How Much Rent Can I Afford?

Asking yourself how much rent you can afford is the first step when you plan to find a new home. Answering this question decide where you want to live and what kind of place you want to rent.

When looking for apartments, one of the first things you ask yourself is how much rent can I afford? You want to know what percentage of your salary you can spend on rent, and how much money that is.

What Percentage Of My Income Should Go To Rent?

Spend 20% On Rent

When you spend 20% of your salary on rent, and you’re earning an average income, you may need to make some concessions.

Spend 30% On Rent

Spending 30% of your salary on rent is what most people are going for. You have enough money left to buy other essentials while living in a decent apartment. It is the sweet spot.

Spend 40% On Rent

Spending 40% of your salary on rent mostly occurs when you see a more expensive home that you like. The house is a little expensive, but you really want to live there.

Additional Costs To Consider

- Know how much you need to have left to spend monthly - Consider savings or expenses because of the move, like on-site gym or more gas money - Moving costs 

When You Know How Much You Spend On Rent

When you have the answer to the question, How much rent can I afford? You can start to set up the rest of your monthly budget.