I only make $800 a month. Is renting an aparment for half my income too much money to spend?

Question

I only make $800 a month. Is renting an aparment for half my income too much money to spend? I'm having a lot of trouble finding inexpensive places for rent and I don't make a lot of money at my job! What can I do? Most apartments in my area seem to be going for $400-$600 monthly rent. This will be my first apartment so I don't know how much money I will need for everything else like utilities, groceries, car insurance, and the rest. I'm really worried I won't be able to afford an apartment at all! Please help me get out on my own...

Answer 1

the general rule of thumb is that rent should not exceed a fourth of your pay. so, you should only get a place for $200. My advice is find a roommate, and get the place that costs $400 a month. Or find a higher paying job.

Answer 2

Yes, spending half of your salary on an apt. is way too much. Most Apartments use a rating system of points. You generally have to have 2 1/2 times the salary to pay for the rent.Try a roommate.

Answer 3

Most rental companies do credit checks and approve you based on your credit and income. And most rental companies won't allow you to rent something that costs more then 30% of your monthly income. So you probably wouldn't be able to rent a place for $400 anyway.

Answer 4

you would probably need more but that is nothing some overtime can't take care of for you. Remember all them money you will want to spend to go out and shopping for yourself. Then there are your friends that come over and hang and eat all your food. Been there and although you want to be a "gracious host" you will be thinking there goes tomorrows dinner.

And where are you living that apartments are only $400????? I might have to move there because I am paying $1,500.00 for a one bedroom!

Answer 5

One person should make a months rent in a weeks salary,if this can't be obtained then one should not rent you will be living on the streets within a few months.