Most home loans require a down payment of at least 3%. . Health Insurance $0 Student Loans Total/yr (50 wks paid) $30,000 Good luck! Child care -$192 Groceries/food est. Hello. 12 X 25 = $300 plus 7.75 X 15 = 116, totaling $416 a week, or $20,800 a 50 week year (we dont use 52 week year in the calculation, because hourly workers often dont have paid vacations or sick days.) car insurance is $120 $30,500 Unfortunately, you (like so many of our readers) have too high car expenses that dont leave enough room for either rent. taxes/deductions 20% ($5,460) $2,313 rent -$750 Food: $125. Groceries/food est. However, your other monthly bills are on the low end, so you probably could make it. If you live upstate New York, you can certainly get a small apartment at that, but not in New York City. Car Payment/ insurance/gas -$588 Hello , Ive been looking for places for my boyfriend and I to move into. Car insurance $0 hourly rent target - My First Apartment Est. Credit Cards -$35 Your Budget but in most markets youd probably have to also trade down your car, if you want to live alone. Last year my salary was $24,772.08, but I have been offered another position making $32,220. or Commuting est. Per month take-home est. -$40 https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ Whatever you do, do not fall into a credit card trap to make ends meet! Car payments $0 $125) *Clothing, entertainment, vacations, etc. Car insurance $0 rent. cable/internet (20% of rent) -$130 or Commuting est. You should check out with your local housing services to see if you qualify for rent help. $367 Hello, I just started my new job that pays 14.25 an hour with 40 hours a week, my car payment is 329.00 and other bills are 300 Im wondering what the highest amount of rent I can afford? Child care Credit Cards $0 Hello I make 14.50 a hr I work 40 hrs a weeks Im a mother of one and looking to move the only thing I pay is a phone bill 186.00 and my car insurance 100.00 my car is paid for how much am I looking at for rent each month? If you must move and only expenses you have to pay are rent, electric and food, you could probably squeeze by, but there is no room for error and you need all extra hours you can get. Child care (see below 1.) Good luck! Hours 40 As long as your car loan and related costs (insurance, gas) take $500 or more off the top of your monthly take-home, you have to live very frugally with all your other expenses if you want to spend $500-$600 on rent. Less: Rent $500, utilities $100, phone $50, loan $150 (in November more?? Less: Other deductions (health insurance, 401K, etc.) -$300 $401 Loan 1: $127.23 if you pay a car note, no you will need to get a second job or uber for a few hours a week. How would that also look like ? Student Loan $0 Child care Looking to move into 1 bedroom 896.00/month no utilities included. Health Insurance (See below 3.) rent target in this post https://www.myfirstapartment.com/2016/07/how-much-rent-can-i-afford-on-my-hourly-pay/ . Hours 40 $0 Pay/hr $17.00 $1,219 -$50 Car payments -$418 What would my budget be for 800 a month rent. $380 It is very hard to try to figure out a budget not knowing any of your monthly expenses. I work 40 hrs a week but Im cutting it down to 30. Public transportation monthly pass (est. Looks like you can handle that $800 rent, but it does not leave much room for savings. Groceries/Food -$300 that is doable to you, but it would not leave much room for savings. I make 10.50 an hour and i get payed every two weeks and i do about 49 Hours per week .i found a apartment for 800 a month do yoi think i could afford it. Savings (10% of take-home) -$364 We have sat down and looked through our finances and have a rough idea on what we can spend on rent, being first timers we are not to entirely sure if our calculations are right, can you Please help us get a idea of our rent budget? Around $26.50 hourly (gross income) will I be able to live comfortably in a Suburb for 1,100 monthly rent? Est. -$50 rent -$350 After tax take-home $13,706 Car loan or lease payment -$89 If moving from your current place is a must, roommate share is your best option. Car payments -$275 Let us know