To afford a $795 rent in CA? I think it's about time to move out of my parents house..lol..
2007-12-27 13:20:07 · 5 answers · asked by Debbie M 2 in Business & Finance ➔ Renting & Real Estate
Minimum of $2650 take-home per month - your rent shouldn't be more than 30% of your income...
2007-12-27 13:24:14 · answer #1 · answered by Kim 4 · 0⤊ 0⤋
Typically, you can afford a mortgage payment that is 28% of your gross Monthly income. Since rent is not tax deductible the percentage would be slightly lower. 25% of monthly Gross income. .25 divided by $795 = $3180
2007-12-27 21:27:41 · answer #2 · answered by beckoningsubstitutes 5 · 0⤊ 0⤋
Many landlords have their own income requirements that can range anywhere from 3 to 4 times the rent.
2007-12-27 23:20:38 · answer #3 · answered by ? 6 · 0⤊ 0⤋
Your rent should be 30% of your income, but with inflation and stagnant salaries that's more of an ideal than reality. You would need to estimate what your total monthly expenses will be.
Rent - $ 795
Utilities (electricity, gas, phone)- ?
Cell phone - ?
food-?
transportation-?
credit cards and/or insurance-?
savings (rainy day and/or nest egg)-?
misc (movies, takeout, gas)- ?
clothing-?
2007-12-27 21:30:39 · answer #4 · answered by Anonymous · 0⤊ 0⤋
About $2400 per month gross. Your rent should be no more than 30% of your gross income.
2007-12-27 21:25:10 · answer #5 · answered by Butterfly Lover 7 · 0⤊ 0⤋