Living in California, I’m currently spending 56% of my income on rent. Most financial advisers say you shouldn’t spend more than 30%. Apparently this qualifies me as “severely cost-burdened,” according to the California Budget & Policy Center.
However, I’m extremely lucky that I’ve kept my job so far since the start of the coronavirus (COVID-19) pandemic. When rent was due on April 1st, I could pay it. Sadly, many others couldn’t.