Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 1 month ago

How much do you have to make to afford an apartment ?

Update:

1 bedroom by myself 

Update 2:

Obviously it depends but it’s a general question 

Update 3:

Studio or 1 bedroom apartment?

Size of apt doesn’t matter. Luxury or not doesn’t matter.

Update 4:

USA 

10 Answers

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  • Anonymous
    1 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 

  • RICK
    Lv 7
    1 month ago

    At least 3 times the monthly rent

  • L
    Lv 5
    1 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.

  • 1 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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  • Anonymous
    1 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 P
    Lv 7
    1 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.

  • Scott
    Lv 7
    1 month ago

    Usually 3 times the monthly rent.

  • 1 month ago

    Aproxmatly 3x the rent. Research what your desired size unit costs in your area & x3.

  • 1 month ago

    Income of 3 times the rent is a commonly used rule of thumb by landlords.  

  • LILL
    Lv 7
    1 month ago

    Depends on the price of the apartment.

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