"yes, people (audiences) really have NO idea what the life is like."
At least in the tri-state area - if not beyond as every actor is from somewhere, and there are only 50 states - there are few people who don't have a friend or relative aspiring to/working at a performing career, so yes, quite a few people are in on what it entails.
As far as the 50% thing, that's actually what the majority of people in NYC are spending on rent. It's a very expensive place to live, no matter what your job.
Have I ever shown you my Shattered Dreams box? It's in my Disappointment Closet. - Marge Simpson