Is $18,000 a year a lot for rent?

$1,500 a month?  I have a job that's $50,000 before taxes, and i also get some commission since i work in inside sales.  one year i made around $60,000 total.

i recently bought a used car and pay around $200 for 36 months to pay off the loan.  $10,000 total.  which i may pay off early.  

i still have health insurance, car insurance, will need to pay for cable and internet, cell phone bill, and obviously food.

for the most part, we've working from home during the pandemic, so i will save a little in driving and gas.  i don't expect to be back in the office at all this year, at least not until a vaccine is available and safe. 

how much would renters insurance be?  the apartment is in wheaton IL if that matters near Chicago.  the place is 766 sq ft total.  1 bed 1 bath.  but i'm single so i wouldn't be sharing.  

i pretty much have all the furniture at my current place i can take with me for starters.  might need a couch or two.  but that's about it.

am i missing anything else?

Update:

@N2mama  - i am looking everywhere, but i am trying to find a centralized location between my work in oak brook terrace, and within decent driving distance of my parents and college of dupage if possible.  location is everything!  

6 Answers

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  • n2mama
    Lv 7
    1 month ago
    Favorite Answer

    Wheaton is kind of a pricey suburb, have you considered other communities nearby, like Carol Stream, Glendale Heights, or Bloomingdale? One bed one bath apartments in those towns are closer to $1000/month, and they are all still in that same general area. You are right on the cusp of unaffordable at $1500/month on a 50k salary, so to save a couple hundred a month on rent shouldn’t be ignored. Renters insurance is pretty cheap, think less than a tank of gas a month.

    If you currently live on your own you are probably pretty set up with household basics, which is good. Because there’s a lot more to setting up a house than just furniture. All the small things you need, from dishes and silverware and kitchen gadgets to garbage cans, cleaning supplies, toilet paper can really add up in a hurry.

  • Anonymous
    1 month ago

    Get use to be single with your ugly short fat troll  big boned *** shouldn't you...

  • 1 month ago

    Most landlords require you to make three times the rent each month, putting you in the $1000-1250 range on maximum rent if you live alone.  Why do landlords do this?  Because they know you have other expenses than rent.  Things like food, fun and car payments, insurance, vacations, gas, utilities and car maintenance and takes into consideration the need to save for your future.  Then of course there are those pesky income taxes we all have to pay.  So $1500/month is a lot based upon your income. If you want a nicer place, consider getting a roommate to share the costs.  PS renters insurance is cheap.

    My advice to you is to talk to your friends who do live independently or better yet, your parents.  They can help you make a budget of real world expenses that come up on a monthly basis, plus the ones that don't come up on a monthly basis, or can ever be planned (like having the money to pay a speeding ticket or what to do if you can't work for some reason).

  • ,
    Lv 6
    1 month ago

    Some idiots on here say your rent and all your bills should not be more than a third of your income, generally speaking but if you are earning twice that amount you could afford it even though that would be half of your income for example, if I earned two million and my rent is one million, it's more than a third of my income but, wouldn't I survive on just the one million or not? It's for you to decide if you can afford it or not, or if you want to pay that. It's not size that matters neither, for example a small flat in London can be as much as £2,000 a month for something very basic but go to Manchester and the same size flat/apartment would be £400.

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  • 1 month ago

    1 bad 1 bath sounds too little for 1500 a month. like really. but i think u can afford it undoubtedly  

  • 1 month ago

    If your income is $50K, renting a place for $1666 + utilities should be within your income.  Renters insurance is based on what you purchase (like car insurance) budget around $120. 

    It sounds like this will work out for you.

    Enjoy.

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