Rental Calculator How Much Can I Afford

You can use the slider to change the percentage of your income you want spend on housing. After taxes you should have around 3 270. Property managers typically use gross income to qualify applicants so the tool assumes your net income is taxed at 25.

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Rental calculator how much can i afford. How much rent can i afford. How much should i spend on rent. Apartment list s rent calculator uses your income and expenses to determine how much rent you can afford and then helps you find great apartments in your budget. Actual tax rates vary.

To calculate how much rent you can afford we multiply your gross monthly income by 20 30 or 40 based on how much you want to spend. One third of 3270 is about 980 and that s what your monthly rent should be on 50k a year. So if you have a 35 000 a year job the maximum rent you can afford is 875 per month. A simple rule of thumb is you shouldn t spend more than 1 3 of your after tax salary on rent.

Others look for 30 of your monthly income but in reality these two methods are just two different mathematical ways to get to the same place. Apartment communities look for an annual income that is 40 times your monthly rent. The final number represents the money you have left to spend per month. Also experiment with other financial calculators or explore hundreds of other calculators covering topics such as math fitness health and many more.

As an example your annual salary is 50k that leaves you with 4 166 month. If you use the additional options we deduct the rent from your income and subtract your debt expenses and savings from the remaining money depending on which fields you filled in. Input your net after tax income and the calculator will display rentals up to 40 of your estimated gross income. Free rent calculator to estimate the range of affordable monthly rent based on income and debt.