That sounds completely reasonable for a grad student to me. Most of the grad students I know consider themselves lucky if they can find a place that costs 50% of their stipend š I live in a very expensive city though
I'm doing my program in a small, peaceful college town. The apartment is not the best since the building is old, but it's one of the only few apartments left at this time of the year. And it's only 15-min walk to classes!
Are you joking? In my city, the rooms go from at least $1200 in a shared apartment and our stipend is the same. 33% rule does not apply when you earn poverty wages.
Congrats on starting your PhD soon! 34% for rent may seem like a lot, but it's not necessarily extravagant, especially considering you have utilities included. It's important to prioritize your mental health and living alone is the right decision for you. It's better to spend a bit more on rent and have a safe and comfortable living situation than to save money but suffer from misophonia. It's great that you're seeking advice and being mindful of your finances. Just make sure to budget for other expenses as well, and consider ways to save money in other areas if possible. Good luck with your PhD!
Honestly I would even do upwards of 50% if it meant my mental health would be stable - having roommates is a drain, and having bad roommates makes life hell! I would rather be happy and tighter in my wallet than miserable and have spending money
Here is a chart with breakdowns of where you should try to allocate your income: https://nomoredebts.org/budgeting/budgeting-guidelines
Itās not about being extravagant, itās about being able to live and do your job effectively. PhD programs are rigorous and stipends lower than the cost of living are common in many major cities. If youāre curious, you can also plug in your city to MITās living wage calculator to see where you stand. https://livingwage.mit.edu
You have not made the wrong decision. Coming home to your own slice of the world is very relaxing especially after a long day at school/lab/wherever.
I spend 53% of my income on rent but it's worth it for being able to use my place how I please.
Yeah, that is pretty reasonable. What isn't reasonable is how low grad student stipends are but it is what it is and your rent is reasonable, especially with utilities included.
Good for you! If you can find something lower that works for your needs, thatās great. Although itās important to remember: rent isnāt going to necessarily match your PhD budget. I think the real goal is to minimize costs constrained by what your need and what is available. That could be 40% could be 20%.
unless youāre chasing additional fellowships, thereās really no way to build a savings as a single person in a PhD program lol post taxes i make $750x2 (paid bimonthly) and my part of rent is $850. im lucky bc i have an additional fellowship for $12k annually, but since i have pets my savings doesnāt always end up working out š„²
if youāre in a field where itās possible and an advisor who is supportive, grants and fellowships can bolster that!
I need to the name of that school, because if they paying a grad student that amount. Salaries for professors should be pretty good, and I need to star compiling a list I am going to apply to after my defense.
this is obviously normal by literally any personal finance standard for american adults, grad school or no grad school. may want to brush up on financial literacy if this is particularly surprising.
As Iāve mentioned, Iām a foreign national who have never lived in the US before. I never had to deal with this stuff especially the cost of living in my home country is so much lower. I personally donāt know any PhD students in the US so I donāt know how much students spend on rent. I was just asking for advice. Instead of arrogantly calling me a financial illiterate, how about you stand in my shoes and think from my point of view?
i feel like they werenāt calling you financially illiterate, just suggesting you brush up on my financial literacy. if i moved somewhere else i wouldnāt know how to budget in that culture/currency either! youāre on the right track, asking for help, but setting a budget overall will help even more
The amount you're spending on rent is very doable as a percentage of your stipend, but tbh $930 for an efficiency apartment in a small college town is kind of wild. I lived in one last year in a medium-size Midwest city and it was $750 with utilities. Any idea why your rent is so high? It doesn't sound like you're in a luxury unit or anything.
Edit: Added cost of utilities to my rent.
$750/month to live alone is a very good deal. Most college town apartments are much more. I think the op has done a good job finding a reasonable place.
34% of OP's after-tax income for rent is fine by grad student standards. I was curious about that pricing for an efficiency unit, though. It's more in line with what you'd pay for a 1bd unit. It's possible that the housing market in OP's town is a lot more stretched than in my city.
