When you’re looking for an apartment, you want to find a rental price that won’t leave you living paycheck to paycheck. Calculating how much rent you can afford based on your salary is actually quite simple!
Usually, Property Managers require their tenants make at least 3x the amount of their yearly rent. The easiest way to find your max rent budget is to take your salary and divide it by 40. For a more accurate number, use your net salary as opposed to gross. The taxes that get taken out of your paycheck will not be around to help you pay your rent throughout the year!
Once you have this number, you should sit down and consider other expenses you will have every month, such as insurance, groceries, and utility bills. You don’t want to spend all of your money on rent, only to have nothing left over for your necessities!
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