How Much Rent Can You Afford?
Bankers recommend spending not more than 1/3 of your after tax monthly income on housing (rent and utilities). You may have to spend more, but make sure you have enough to cover food, other bills, and some fun.
Monthly Income:
Rent:

Knowing how much you can afford is essential

Sometimes it is too late before we ask that very important question how much rent can I afford? The whole process of the apartment search is overwhelming:

Do not forget to factor in things like utilities, renter insurance and transportation costs.

A simple rule of thumb is you should not spend more than 1/3 of your after tax salary on rent. For example if your household makes $4,500/month after tax, then you should ideally stay under $1,500. You can plug in your salary and other sources of income above to quickly determine the right amount for you.

For many, the rent-to-own home may be the best option. Also called a lease-to-own house, the process works similarly to a car lease: Renters pay a certain amount each month to live in the house, and at the end of a set period -- generally within three years -- they have the option to buy the house. Each month of rent they pay is income for the seller, while a portion of it goes toward a down payment to eventually buy the home.

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