Many many years ago [Yeah, a whole bunch of ’em] I wondered if I could rent my house and live on the rental income. At the time, that income would have grossed about $7000/year, before taxes, expenses and all the other stuff. I thought the math worked, but then life intervened and I did a lot of other things. Along the way I realized the math really didn’t work, for a number of reasons that had nothing to do with inflation.
Until the past few years.
Even with inflation, I’ve found that I can live comfortably on an American poverty income as long as I don’t live in America – which is what I’ve been doing for a few months every year for a while now.
I’ll admit to spending more than that living in Ireland. But living in the center of town without a car, I’m not burdened with fuel, tax, parking, insurance and ownership costs. I can walk to the market, restaurants, theatres, pubs and parks. As a tenant, I don’t have to worry about taxes, repair and maintenance costs. And if I decide to move, there’s none of the hassle that goes with selling a house.