How much can we afford?

Question

I bring home $350 a week and my b/f brings home $400 a week. How much rent do you think we can afford each month?

Answer 1

Depends on what other bills you have such as car payments, insurance, credit cards etc. Also include electric, phone, heat, cable, internet, food, emergency fund, etc. And your lifestyle do you buy lunch everyday. Make an excel spreadsheet list your take home pay minus your daily / monthly expenses see what is left over and see where you can if you had to cut back. This is a question that varies by not only your income but expenses, and as such cannot be answered by such general information

Answer 2

you should be spending no more than $800 a month on rent which is about equalto 25% of your take home pay. 25% is pretty much the benchmark most people use but can be adjusted depending on the area that you live in. If you live in a town were prices are a lot higher I would have no problem going up to $1100 which is roughly 1/3 of your take home each month.

Answer 3

We make sure never to go over a weeks pay.But we also use the emergency rule as we call it. Lost days. If we each lose a day a week of work what will we make? Then what ever that comes too total for a week is the rent. So with you stay in the 6-700 range. If you go over 750 you will struggle in a emergency.

Answer 4

I would try to go for around $800 a month so you are not living paycheck to paycheck. You will have enough left over for food, utilities and savings.