2017 Update: You can download our new Printable Apartment Budgeting Worksheet and use it to estimate your rent and budget for all your expenses.
2016 Update: Also check out our recent posts that help you calculate the maximum affordable rent on your salary: How Much Rent Can I Afford on My Hourly Pay and Affordable Rent Calculator.
For many of our readers, moving into their own apartment is the ultimate goal. You want a place of your own, whether that means sharing an apartment with friends, or finding a studio you can call yours. But how do you get there? Earlier this year, we did a three part series on the topic. Now it’s time for a refresher course on how much money you’ll need each step of the way.
So, let’s dive right in! First and foremost, in 2013, the rental market is very tight. According to Reuters, the national vacancy rate in apartments is now 4.3% , down from 8% in 2009. And if you are looking for a place in NYC, San Francisco, Chicago and many other major markets it’s much lower. In other words: there aren’t many open apartments – and there are likely more people who want apartments than suitable apartments to go around. Which means that if you’re searching for a discount, or a deal, you’re unlikely to find one. It’s the simple reality of many hunters and few vacancies. If anything, you may have to pay a premium to get the place you want. So start saving! If you are a new grad making about $40,000, you’ll need $3,000 (detailed at the end of this post) in the bank before you can move.
Your Steady Income
If you’re looking to live in a place of your own, it’s best to have a steady income. You’ll be far more likely to secure a place, and you’ll have piece of mind once you move in. There are two common ways to determine the amount of apartment you can afford. Either:
- Divide your monthly take-home income by three, or
- Divide your gross annual income by forty
The resulting number is the absolute maximum you should pay in monthly rent. If you’re renting over your means, you’re going to be stressed every single month … and there’s never going to be a let-up. So stick to what you can afford. (If you don’t have a steady income, or you’re looking for work, or you’re looking into renting a share, see our tips for getting an apartment without meeting the income requirement. (Warning: you may need to have even more money saved.)
The Down Payment
Just because you meet the income requirements for a given price range, it doesn’t mean you’re done just yet. Scoring an apartment means putting down a security deposit. The security deposit is usually the same amount of money as one month’s rent. You’ll also likely be subjected to a background and credit check – which you’re often charged for, to the tune of $30-$100, depending on the management company. So that means that you’ll need to have roughly double your first month’s rent, plus $100 or so and you’ll need to be able to cut a check for that amount as soon as you want to secure a place. (Yes, you’ll eventually get back your security deposit, but that won’t be until the very end of your lease, provided you kept the apartment in good shape. In the meantime, it’s a thoroughly non-liquid asset that you need to save for.)
Moving
Don’t overlook this expense. Likely, it will either be for a moving-truck rental, or for a full-service move. Price each in your area. If you’re renting a moving truck in-town and doing the rest yourself, expect to pay around $40-$150 for the truck and supplies such as tape, boxes, etc. This is the recommended choice if you can live with a few dings to your furniture, you’re comfortable securing stuff in the back of the truck, you can drive a huge vehicle with aplomb, and you have recruit-able friends.
Generally speaking, if you’re doing a small full-service move in-city with a good company, expect to pay around $300-$600. If this seems like a lot, that’s because it is; that said, if you find a good company and you have nice stuff, there’s a lot of value in having someone carefully move it into your new place.
It’s unlikely you’ll get your moving expenses all the way down to zero. If you do, my hardy congratulations: you have great, strong friends and free access to a large vehicle. If this describes you, all you need to consider is the expense of getting your new place outfitted with the basics: toilet paper, cleaning supplies, light bulbs, paper towels, a dish rack, etc, etc. Expect to pay about $50-100 for apartment move-in basics, all told – and on the higher end, if you’re starting from zero.
