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Going by the Dave Ramsey's budget (whoever that is, I just found his budget to be interesting when googling) a person should try to spend no more than 25% of income on housing and 10% on transportation. Others say to pay no more than 10% on your car payment and no more than 20% total on total transportation.
Per hour for 40 hours a week for 48 work weeks a year:
Per year roughly after taxes working as employee, married:
Per month 10% (car) and 25% (house)
$17.50, $30K, $250, $625
$21.38, $36K, $300, $750
$25.16, $42K, $350, $875
$30.81, $51K, $425, $1,062.50
$40.56, $66K, $500, $1,250
Cheapest rent right now that I can find in area:
$1,500 per month (does not include utilities).
Cheapest Maveric within 500 miles of my place according to Cars.com:
$26,425,
The Cars.com monthly payment calculator, $350/month for 72 months.
So, in order to live a person needs to make around $40 or more per hour?! Or spend a lot more than 10% and 25% of income on his car and home. Maybe make $21.38 or more per hour and spend 50% on rent and 20% on vehicle and 30% on everything else. That would be $1,000 for food, clothing, phone, internet, savings, healthcare, utilities, recreation and anything else.
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