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Rent or Mortgage. You should expect to spend between 25 to 30 percent of your net income each month on rent or mortgage. Landlords and property managers typically require you to make at least 2.5 to three times the rent to qualify as a tenant.
The rent you will pay will be 30% to 40% of your householdâs adjusted gross income. A Housing Authority will pay a portion of the rent directly to the property. If you move, the voucher moves with you. To qualify for a Section 8 voucher, you must fall within Minnesotaâs income limits.