what you find out and good luck! Hopefully, you live in an area where apartments are available in the range that you can afford. Im an electrician In Orlando Florida. Good luck! Total/yr (50 wks paid) $35,000 Hi Kristy, rent formula, your rent is $20,800 divided by 40 = $520 a month. Cash left for Discretionary Spending, if has car $400 Utilities, incl. Less: Other deductions (health insurance, 401K, etc.) Savings (target 10% of take-home) $0 Hope you saw Kitsune Mikos earlier advice. Hi Cris, as much as you can). rent -$725 Total/yr (50 wks paid) $28,000 Savings (target 10% of take-home) -$100 taxes 15% ($3,549) Est. $20,000 Credit Cards Car Insurance -$169 rent -$650 Laundry/Dry Cleaning -$40 If that is the case and you have no other big bills than the child support, you could afford rent in the $900 range. Other fixed bills Per month take-home est. $125) Health insurance $50/week? Hello, i am moving to texas next year, ill have 10k saved up. Car payments $0 Good luck! Annual Salary (see below 1.) See below. Hours 40 Groceries/food est. Good luck! If you can keep your rent in the $600 range (it may be a roommate share) and save 25% of your take-home pay, you can almost pay off your debt in one year. There are many things we dont know about your situation, such as how old is your child. After tax take-home $24,300 Public transportation monthly pass (est. Good luck! Will I be able to afford rent and the following expenses Laundry/Dry Cleaning -$40 Find your max. $0 Metro Card -$114 Student Loans -$400 you have to cover. Maximum Rent -$535 Any chance for some help with my budget? Misc: 75.00 My sister and her boyfriend and my boyfriend and I have decided to save up and get a trailer (mobile home) together. Hours 40 Health Insurance $0 Less: Estimated taxes 20% (see below 2.) $1,014 Our basic formula in the chart that you saw in the post says your maximum is $500 a month. Less: Other deductions (health insurance, 401K, etc.) Lisas Budget: Its about surviving day to day right now. Student Loan $0 Cell Phone Car insurance $0 Utilities, incl. Can you find a place for around $350 a month? https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ He going to look for between a 10 to 11 dollar paying job. Great chart! Total Monthly Essential Expenses -$2,404, Cash left for Savings and Discretionary Spending 4.) The median wage per hour in the US is $15.35 in 2023. Less: Estimated taxes 10% (see below 2.) Maximum Rent -$350 Gas est. what would you recommend as a price range for apartments? Good luck! See below. Pay/hr $11.00 Just call the companies and ask for better deal or leave for a competitor. I will be going to school up at the U. I do have a car but I dont need to take on the payments for a bit. Car loan or lease payment If you pay about 15% in taxes, you take home about $17,600 a year or $1,470 a month. Cell phones -$160 As you can see on the post https://www.myfirstapartment.com/2016/07/how-much-rent-can-i-afford-on-my-hourly-pay/ at 35 hours a week, your max. Car insurance $0 cable/internet (20% of rent) -$96 Credit Cards Hours 40 Monthly take-home pay (above /12) $2,250, Monthly Essential Living Expenses I will be making $25/hr for an internship in Chicago. Savings (target 10% of take-home) Emergency Fund -$150 As you see in the chart, at your pay and hours your target max. Credit Cards $0 Laundry/Dry Cleaning -$40 -$300 Child care Less: Other deductions (health insurance, 401K, etc.) Cell Phone -100 Hi, I currently make 15.00 per hour at 40 hours a week. How much rent can I afford? Credit Cards $0 It will probably tell you that $650 is far too high, because of your car expenses. -$300 Gas Student Loans $0 Savings (target $300/paycheck) $600 :), how many hours a week will you be working? Total/yr (50 wks paid) $26,000 Less: Estimated taxes 15% (see below 2.) As far as expenses will pay 50 per pay period on health insurance, 28 a week on bus fare and my bf pays 100 on our mobile bill and pays his student loans every month. Be careful with this method, however. -$5,700 Total Monthly Essential Expenses -$1,745, Cash SHORTFALL for Savings and Discretionary Spending 4.) Other fixed bills Give feedback Location