2006-12-19 09:52:26 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
NO,
your rent/ house payment should never be more than 1 weeks take home pay,
unless you like mac and cheese and hot dogs,
2006-12-19 09:55:56 · answer #1 · answered by fighterace26 3 · 1⤊ 1⤋
Sorry, but no. If you spend that much on rent, it will be hard for you to afford other things you need, like food and clothes. The rule of thumb is that your monthly rent shouldn't be more than 1/40 of your annual income. So if you make $1600 a month, that's $19,200 per year. $19,200 divided by 40 is $480. You shouldn't spend more than $480 a month on rent.
This is the same test that many complexes use to determine if you can afford their rent.
2006-12-19 18:01:55 · answer #2 · answered by David D 1 · 0⤊ 0⤋
Being a landlord for 16 years, I would encourage you to either find a cheaper place or pick up a side job for addional income. I've come accross many tenants during my time, and in the beginning things are fine but the moment they get an unforseen expense (car repair, medical expense, etc.) it becomes terribly difficult for them to make good on their rent payment.
Before I used to be very lenient when reviewing rental applications and I had a few bad ones slip in the door.
2006-12-19 18:06:59 · answer #3 · answered by RM 1 · 0⤊ 0⤋
Your lifestyle and spending habits will determine how long your money will last. However, money will still be tight and saving will almost be out of the question.
You may want to consider getting a roommate. This way you will still be able rent the place you want, and have someone to split all costs in half with you. You may also enjoy having the added company in your home.
On paper, we can analyze ourselves out of just about anything. Take advantage of the opportunity to be independent. Being aware of your spending habits and having a roommate will make things much easier.
2006-12-19 18:31:08 · answer #4 · answered by REInvestor 1 · 0⤊ 1⤋
The best rule of thumb is that housing should not exceed 25% of your take home pay. That would put your rent at $400 per month or your income at $2800 per month. Sounds like you are short on either end.
2006-12-19 17:57:45 · answer #5 · answered by united9198 7 · 1⤊ 1⤋
That wouldn't leave enough to live on. It takes at least $1200 to live on, not including rent, and that's only if you can fix your own car.
2006-12-19 17:58:41 · answer #6 · answered by Nomadd 7 · 0⤊ 0⤋
I'm in the same situation! So weigh your options..My place is really close to my work, pleasant safe neighborhood, etc..
I like living on a budget but it's hard. You have to sacrifice!
So weigh the pluses and the minuses!!
2006-12-19 18:02:34 · answer #7 · answered by Mee-OW =^..^= 7 · 0⤊ 0⤋
I suggest you hustle and make more $$$.
2006-12-20 06:14:10 · answer #8 · answered by ? 3 · 0⤊ 0⤋