Understanding Renting and Housing Costs

What's the 30% rule?

• you should spend 30% of your time working.

• You should save 30% of your income every year.

• You should spend about 30% of your income on housing.

• You should invest 30% of your income every year.

what is the purpose of a security deposit?

• to cover rent for the first month

• to pay for damage to the property

• to reduce monthly payment

What is one advantage of renting a property?

• No responsibility for maintenance or repairs

• Freedom to make permanent changes to the property

• greater tax benefits

• You won't have to pay property tax

Which of the following is a major benefit of renting for people with uncertain job situations?

• ability to build home equity

• ownership of property

• stability in monthly costs

• flexibility to move quickly without long-term commitment

This is what a homebuyer is willing and able to pay

• estimated value

• appraised value

• market value

• assessed value

Which utilities are included in the cost of the monthly rent payments?

• Gas, electric, phone, internet

• Water, sewage, garbage, recycling

• Gym membership, laundry facilities, security system

• Security deposit

Which type of setting would have the highest rent?

• Rural Area

• Suburb

• Urban/Downtown Area

Benefits of renting include all of the following EXCEPT

• Increased privacy

• Little to no responsibility for maintenance

• Easier to relocate

• Amenities (pool, gym etc)

Which of the following is typically not included in a rental agreement?

• Pet policy

• Lease duration

• Mortgage interest rate

• Rent amount

What is a potential benefit of renting in a high-demand area?

• Lower rent prices

• Access to better amenities and services

• Guaranteed lease renewal

• Ownership of the property