Rent Affordibility Calculator
How Much Rent Can I Afford? Use this rent calculator to figure out how much apartment you can afford.
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Next Step: Find apartments within your budget
Type in your search location and maximum budget. We'll find the perfect rental apartment that fits your criteria.
Your total monthly household income is $5,833 before tax. That makes your after tax income approximately $5,000 (assuming total tax rate of 10%). We then deduct $0 from your income to pay for major expenses , leaving $5,000 for you to spend every month.
With $5,000 at your disposal every month, we recommend that you spend approximately $1,500 on rent which is about 26% of your monthly gross income. You'll be left with $3,500 to spend on other common living expenses. Part of this remaining money should go to savings while part of it should go to daily neccessities such as groceries, transportation, clothing, dining out, home utilities, etc.
If you'd like to live in luxury, you may choose to spend more money on rent and save up less. However, we recommend you pick a place that costs at most $2,000 per month in rent. Living at a place that exceeds your affordable range will leave you little money to spend on other neccessities and negatively impact the quality of life of your household. In addition, you should try to save up as much money as possible each month to account for unexpected expenses such as medical emergency, broken appliances, rental price increase and others.
Understanding your budget helps you make better decision while finding a place to live. Use the search function above to find apartments that fit your budget!
Knowing how much you can afford is essential
Sometimes it’s too late before we ask that very important question “how much rent can I afford?” The whole process of the apartment search is overwhelming: using apartment finders to locate one that looks decent, calling and making appointments to tour, and applying and finally being accepted. Sometimes the details of that question of “how much can I afford” is just not adequately considered.
We made this question easier to answer with our How Much Rent Can I Afford? Calculator. Especially when you are moving to a new area, it’s hard to know just how much you can spend each month on your apartment without leaving yourself with only oatmeal for breakfast and beans and rice for dinner.
Once you finish your calculations, plug in the results of our How Much Rent Can I Afford Calculator right into your RentLingo apartment search. You can search for apartments based solely on your budget. RentLingo’s apartment reviews and ratings so that you can narrow your search to the best apartments possible that will fit your budget. Don’t forget to factor in things like utilities, renter’s insurance and transportation costs. Also, each listing is complete with its own apartment guide that includes available amenities, apartment pictures and videos, location details, and contact information. Good luck with finding your next apartment!
A simple rule of thumb is you shouldn’t 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.