Use the below rent affordability calculator to determine how much you could spend on rent based on your monthly gross income, debts, expenses and savings.
How Much Rent Can I Afford?
Frequently Asked Questions about Calculating Rent Affordability
What can I afford to rent with my salary?
A good rule of thumb is to spend no more than 40 percent on rent, and your total living expenses should be 30% or less.
What percentage of your salary should go to rent?
30% : When you’re looking at how much of your monthly income should go towards rent, consider all the factors. You may want to spend 50% on it and take into account things like renter’s insurance or an initial security deposit as well!
How much rent can I afford on 40000 a year?
$1000 : Experts recommend that you shouldn’t spend more than 30% of your monthly take-home pay on rent. So if you earn $40,000 per year, you should not spend more than $1000 on monthly rent.
How much do you need to make to afford $1500 rent?
$5,000 : As per the general rule of thumb, 30% of your monthly income should go to rent. So, to afford $1,500 per month rent, you should be making $5,000 per month or $60,000 per year.