Household Income $ Pay Period Car loan or lease payment -$225 Gas $0 Your rough budget below, shows that you could manage at that level but it is tight we like to see at least $200 a week for other living expenses and savings. Id like to continue to put 10% of my salary toward a 401k as well as saving around $300 per paycheck . If you can stay where you are, take a year and try to pay off as much of your debt as you can and also save at least $2,000 for the initial rent and moving expenses. My medical insurance is covered through my job. Your roommate at $20/hr and 40 hours/week could go as high as $1,000 in rent. If 40, you can afford about 800-850. Utilities, incl. Total- $750, Hi Austin, If I make 11.80 a hour work 40 hours a week making 1,360 a month only expensise are phone 97 food 100 insurance 116 gas 50 and the apartment is 540 a month utilities included can I afford the apartment, Hi William, Good luck! Your bonus should go towards building an emergency fund. After tax take-home $17,000, Per month take-home $1,417 I get paid biweekly. (We estimated your tax deductions at 20%.) or Commuting (includes gas?) rent of 35% of your take-home pay. I dont pay for my car and my work pays for gas. And my car saves a lot of gas, so i only spend really 20$ a month on gas., but to keep the car maintained thats a whole different expense we can put that under the priority potential spendings. Use our printable budgeting worksheet for a detailed estimate. Hi Cheyenne, Groceries/Food -$300 Could you please tell me if this is affordable for me, and make me out a budget? $36,000 Other fixed bills The chart tells you that at $16.50 and hour, inclusive of tips, your max. Hello, Phone Bill: $94. rent of 35% of your estimated take-home, or $607. Double check the numbers with this worksheet https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/. or Commuting est. Child care $0 Gas -$50 Rent at $15 /40 hours from chart. However, you would be safer basing your rent target on your income alone, because your BF plans to take of your son. Good luck! If you dont have a car and can use public transportation, youll have $193 shortfall a month, before discretionary expenses. I make 14.00 per hour and get paid bi-weekly (80 hours). You need to target to have at least $400 or so left over for discretionary spending a month, and a little something to start an emergency fund. At $14/hr. Car insurance/phone: 125.00 Just tell us where you want to live, how much you earn, and your monthly expenses. Per month take-home est. $20,600 How much rent can I afford with utilities and living expenses included? Car loan or lease payment If you work 55-60 hours a week and hours are stable you could afford $575 rent, but why dont you just bring a sleeping bag and sleep under your desk, since you basically live at your work anyway! Cash left for Discretionary Spending, if public transportation. I make 13.75 and there are apartments around here that are a 2 bedroom, 1019 with utilities included and no need for a deposit. Child care -$620 Groceries/food est. Student Loans $0 Gas -$60 $2,175 After tax take-home $20,111 -$300 $30,992 (at $14.90/40hours*52 weeks) Car insurance -$180 Income Rental Budget; $25 per hour* $1,300 per month . cable/internet (20% of rent) -$163 Cash left for all other expenses/Month $458 Depending where you live, you are probably looking at a roommate share for $300. $1,750 Cell Phone -$80 Hi Im Carlos I make 10 an hour and I work 56 hours a week so I work every day, I get 16 hours of over time every week so I would get paid 15 an hour for 16 hours and my gf is going to start working and not then likely she will get paid 10 an hour 40 hours a week we would waste about 100 on food what would we be able to waste on a apartment ? Cash left for Discretionary Spending, if public transportation. Cell Phone -$450 Maximum Rent -$850 Use this budgeting worksheet https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ to see what you could afford. or Commuting est. How much can I afford in rent per month. Car insurance -$150 I Make 12.50 an hr 40 hours a week, paid weekly, car insurance is 264, 13 dollar health insurance, gas about 