How Much Does Renting a House Cost?

Video Transcript

"Hello, my name is Penny Smith and I'm a real estate broker in North Carolina. I'd like to talk to you today about how much does it cost to rent a house? First of all, I want to reiterate that housing market can depend from neighborhood to neighborhood as well as from one side of the town to the other side of the town. It really depends on where you want to live and how close it is to your work or your enjoyment of your extracurricular activities. There's a lot of factors that go into how much should I pay for rent of a house. But my recommendation to you is that you certainly do not pay more than 36% of your income for renting a house. That is the national standard and recommendation. Also there is a difference between renting an apartment and renting a house. Typically an apartment is cheaper but it comes with a lot less benefits but a lot less responsibilities. For instance in an apartment, you do not have to maintain the grass. In a house, a single family home, typically you are responsible for maintaining the grass and the exterior of the house. So there are benefits and pros and cons for both side but I highly recommend that it suit your lifestyle as well as your budget. Thank you and I hope you have a great day."