That’s been a pretty typical rule of thumb over the years — housing should not be more than 25% to 33% of your take-home income. My son shares a floor in a house in San Fran with friends. It’s a three story home near Golden Gate Park. Five people per floor x 3 floors x $1,200 per person average = $18,000 per month for the entire house! Landlords are cleaning up.
Thanks.
We haven’t rented for 50 years, I forgot about the income requirement.