Northern VA area.
2007-01-09 04:21:40 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
no car payments
no kids
2007-01-09 04:50:09 · update #1
If you've got a job making 45K a year and you can't figure out what sort of rent you can afford, please, hunt me down and kill me now.
2007-01-09 04:29:20 · answer #1 · answered by N.FromVT 3 · 0⤊ 0⤋
The one who said a week's gross pay is corrrect. That is for the monthly housing cost, in your case that would be $ 865.
You'd arrive at similar amount by calcualting the long way, using your federal income tax bracket of 25% with standard deductions plus your VA state tax rate of $720 plus 5.75% of the difference between your gross income and $ 17,000. Your net income with be around $31,000/year or just under $2,600/month. Take a third of that for housing and you have about $ 861/month. Bingo!
Check out the link below for a website on apts rents in Falls Church and surrounding areas. Looks like you'll have to pay on the average over $900/month for a one-bedroom or even a studio apartment but you can do it.
Since you're still single, you may want to share a two bedroom apt. with a friend or co-worker and split the cost. It'll come out cheaper than renting a 1-brm or studio by yourself. The rent difference between a 2-brm and a 1-brm is small and deviding it two ways , it'd be around $ 500/ month.
2007-01-09 13:12:15 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I'm not sure what your age has to do with affordability. More important are your other expenses - car notes, children, credit cards, insurance, student loans, etc... Then you want a comfort level with the residual income so that you don't have to significantly modify the lifestyle you want to keep.
Normally housing should constitute no more than 30% of your gross income, but the other factors can move that figure significantly up or down, with total recurring expenses not going over 50% of your gross - which is usually not too tight on $45K range
2007-01-09 12:28:22 · answer #3 · answered by walkinandrockin 3 · 1⤊ 0⤋
The old rule of thumb was 1 weeks pay. SO about $900
2007-01-09 12:30:25 · answer #4 · answered by BobbyR 4 · 0⤊ 0⤋
I would go as small, cheap and safe as you can handle so you can save your money and invest it so you don't have to rent and you can buy your dream house one day:)
2007-01-09 12:27:00 · answer #5 · answered by aroundtheom 3 · 0⤊ 0⤋