20 dollars that lasts up to 2 weeks. How much rent can i afford? It does not even cover one movie ticket. Est. Est. CC: $28 or more every month (every check) -$3,000 Gas est. Total/yr (50 wks paid) $40,000 Car Insurance ? Sarahs Budget: Meanwhile, take all extra hours you can at work and live extra frugally and keep fingers crossed for a raise or better job. Maximum Rent = 35% of take-home -$607 Hi Elle, $520 Food- $200.00 My wifes disability income: $790 Health Insurance (See below 3.) Child care Hi David, -$80 Cell Phone -$26 Internet 75, Hi Moe, Groceries/Food -$200 Cash left for all other expenses/Month $271 So, your total income, after taxes is $4,600 (including your sister whos having a baby?) I have a 419 car payment a month and thats it. Total Cash in $2,382 Est. My credit cards will be paid off soon $200 balance, I usually carry a $0. Car payments $0 Maximum Rent = 35% of take-home -$655 It looks to us that youll be starting out in a roommate share, like so may of new grads. Cell Phone -$50 Health Insurance (See below 3.) It does not seem to leave you enough for any discretionary expenses, unless you go on a full Ramen diet. Less: Estimated taxes 25% (see below 2.) Credit Cards $0 Laundry/dry cleaning est. Laundry/Dry Cleaning -$40 Total/yr (50 wks paid) $27,000 Health Insurance (See below 3.) $0 -$4,954 Cash left for Discretionary Spending, if public transportation. On my short week I work 36 hours with Overtime on some weeks . Per month take-home est. According to the chart in the post, he should be able to afford up to about $500 in rent, but since we dont know any of his other expenses there is no way to know for sure. Monthly take-home pay (above /12) $1,270, Monthly Essential Living Expenses I dont want to get something so crazy expensive that I would not save any money. im searching for a roommate to move in with but that doesnt seem very likely to happen so im looking for apartments in the $700 zone. Laundry/dry cleaning est. taxes/deductions 20% ($5,200) Cash left for all other expenses/Month $329 Its really tight, but you could probably do with all the help you receive currently, if you know how to live frugally. The average rent out here is $800 and $900 for a 1 bedroom. Health Insurance (See below 3.) Other fixed bills Monthly take-home pay (above /12) $1,867, Monthly Essential Living Expenses -$700 Your Budget Good luck! Can you break it down for me and show me what I can afford? Credit card -$80 Gas / maintenance -$150 What does it say. Pay/hr $10.00 https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ You may want to wait until you get more hours before you move, while saving at least as much each month as you think your rent will be. Our rule-of-thumb is that you need to have 3 times your monthly rent saved before moving, but you should aim to save more, in order to leave you an emergency fund after your moving-related expenses. Pay/hr $11.09 -$40 Use this budgeting worksheet https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ to estimate what would be a comfortable rent range for you. I also have a savings. Getting a roommate isnt an option for me either. Could you please go in depth as to how much I could afford on an apartment. Monthly take-home pay (above /12) $2,734, Monthly Essential Living Expenses Less: Other deductions (health insurance, 401K, etc.) -$230 Child care How Much Rent Can I Afford? - Rent Affordability Calculator | Zumper Child care -$60 Per month take-home est. -$40 Per month take-home est. Cell phone -$80 Cell phone -$80 Let us know if you find a way to lower that insurance bill. Hi Valeria, -$125 Monthly take-home pay (above /12) $1,444, Monthly Essential Living Expenses Any loans? I make $21.84hr and my expense are as follow: Car payment :$341.26 Otherwise, with your expenses, you need to increase your income before you can move out. Maximum Rent = 35% of take-home -$675 Affordability Calculator - How Much House Can I Afford? | Zillow We calculated your budget without the child support because youll need that money for the childs expenses. 