Let' say that I make $39,072 starting salary. No doubt, my annual salary will increase in the coming years. Each month, I make $3,256. I am single and have no kids. I am wondering how much I will be able to afford with rent on that salary. Thanks for the help!
2007-04-28 08:21:51 · 11 answers · asked by nick a 1 in Business & Finance ➔ Careers & Employment
As a property manager we require your rent to not exceed 35% of your gross monthly salary. I would expect you could pay up to 1100 a month. Of course that also will be affected by any other debt you have.
2007-05-01 13:09:45 · answer #1 · answered by oldfatcowboy 3 · 0⤊ 0⤋
If you don't have any dependents then it depends what your goals are.
Do you want to save as much as possible? Then rent a room in someone's home or share an apartment.
If you want lifestyle then you could spend a lot on rent. A rule of thumb for a mortgage is to spend 30% of your income, so you could apply that to your rent payment.
I'd say sock as much away as possible and put together a down payment for a year or 2 from now and grab hold of the American dream!
2007-04-28 08:27:51 · answer #2 · answered by MJ 3 · 1⤊ 0⤋
Uhhhh , $3256 is the gross , after tax , you are more like $2450 ,
Soooo , rent which should not exceed 25% is about $600 .
You'll still have utilities , vehicle costs (note ? insurance , maintenance , fuel ), groceries , laundry etc , etc , etc .
And since you are not yet getting a mortgage , max out savings so you'll have the 20% down ( about $40K) when you make the home purchase move .
At that income , a minimum of $500 a month should go into high yield savings .
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2007-04-28 08:49:32 · answer #3 · answered by kate 7 · 0⤊ 0⤋
the guideline of thumb is that hire would desire to be as much as one-third of your wages. i'm not sure, in spite of the indisputable fact that, if this rule potential your wages earlier tax or after tax. besides the indisputable fact that, i individually discover that this is not any longer even somewhat life like. I stay in imperative London so if i actually paid one-third of my wages for hire, with council tax, application expenses and transportation expenses on actual of this, i'd have purely a pittance left over, which might rather conceal food and not something. So, i chanced on a place the place my hire is decrease than one-5th of my take-homestead pay. My very own rule of thumb is while you're renting, continually discover the main inexpensive place you likely can. hire is purely lining somebody else's wallet. Pay as low as a possibility so as which you would be able to discover the money for to maintain up to your individual place.
2016-10-04 01:25:07 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Your rent +utilities should equal no more then 2 weeks salary or $1628.00 monthly That's if you make $ 3256 month take home pay or NET PAY ( with taxes already out).
If $ 3,256 is Gross pay then you need to subtract 21- 24% for taxes leaving you with approx 2568 a month net . Therefore rent + utilites should be no more then $1230 month
2007-04-28 08:31:50 · answer #5 · answered by That_ blue_ eyed_ Irish_ lass 6 · 0⤊ 1⤋
1 months rent should be no more than 1 weeks salary, give or take.
2007-04-28 08:25:07 · answer #6 · answered by cireengineering 6 · 4⤊ 0⤋
It's supposed to be 25% of your salary.
2007-04-28 08:25:59 · answer #7 · answered by tharnpfeffa 6 · 1⤊ 0⤋
In the range of 600-1100 a month.
2007-04-28 08:23:55 · answer #8 · answered by Anonymous · 0⤊ 1⤋
The standard is 27 to 33 % .The same as if you wanted to qualify for a mortgage.
2007-04-28 08:50:35 · answer #9 · answered by PAUL A 4 · 0⤊ 0⤋
Usully the amount that someone can afford for rent, is one weeks pay...Thats usually how rent is figured , you can go over a little, but its a good rule to follow....
2007-04-28 08:27:03 · answer #10 · answered by Dragon'sFire 6 · 1⤊ 0⤋