Can I live on my own, in an apartment, at $35K / year?

Question

I currently live with my grandmother, with intentions to move into an efficiency within the next year. At $35k a year, in southern NJ, is this possible?

Answer 1

First thing, by general rule, if the rent is more than 25% of your take-home pay, don't do it! If that's OK, then make a list: 1.Rent, 2.Electric, 3.Gas,4.Water/Garbage, 5.Car Payment, 6.Car Insurance, 7.Phone, 8.Cable/Broadband, 9.Credit Cards. I recommend that you go to the apartment complex and knock on doors and ask at least 2 different tennants how much they pay for utilities, especially find out the highest they pay during the hottest months and the highest they pay during the coldest months. Everything else on the list you already know how much you are paying, so you can then estimate a typical month's expenses. Oh, and be sure not to forget that rental properties require deposits for gas, water, and cable. If after you total a typical month's expenses, you have at least $400 left over, then I think you can afford to do it. Hope this helps!

Answer 2

I think that your best bet would be to determine how much you are going to spend on rent and bills each month. Save the exact amount (minus what you give your grandmother each month) for 4-6 months and put it into a savings account. If you're able to do this without dipping into the money or going broke, go for it. You'll also have a nice chunk of change started for an emergency fund.

Answer 3

Depends on where in South Jersey you want to live, and how good you are at making and sticking to a budget.

When choosing a place to live, be sure and consider how much the utilities will be - you can request a copy of a unit's last 12 months of usage from the electric and gas companies, which will show their usage patterns and at least give you a rough idea of how much you will spend in utilities each month.

Of course, if you like your apartment VERY warm in the winter, and VERY cool in the summer, plan on spending dearly for it. Otherwise, stock up on sweatshirts and layer your clothes in the winter and kick the thermostat down lower to save on your gas bill and in the summer, buy a couple of fans and plan to be a bit warmer than you'd like to save on your electricity bill.

Good luck. I used to live in South Jersey and I hated it, but I think it was because I wasn't "a local".

Answer 4

I think you are going to make a big step in your life and that is alot to pay for an apartment. If I were you I'd plan on buying a house instead of paying that kind of money for an apartment. What you plan on paying for it is twice the amount my husband live on since he lost his job of 29 years and I'm now disabled with leukemia and believe me you will need to watch every penny. Good Luck and God Bless You.

Answer 5

Your housing should cost you no more than one week of your take-home income. You could stretch that to two weeks of income if you're willing to make other sacrifices like no dining out, drinking in bars, going to the movies, etc.

If your gross income (before taxes) is $35k, maybe you take home $28k. That makes your weekly income about $540.

Answer 6

i would bet yes, since that is above the national average income. Just don't count on partying all the time. Get on a budget and stick to it.

Answer 7

You'll be a bit strapped for cash if you get any unexpected bills and you wont be going on holidays - but I think you could live day to day fine.

Answer 8

Really just depends on the rent price, that's what you need to know. IM me if you want, just not enough information for me to try to help.

Answer 9

I can't afford it yet, on that salary. But many can. Depends what rentals cost in your area and you montly expenses - what debt you have.

Answer 10

I would think so.