20$ $ 225 Car insurance/ phone -$225 Childcare -$346 Hours 32 Student Loans $0 Cash left for Discretionary Spending, if public transportation. With your nice savings, potential extra overtime pay that we did not include in the rent formula, you should be comfortable in the $700-$800 rent range and still be able to put at least 10% of your pay in savings (including the 401K). Health Insurance (See below 3.) But shes looking for better work. I can answer this question myself.. Im on child support fee. Am I able to afford $750-$800 with my other bills? $800 is pushing it, but if you work a full 40 hours a week and have no other fixed costs and know how to live frugally, you should be able to do it. -$40 Your car expenses take a third of your take-home and that does not leave you enough room for rent and other living expenses. I make 20 an hour. cable/internet -$100 Groceries/Food -$300 Total Monthly Essential Expenses -$1,663, Cash left for Savings and Discretionary Spending 4.) out on your 401K. Health Insurance $0 That's 10% of my take-home pay. $410 First, you need to have money for transportation to work, then you need money for food and childcare. Total Monthly Essential Expenses -$1,588, Cash left for Savings and Discretionary Spending 4.) Monthly take-home pay (above /12) $1,733, Monthly Essential Living Expenses Laundry/dry cleaning est. Hi Sean, The answer is no. Thank you :), Also as a side note, I would absolutely need internet which is about $40 a month. Cash left for Discretionary Spending, if public transportation, I make $11 an hour and it is literally impossible to find any apartment in my area for less than $600 monthly, lol. If you eyeball the chart at $11/45 hour/wk, the max. i wanted to know if i could afford a apartment $807 a month i would have to pay electric and gas heat only. Gas -$50 $125) Most of that $3500 savings will be gone to rent, security deposit and initial apartment expenses, so you need to start rebuilding your savings after you move in. Parking for work: $60/weekly Cell phone -$140 Savings (target 10% of take-home) -$373 The calculator in this article gives you your ideal monthly rent payment based on these two factors. You work for a good company, so make sure you take advantage of any benefits they offer, such as a 401K savings plan. Good luck! $125) -$125 Can you trade in your car and use public transportation? -$4,590 Car note (refinanced to $274.50) $3,733 rent -$575 Health Insurance (See below 3.) Is there any way that you could find cheaper car insurance? taxes/deductions 15% ($2,625) I want to rent an apartment at $640 a month. Student Loans Total housing $1,350 That said, you do not need to go to the maximum, leave yourselves a little leeway for any job hick-ups. rent -$1,000 Good luck! Cash left for Discretionary Spending, if public transportation. Cell phone -$80 Im trying to move along with my roommate who makes way more than me, 20 something an hour. or Commuting est. Cell phone -$105 Would you be happier counting your pennies in a $200-$250 roommate share than living at home with ready meals and maybe even laundry done for you. Utilities 20% of rent (electric, water, trash, internet) -$170 Im retired. Pay/hr $32.00 Car insurance -$150 taxes/deductions 25% ($8,125) My phone bill is $45. Wifi 10 -$300 Gas est. Use your actual income and expenses and try to have about $400 a month left for savings and discretionary expenses. Internet 50. rent is $900-$950. https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ 50% Living Expenses X,XXX / mo. Pay is pretty consistent -$1,250 Hi Logan, Utilities 20% of rent (electric, water, trash, internet) -$179 Car loan or lease payment -$513 Your Budget My boyfriend and I want to get a 2 bedroom apartment in the $775 $815 range. I have paid off my credit card(s), So, my lists of things to pay monthly is car insurance $ 290, phone bill $54.25, life ins $48.54 quartley. Other fixed bills Car insurance -$388 -$125 Cell phone est. Good luck! Cell phone -$120 Utilities 20% of rent (electric, water, trash, internet) $0 -$300 -$250 What should I try to keep my rent under? Health Insurance $0 Groceries/food est. Estimated annual take-home pay $23,800 $56,000 I have cell phone of 85.00 per month electric is appx 150 per month and cable