Are you paying too much for rent?

MGN Online
MGN Online

BIRMINGHAM, Ala. (WIAT) — Do you think you’re spending too much of your pay check on rent? If so, you’re not alone.

New numbers from Realty Trac show a third of Americans live in a housing market where rent for a three-bedroom home eats up more than 30 percent of their monthly income.

Thirty percent is traditionally the max you should pay on rent for it to be considered affordable.

Real estate experts say spending too much on rent can hold you back by preventing you from taking a lower paying job with more advancement opportunities or from saving money to buy a home.

Copyright 2014 WIAT-TV CBS42

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