2006-08-21 12:44:47 · 3 answers · asked by Katdo Shanew 1 in Business & Finance ➔ Renting & Real Estate
I know that most apartment complex's will use 1/3 of your monthly gross income as their guide. To get this, multiply your hourly rate X hours worked in a week X 52 weeks a year. Divide this yearly amount by 12 to get your monthly gross income. To see what the apartments are looking for divide this number by 3.
For example, $9 an hour X 40 hours a week X 52 weeks a year is $18720 a year. 18720 divided by 12 is $1560 a month. 1560 divided by 3 is $520.
When am looking for an apartment, I start with that basic guideline to find out what they will LET me have. Then I do the same formula based off my NET check (after taxes are taken out). That way I have a more realistic figure.
2006-08-21 12:56:59 · answer #1 · answered by jenn_jenn02 3 · 0⤊ 0⤋
You take the amount of money you make and your total debt in credit card bills and other financial spendings and minus the amount of money you make . If you would like to know your DTI wich is the DEBT TO INCOME divide the ammount you spend by the amount you make. If you have any questions on qualifying for a house ill be more then happy to help.
2006-08-21 13:20:12 · answer #2 · answered by business creature 2 · 0⤊ 0⤋
I've always heard it should be no more than your weekly salary.
2006-08-21 12:58:07 · answer #3 · answered by DetailSpaz 3 · 0⤊ 0⤋