How Much Should I Spend On Rent?  [Without Breaking the Bank]

Whether you are looking for your first apartment or considering renting a house or condo, you have to understand how much rent you can afford before applying or signing any lease. 

Why Renting Can Be A Good Choice

- Renting is a good choice for those who want flexibility and don’t fancy being responsible for their own home.  - Renting allows you the flexibility to easily move city and state without having to worry about the trouble of buying and selling a house.   - Renting is also a good choice for those who live in expensive cities such as LA or New York.

How Much Rent Can You Afford?

This is the total amount of money you can spend every month on everything after taxes. You want to ensure you aren’t living paycheck to paycheck just to pay rent and basic living expenses. 

1. Your salary after taxes

How Much Rent Can You Afford?

If you’re living in an expensive city, do you know which area in the city you want to ideally live? Knowing this will give you an estimate of what you’ll need to commit to renting and to find options to save more money.

2. Where you plan on living

How Much Rent Can You Afford?

This is something that may be checked if you are leasing an apartment. If you have a bad credit history, it may be more difficult to find the kind of apartment you’re looking for and less landlords willing to approve your application.

3. Credit history

How Much Rent Can You Afford?

You’ll want to take into consideration whether you’ll be living with any roommates, a significant other, or if you’re planning on living alone. Sharing an apartment with someone else can drastically reduce your monthly rent and total living expenses if you are splitting costs. 

4. Living situation

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