Personal finance experts suggest you keep your rent under 30 percent of your income. But for many young professionals in cities these days, that's a big ask.
Millions of Americans are spending more than 30 percent of their income on rent as prices remain sky-high. In Boston, for example, a one-bedroom costs an average of $2,930 a month. In San Francisco, it's $3,360. Even some software engineers at Facebook claim they can't afford rent.
As a 26-year-old professional living in New York, where the average one-bedroom apartment goes for $3,680 a month, I get it.
In fact, I lived at home for four years after college to save money while I figured out what I wanted to do with my career, and I saved about $47,000 in the process.