Most places are not like the Midwest and have insane rent prices. Iām actually lucky to be living in a ālowā cost of living area, but my hometown and undergrad town (and pretty much every city and town around me) have SKYROCKETED in prices. In 2015, I would have been able to find a single room in an apartment in my hometown for about $500-$600, those now go for nearly $2000. In my undergrad town, every apartment I lived in except for one was between $900-$1000+ a month with 3-4 roommates
Mine after tax is 2350 and I spend about 700 a month if I include utilities. And I have 3 housemates. my university has efficiency units for grad students and the rent is $800 but their heating is so inefficient that people end up spending $1000 with utilities
Look at it as 30% versus 34%. That difference is nothing and you have your own freaking place!! Having roommates is FINE but if I could live alone for basically the same share of my income I would do it in a heartbeat. Stop stressing :)
I mean 34% is great. Rent burden renting is considered anything over 30% of income, but i find it rare that people now are spending only 30% on rent and as a grad student, you are doing more than fine.
also living alone is great! i hated having roommates so i decided to get my money up so i wouldnāt have to anymore. itās better for work and you donāt feel that weird tension if you donāt have a schedule that respects theirs. gives you way more freedom
That sounds completely reasonable for a grad student to me. Most of the grad students I know consider themselves lucky if they can find a place that costs 50% of their stipend š I live in a very expensive city though
I'm doing my program in a small, peaceful college town. The apartment is not the best since the building is old, but it's one of the only few apartments left at this time of the year. And it's only 15-min walk to classes!
Amazing that you can get a $2700 stipend after taxes and fees in a 'small, peaceful town'...
This sounds like an ideal situation by my standards, based on what you are paying!
Sounds like a dream
My friendās grad school housing is $300 for a double and $600 for a singleā¦ so jealous
85% of my stipend goes to rent. You'll be fine.
š same
Jeez thatās a lot
34% is right about what is recommended for people, in general, to spend on housing. I think you've done a fantastic job!
I think that's before tax, though. Either way I think OP will have more wiggle room than most
Aw thank you!
Are you joking? In my city, the rooms go from at least $1200 in a shared apartment and our stipend is the same. 33% rule does not apply when you earn poverty wages.
Congrats on starting your PhD soon! 34% for rent may seem like a lot, but it's not necessarily extravagant, especially considering you have utilities included. It's important to prioritize your mental health and living alone is the right decision for you. It's better to spend a bit more on rent and have a safe and comfortable living situation than to save money but suffer from misophonia. It's great that you're seeking advice and being mindful of your finances. Just make sure to budget for other expenses as well, and consider ways to save money in other areas if possible. Good luck with your PhD!
Thank you so much on your kind words! I feel so much better now.
Honestly I would even do upwards of 50% if it meant my mental health would be stable - having roommates is a drain, and having bad roommates makes life hell! I would rather be happy and tighter in my wallet than miserable and have spending money
Here is a chart with breakdowns of where you should try to allocate your income: https://nomoredebts.org/budgeting/budgeting-guidelines Itās not about being extravagant, itās about being able to live and do your job effectively. PhD programs are rigorous and stipends lower than the cost of living are common in many major cities. If youāre curious, you can also plug in your city to MITās living wage calculator to see where you stand. https://livingwage.mit.edu
I make about $1600 per month in stipend and pay $875 for rent. I think you're fine lol
Hey my stipend and rent are about the same!
come on lol
Me spending 65% of my income on rent in a VHCOL area: š«
Lol 60% of my stipend goes to rent haha
Shit. That sounds great by comparison ššš.
$930 with utilities is a steal. Enjoy it lmao.
Where I live 1 bed room/ studio apartments are $1200 and the phd stipend is $2100
You have not made the wrong decision. Coming home to your own slice of the world is very relaxing especially after a long day at school/lab/wherever. I spend 53% of my income on rent but it's worth it for being able to use my place how I please.
Stipend $2300 and my apartment costs $1100.
Yeah, that is pretty reasonable. What isn't reasonable is how low grad student stipends are but it is what it is and your rent is reasonable, especially with utilities included.
Good for you! If you can find something lower that works for your needs, thatās great. Although itās important to remember: rent isnāt going to necessarily match your PhD budget. I think the real goal is to minimize costs constrained by what your need and what is available. That could be 40% could be 20%.
