choice Voucher program and Section 8 contracts.
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