I just moved to Washington DC and started a new job making 33K a year. This is the first "real" job I have ever had. I'm living at home for now and by summer I would like to find an apartment. I'm not sure what kind of rend I can afford on my new income.
2007-03-15 03:13:05 · 6 answers · asked by Nikki C 1 in Business & Finance ➔ Renting & Real Estate
Ignore the answer above. They are saying that you only pay .8/52*12= 18.5% of your after tax income (20% tax rate).
You should clear $2200/month. You are young and can enjoy yourself a little. You could probably spend $1000/month and still put money in your 401K and enjoy the city.
2007-03-15 03:39:15 · answer #1 · answered by NYC_Since_the_90s 6 · 0⤊ 1⤋
Only you really know what you can feel comfortable with....base your decision on what your other bills are too.
I do think that the most important thing would be to make sure that where you move is safe. A better neighborhood means lower rental insurance, lower car insurance etc. So what you might save in lower rent you will lose peace of mind, security and higher prices in other things....
GOOD LUCK and congrats on your new job!
2007-03-15 11:05:41 · answer #2 · answered by kissmymiddlefinger 5 · 0⤊ 0⤋
The goal is to try and keep your rent/mortgage payments to about 30% of your "net income". If you have little other debt, you can let that creep up a little higher. You definitely don't want to let it get too high, or you may find it a bit harder to budget in other things (like car repairs, travel, gifts, emergencies, medical expenses etc)
2007-03-15 10:51:09 · answer #3 · answered by yellrbird 5 · 1⤊ 0⤋
Hey dude.....I know you want to have your own place, to be "independent" and not have to answer to mum and dad....but have you considered staying at home, paying minimal rent to your parents,and investing the rest so you can build up a down payment to get your own place?
I never liked having room mates, because you will always get on each others nerves, no matter how hard you try. But if you must rent, my advice would be to get the cheapest place that you feel safe in....so you can save to buy your own place....if you stay at home you wont have to purchase pots and pans, beds, tv's etc, and all that other junk....
2007-03-15 11:03:51 · answer #4 · answered by Anonymous · 0⤊ 1⤋
divide your NET yearly pay by 52...that would be your weekly pay...the norm is never pay more than one weeks pay per month...in this case $634.61 would be the normal ...for this you might be able to buy a house...good luck...
2007-03-15 10:25:22 · answer #5 · answered by The Emperor of Ecstasy 5 · 0⤊ 1⤋
they say 30% of your income and nothing more
this included tv, phone,lights etc....
2007-03-15 10:22:04 · answer #6 · answered by elite_women_rule_the_rock 6 · 2⤊ 0⤋