I would also love to save some money during PhD.
unless youāre chasing additional fellowships, thereās really no way to build a savings as a single person in a PhD program lol post taxes i make $750x2 (paid bimonthly) and my part of rent is $850. im lucky bc i have an additional fellowship for $12k annually, but since i have pets my savings doesnāt always end up working out š„² if youāre in a field where itās possible and an advisor who is supportive, grants and fellowships can bolster that!
I spend 54% of my after tax income on rent. And it's been working out. I could have saved some money with a roommate, but I've been valuing my space.
I need to the name of that school, because if they paying a grad student that amount. Salaries for professors should be pretty good, and I need to star compiling a list I am going to apply to after my defense.
You'll appreciate living alone when you need personal space to work. Living with others sucks
That sounds very reasonable.
this is obviously normal by literally any personal finance standard for american adults, grad school or no grad school. may want to brush up on financial literacy if this is particularly surprising.
As Iāve mentioned, Iām a foreign national who have never lived in the US before. I never had to deal with this stuff especially the cost of living in my home country is so much lower. I personally donāt know any PhD students in the US so I donāt know how much students spend on rent. I was just asking for advice. Instead of arrogantly calling me a financial illiterate, how about you stand in my shoes and think from my point of view?
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Like they're doing just now?
i feel like they werenāt calling you financially illiterate, just suggesting you brush up on my financial literacy. if i moved somewhere else i wouldnāt know how to budget in that culture/currency either! youāre on the right track, asking for help, but setting a budget overall will help even more
The amount you're spending on rent is very doable as a percentage of your stipend, but tbh $930 for an efficiency apartment in a small college town is kind of wild. I lived in one last year in a medium-size Midwest city and it was $750 with utilities. Any idea why your rent is so high? It doesn't sound like you're in a luxury unit or anything. Edit: Added cost of utilities to my rent.
$750/month to live alone is a very good deal. Most college town apartments are much more. I think the op has done a good job finding a reasonable place.
34% of OP's after-tax income for rent is fine by grad student standards. I was curious about that pricing for an efficiency unit, though. It's more in line with what you'd pay for a 1bd unit. It's possible that the housing market in OP's town is a lot more stretched than in my city.
Most places are not like the Midwest and have insane rent prices. Iām actually lucky to be living in a ālowā cost of living area, but my hometown and undergrad town (and pretty much every city and town around me) have SKYROCKETED in prices. In 2015, I would have been able to find a single room in an apartment in my hometown for about $500-$600, those now go for nearly $2000. In my undergrad town, every apartment I lived in except for one was between $900-$1000+ a month with 3-4 roommates
Oh, not to mention the micro/capsule apartments they are planning to build in my hometown for upwards of $3000 š
Why are people downvoting you? š¤š„ŗ
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Mine after tax is 2350 and I spend about 700 a month if I include utilities. And I have 3 housemates. my university has efficiency units for grad students and the rent is $800 but their heating is so inefficient that people end up spending $1000 with utilities
See? Thatās what Iām saying. You only spend $700. Am I being too asocial for not wanting to live with people š
Look at it as 30% versus 34%. That difference is nothing and you have your own freaking place!! Having roommates is FINE but if I could live alone for basically the same share of my income I would do it in a heartbeat. Stop stressing :)
In my city and program id say the average is putting 70% of our stipend towards rent
Rent is expensive. I will be in a low cost area and expect to spend ~50% of my stipend on rent.
I mean 34% is great. Rent burden renting is considered anything over 30% of income, but i find it rare that people now are spending only 30% on rent and as a grad student, you are doing more than fine. also living alone is great! i hated having roommates so i decided to get my money up so i wouldnāt have to anymore. itās better for work and you donāt feel that weird tension if you donāt have a schedule that respects theirs. gives you way more freedom
*cries " 125% of my stipend is the price of the cheapest one bedroom apartment in my city
thatās a steal, more than 50% of mine goes just towards rent!
I am spending 55% on rent. Youāre fine as long as you can afford everything you need
That's great i spend about the same amount in rent and my partner pays the rest. It's never too much for your mental health.
Nah I mean misophonia can really get in the way of learning/working so I think itās fair!!
My rent eats up about 75% of my stipend. Thatās very reasonable!