is 145.00 per month. Less: Estimated taxes 20% (see below 2.) I pay $120 for insurance, $200 car payment, $350 in student loans. gas: $36 Cell Phone -$50 Annual Salary (see below 1.) The answer is no. Car loan or lease payment -$245 My car note is 135 and insurance is 144. Hello, I make $19.06 an hour and I work 22.5 hours a week. Utilities, incl. Credit Cards $0 insurance?) Being a single mom, its doubly hard to make the numbers work, but you do have a job with benefits and get child support, which helps. Total/yr (50 wks paid) $50,000 I work nightshift and get a dollar more due to differential pay and a dollar more on weekends. or Commuting est. Look at the numbers below and see what is missing. Est. Hi guys, I have a question regarding the estimator showed above. Cell phone -$80 $390 car loans https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/. Hi my name is anna I work 40 hours a week and get paid $12.50 an hour I have my car insurance which is $100 , gym $36, medical $75 ,phone $160 and credit card of $25 payment how much will I have left to rent a room? Savings (target 10% of take-home) $142 Monthly take-home pay $2,897, Monthly Essential Living Expenses I want to move out with my girlfriend on one income. With your good income, there is no reason to keep that balance rolling over month-to-month. Cash left for all other expenses/Month -$357 Hey me and my girlfriend is trying to move out and the place we found with rent and utilities included are about $1,130 thats rent, power, water, trash, cable, and internet Gas est. 25 hrs $15,000 Laundry/dry cleaning est. Wed like you to get a place that you can afford on your main job only, and use the second job to start building an emergency/savings account. Car payments -$265 In NYC, youll pay high rent, but you do not need a car, which is a huge saving. So, if you look at 40 hours at $16 for you, its $800 a month rent. Your cell phone looks low, so you are probably on your parents plan, which is a great savings. Car payments $0 Total/yr (50 wks paid) $20,125 $1800 of that is already spoken for from the expenses you listed above, which leaves around $700/mo for food, clothing, furniture/incidentals, entertainment and saving. When the extra hours come, youll be in a little better shape. I live in my paid off home and want to move to a apartment. Hi Troy, I dont want a roommate! -$3,863 rent. Have $50 phone bill. Savings (target 10% of take-home), Hello, I have been trying for days to figure out what I can afford and have came up with a number, but would like to see what you think. Target savings 10% of take-home $0 I have not yet started paying back student loans Report Post Tried and True #22 11 years ago 02/26/2012 11:55am EST re: jonjon Back To Index I pay 1250/month + 80-100/month for utilities. Car insurance payments -$100 Car payments -$300 Is that reasonable? Ok so I make 28.50 hourly according to this chart I can afford 1400 dollars rent but thats one whole check(net pay). Laundry/Dry Cleaning -$40 -$300 Annual Salary (see below 1.) You c. I make $10 an hour working 30-35 hours. If you want to do it faster you need to live very frugally, or, if you have the space, take in a short-term roommate. Per week (30-day month) $181. Hi Paulie, Clothing, entertainment, vacations, etc. Good luck! Utilities 20% of rent (electric, water, trash, internet) -$100 Student Loans Cash left for Discretionary Spending, if public transportation. Hi Brianna, Also, how does your GF get to work? Child care Monthly take-home pay (above /12) $1,594, Monthly Essential Living Expenses I have to pay insurance, student loans, utilities, phone, benefits, *No car payment*. rent -$569 Hi, I make $9.50 an hour and work 20-25 hours a week. Cash left for Discretionary Spending, if has car $479 Car Insurance -67 Total/yr (50 wks paid) $22,000 Insurance $0 Hours 40 After tax take-home $22,500 Good luck! taxes/deductions 15% ($5,100) $3,000 in savings will pay your initial expenses and get you settled in, but you need to continue saving for an emergency fund after your move. After tax take-home -Kristen $7,140 Groceries/food est.
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