How much apartment can you afford to afford?

Use this rent calculator to figure out how much apartment you can afford. Based on your income level, we suggest that you spend $1,500 per month on rent. Type in your search location and maximum budget.

How much should I spend on rent with $5000 a month?

With $5,000 at your disposal every month, we recommend that you spend approximately $1,500 on rent which is about 26\% of your monthly net income. You’ll be left with $3,500 to spend on other common living expenses.

How do I find out how much rent I can afford?

Rent Affordability Calculator. This calculator shows rentals that fit your budget. Savings, debt and other expenses could impact the amount you want to spend on rent each month. Input your net (after tax) income and the calculator will display rentals up to 40\% of your estimated gross income.

How much do I need to move into an apartment?

We estimate that you’ll need at least three times your monthly rent to cover first month’s rent, one month security deposit, miscellaneous moving costs and some basic furniture. Update: You can download our new Printable Apartment Budgeting Worksheet and use it to estimate your rent and budget for all your expenses.

How much of my income should I spend on rent?

Spending around 30\% of your income on rent is the golden rule when you’re trying to figure out how much you can afford to pay. Spending 30\% of your income on rent can help you reach a healthy balance between comfort and affordability. On a median income, 30\% should get you an apartment you can truly call home.

How much should I pay for rent on 40K a year?

On a $40,000 a year salary, your ideal rent price is $1,000. As mentioned before, the 30\% rule should act as a rule of thumb. Use the slider on our rent calculator to see how your rent payments change with different percentages of your income.