How much of my income should I spend on rent?

According to Fox Business, 33 percent of a person's monthly income should be devoted to housing. This value includes rent, utilities, insurance and other home-related expenses.

Historically, experts have recommended 30 to 35 percent for housing based on sample budgets. Some can allocate more for housing, but Fox Business suggests that younger renters aim for a more conservative percentage. Experts recommend practicing a monthly budget given housing costs before actually moving to test its feasibility. In addition, Fox Business suggests that potential renters weigh the costs of a single living arrangement with that of shared apartment in order to spread out financial responsibility.