Rent affordability: 11 million Americans spend half their income on rent – Jun. 22, 2016 » Mortgage Masters Group

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How much should you save every month? Many sources recommend saving 20 percent of your income every month. According to the popular 50/30/20 rule, you should reserve 50 percent of your budget for essentials like rent and food, 30 percent for discretionary spending, and at least 20 percent for savings.

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It’s getting harder for more Americans to make rent each month. It’s getting harder for more Americans to make rent each month. Source: Rent affordability: 11 million Americans spend half their income on rent – Jun. 22, 2016

The average renter in Illinois must earn $20.87 per hour on a full-time job to afford a two-bedroom apartment and stay within federal guidelines for housing costs, according to a study by the National Low income housing coalition (NLIHC) for fiscal year 2017.. That’s more than two and a half times the state’s minimum wage of $8.25 and the 16th highest affordable "housing wage" in the.

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