- How Do I Rent An Apartment In NYC
How Much Rent Can pay?
What Neighborhood Fits My Criteria?
Different Type Of Rental Properties
Rent Controlled or Rent Stabilized
- Best Time To Rent An Apartment
No Fee Vs Fee
Find Low Income Or Affordable Housing
Features And Amenities
Difference Between An Agent And Broker
- How To View An Apartment
How To Start An Apartment Application
Signing A Lease Made Easy
Scam And Fraudulent Property Posting
How To Avoid Bait And Switch
- Renters Insurance and Renters Right
When Moving into a new apartment
Looking to Tip Your Doorman?
Get Your security Deposit Back
- Looking to Break Apartment My Lease ?
I want to Rent My Apartment to someone
International Students Guide World wide
How to Find a Roommate
Are You Ready? Apartment Search
How Much Rent Can You Pay Per Month
Many factors come into play when you search for a rental apartment: location, facilities, size and most importantly budget. It is never too late to ask yourself how much rent you can afford per month. Your rental affordability depends on your income and other monthly expenses which you can calculate with the help of Rent Calculator. Once you agree, you have to pay the numbers so, it is important to figure out how much rent you can pay.
How Much of Your Earnings Should Go To Rent?
The rule of thumb is dividing your annual salary by 40 and you would get the figure for your rent. For example, if you are earning $60,000 annually, then you can afford to spend $1,500 in housing costs. Or if you want to calculate for short-term earnings, spend 30% of your pay for rent. This rule will leave you with enough cash for other expenses like utilities, food and transportation.
Prepare Yourself for Other Expenses
Save some extra cash other than your rent. If you have a bad credit history, expect to pay more for a security deposit. If you are not making enough to pay for landlords, you might also need a guarantor. A guarantor is a third party who will be responsible to help you with your rent in case you can’t make up your rental numbers. Hiring a guarantor means extra cash. Try to convince a family member or friend to be your guarantor, this way you can save guarantor fee. You also need to spend extra $10 - $30 per month as rental insurance. In short, keep in mind all the expenses before you sign the rental agreement.
Rent Prices in Major US Cities
How much will you pay for rent largely depends on your rental location? Paying $1,500 can take you a lot further in cities like Minneapolis than in Los Angeles and New York City. However, New York has one of the most competitive rental settings in the country. And landlords in NYC expect you to make more than 40x of your rent.
Below is the list of major US cities with average rent and the amount you’d have to be making each month.
|City||Avg. Monthly Rent||Min. Monthly Income|
|New York City||$2,131||$7,100|
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