How much do you have to make to afford an apartment ?
1 bedroom by myself
Obviously it depends but it’s a general question
Studio or 1 bedroom apartment?
Size of apt doesn’t matter. Luxury or not doesn’t matter.
- Anonymous1 month ago
I make $17 an hour and can afford a 607 sq ft $770 apartment + allocated water , $265 car note, $130 car insurance, $60 Wifi, $40 phone bill, light bill depends on usage. I live on my own so I don't spend a lot on groceries
- RICKLv 71 month ago
At least 3 times the monthly rent
- LLv 51 month ago
In most states, your monthly income MUST be 3-4 times more than the monthly rent amount. Example; if the rent is $500 a month - then your monthly income must be $1,500 to - $2,000 a month.
- SlumlordLv 71 month ago
If your income (gross, not net ie income without the deductions) minus debt payments is 3 times the rent, or more; then you are probably ok and will probably be accepted as an applicant, assuming your credit, work history and references are also ok.
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- Anonymous1 month ago
As a general rule your rent can be no more than 28% of your gross monthly income. (NOT 4 weeks in a month, there are 4.33)
So if you make $300 a week before taxes, you can only afford $364. $350=$425. $400=$485.
In expensive areas like CA or FL or NY they might let you go up to 33.3% of your income.
But, it's not just income. You need good credit and a good prior rental history.
When i got my first apartment, I was 30 and has 8+ years of great credit so I never considered that they would not take me. But they had a problem with that. I told them I had $30k or so in stocks at my brokerage account and brought them a statement and they accepted me.
I also could not prove my income because I was self employed and was behind on my taxes but the $30k+ in stocks set their mind at ease. Lived there for 12+ years and was never a day late. I should have bought a house a lot sooner but the apartment was very convenient for work and I did not want to buy in that area as it was trending down. The being unable to prove my income was an issue for that too. I could have gotten financed, just at a higher rate.
I ended up waiting and paying cash for my house. But financially, I could have bought pretty much any house even at a higher rate and come out ahead.
I was also hung up on an old girlfriend and wanted to be able to pack up & move cross country if she would have me. She ended up marrying some guy who is shorter than her. SMH. But, he treats her well and now makes 6 figures. Way more than me. But I retired young.
- R PLv 71 month ago
The industry standard is that your income must be at least 3x the rent. Some landlords require less, some require more. That's up to each landlord.
- ScottLv 71 month ago
Usually 3 times the monthly rent.
- Landlord365Lv 61 month ago
Aproxmatly 3x the rent. Research what your desired size unit costs in your area & x3.
- MichaelLv 71 month ago
Income of 3 times the rent is a commonly used rule of thumb by landlords.
- LILLLv 71 month ago
Depends on the price of the apartment.