What Can I Afford

YOU KNOW YOU WANT TO MOVE BUT DON'T KNOW
WHAT YOU CAN AFFORD?

Of course there are many items that can go in to determining what you can afford when it comes to apartment rentals.  Your current income, debt and expected savings play a part in any financial decision.  A general rule of thumb when it comes to apartment rentals is the 30% method.  Unless there are circumstances out of the norm, you should be safe to start looking at apartments where the rental amount is 30% of your gross (pre-tax) pay.  Ex.  If you make $50,000 a year, you should be ok to start looking at apartments that rent for $1250 a month.  If you have a large amount of debt that you are trying to pay off or if you would like to put more in savings, you would want to look for a lesser amount.  Again, this is just a general rule of thumb and everyone has different circumstances.  Apartments do look at your credit score so that could affect your monthly rental capability as well.  Below is a quick list to show what you ‘should’ be able to afford, given the 30% rule.

* Please note, every situation is different and we are not trying to encourage you to pay more than you can afford.  The list below is just a frame of reference.

  • $20,000 a year = $500 per month
  • $25,000 a year = $625 per month
  • $30,000 a year = $750 per month
  • $35,000 a year = $875 per month
  • $40,000 a year = $1,000 per month
  • $45,000 a year = $1,125 per month
  • $50,000 a year = $1,250 per month
  • $55,000 a year = $1,375 per month
  • $60,000 a year = $1,500 per month
  • $65,000 a year = $1,625 per month
  • $70,000 a year = $1,750 per month
  • $75,000 a year = $1,875 per month
  • $80,000 a year = $2,000 per month
  • $85,000 a year = $2,125 per month
  • $90,000 a year = $2,250 per month
  • $95,000 a year = $2,375 per month
  • $100,000 a year = $2,500 per month
  • $105,000 a year = $2,625 per month
  • $110,000 a year = $2,750 per month
  • $115,000 a year = $2,875 per month
  • $120,000 a year = $3,000 per month
  • $125,000 a year = $3,125 per month