Can I afford an apartment for $650/ a month on 28K?

Question

Just looking for opinions

remeber I'd still need to pay for food, utilities, gas, etc

any suggestions would be helpful too-- THANKS!

Answer 1

It'd be tight, but definitely doable. I think the rule of thumb is one third of your monthly salary is suitable for rent.

Assuming that your taxes aren't too high, you'd have enough each month to still put away $$$ for savings and retirement. Your biggest expense after rent would be your car payment, insurance and gas--see if there's some leeway there. Also, do you have to pay for your own health insurance? If yes, then you may have to put limits on things like going out to dinner, gym memberships, leisure activities, etc.

However, if the apt is a place you can see yourself living in for a while, its worth tightening your belt for the first few years. Your salary should rise faster than your rent increases, so it may turn out to be a really good investment once you're making a lot more.

Good luck!

Answer 2

Yes, you would still have $1600 left over with all the utilieties, phone, water, gas($300) $1300, then food for a single guy I assume, 100*4=400. $900 should pay for clothes, car gas, insurance...hookers? Generally you can afford a house 40% or less of your income $650 is 28% of that good luck and no shoes on the carpet!!

Answer 3

grab a tablet and calculator. you need to figure that one out on your own. we don't know all your expences...(car payment, ins...)