What rent payment can i afford

Adjust the percentage lever to determine the right fit for your budget. My annual household income is. Calculate Rent. Rentals Matching Your Budget.

View All Rentals. View Rentals. What percentage of my income should go toward rent? Most personal finance experts would recommend paying no more than 30 percent of gross before tax monthly income for rent. Another target is to spend no more than 50 percent of net income after taxes on rent, utilities and all other monthly living expenses.

However, there is no one-size-fits-all model, and the best way to decide is to write out exactly how much you earn each month, how much you spend on living expenses and how much you want to save. Then tailor your budget accordingly. What is the budget rule? Future you will thank you for making your emergency fund and retirement savings a priority. If you still want to cut expenses, jump on the phone.

For any bill you pay — utilities, credit cards, loans, mortgage, insurance — call that company's customer service team. Politely request to have your bills lowered or deferred. Don't be afraid to ask to speak with the representative's manager, who may be in a better position to help you.

Call or visit This free, confidential service helps many people pay bills and rent, secure food, access the internet and more. Learn more ways to save on a tight budget. See a breakdown of your income and expenses. Find out how much money you should spend each month. How much should you spend on rent? Figure out what can you afford to spend on rent.

Factor in other costs. Look for savings. Enter for a chance to win Christmas cash! Sometimes renting really is the best option. But the truth is, most people are spending a lot more than that on their housing costs. And you need room in your budget for food, gas, car maintenance and paying off your debts. And if you really want to buy a house, then use that drive to help you tackle your goals even faster.

Sure, you might have other reasons to rent instead of buy right now. House fever can come on strong when you see your friends buying their first homes.

But there are plenty of pros for renting. Most of the time, houses are going to cost more to rent than an apartment depending on the cost of living in your area. The average price for a one-bedroom apartment in the U.

If you live in small-town America, though, that number is probably way less. And of course, if you live in the heart of NYC, that number could be much higher. Still, apartments usually have fewer hoops to jump through and fewer up-front costs for getting your couch in the front door. Whether you decide to rent a house or an apartment, just keep in mind that both are hard to come by these days. Aka—be prepared to compete with a lot more people looking for rental properties these days.

Here are some tips to help you figure out how to afford rent and keep it from eating away at your budget.