What is a healthy percentage of income that should be spent on rent? On cars? Why? For instance: A person that makes $3,000 a month and has a car payment of $350 is paying $350/$3,000 = 0.1167 =
11.67%. If that same person pays $800 a month for rent, then they are paying $800/$3,000 = 0.2667 =
26.67% of their income.