Furniture
If you already have furniture, you’re in luck – you likely paid more to move, but now you’re done in this department. If you don’t have much furniture, remember that furniture is commodity for which you can pay almost any price. We have articles on how to furnish your place for under $500, under $1,000 and under $2,000. Paying more for furniture doesn’t guarantee a better product, but if you are patient and knowledgeable, you’ll be able to get long lasting, nice furniture if you spend a bit more money. That said, your first apartment doesn’t need to be Versailles. Spend an amount you’re comfortable with – and remember that aside from the basics, you don’t need to buy everything all at once. Consider visiting thrift shops intermittently. End tables, lamps, bookshelves and the like can be purchased gradually – so think of furniture as a recurring expense for the first year, rather than as one lump sum.
Utilities
We’ve ran an article with a breakdown of utility costs. Executive summary: you should expect to pay roughly $200 a month in utilities (which includes internet, a webstreaming service, and renter’s insurance in addition to the usual heat and electricity). Keep in mind that this is per unit, so if you’re sharing an apartment with friends, your individual cost will be significantly less. We’d also like to note that, as tempting as it may be to ignore, renter’s insurance is a must have. It’s less than $150 a year, and should you suffer a fire, flood or break-in, you’ll be able re-purchase your possessions and have someone else put you up in a hotel until your place is livable. So, get renter’s insurance!
Total Target Savings
1st month’s rent $1,000 – $40,000 salary/40
Security deposit $1,000 – one month’s rent
Moving costs $0-$500 – depending on if your are moving furniture (bed, etc.)
Furniture $0-$500 – if you moved with furniture $0, otherwise you’ll need some basics (bed, etc.)
Miscellaneous $500 – utility deposits, credit check fees, renter’s insurance, starter supplies
Total $3,000
I’m 20 years old. I currently have about $15,000 in my bank account. I get $1,015,32 every paycheck. Would I be able to afford an apartment with this? I don’t have a car. I desperately need to get out of a toxic household. Yes I know— I’ll need a car to be able to do that— but would I be able to afford to rent an apartment with what I have?
Hi, I’m trying to see if I can move to Charlotte, NC with two friends. I have $25k in my bank. I bought a brand new car in 2019 which I have no trouble paying for. I have an excellent credit score. I want to see if I have enough money to make this move while still living comfortably.
Definitely for one, if you are not financially stable enough for yourself, you should not take on being financially responsible for someone else. I live in NYC (which i like the 2nd or 3rd most expensive U.S. state). I’m getting ready to move out for the first time in a few months. I plan to save $10K-16K before moving out. The rent range is between $1200-$1350. Down payments are usually between $3K-$4K. I make $52K.
Hello I am a recent graduate. I am a full time elementary teacher. I make 45,000 a year and about 2,500 a month after tax I am trying to move to a new state this summer. The rent to where i want to stay right now is about 1,100 a month. I will be getting a new job there and the starting rate is about 56,00 a year with about 3,000 a month after tax. What price range do you think I should aim for so that I am not living paycheck to paycheck.
So I’m trying to move into a 2 bed and 2 bathroom apartment just by myself and I don’t have lots of stuff. And I don’t really have like a credit score, cause I’ve been with my parents and I just give them money to pay for my phone and other stuff I’m using . Would I be qualified to get an apartment? If yes what will be my starting payment? And monthly rent, cause the apartment around me is $1,235 to 1,600
Hi me and my fiance are moving out to wisconsin in february and i’m the only one working. The apartment is 490 a month and includes everything in rent. I need to start saving now i turn 18 in february and dont know how to save fast I work 4 hours 2 days a week and get paid 11 dollars an hour. I switched to 6 hours a day at my job and hoping to work 6 days a week I want to save as much as possible but with the holidays coming up I dont know if I can. I want to leave early Feabuary and the lastest early april. How much should I save and fast?
Hey. Yes. Like. Get. One. Place. Help. Me. Look. For. Some. Like. Live. Arkansas. Still. No. Help .on. This. Sold. I. D o. Go. On. This. My. Check. Come. In. 2. Day. But. Get. Around. About 25. 26. 27. Card. Just. Tail you. That. Get. Get. In. Two. Day. I. What. I. What. O. None. Get. And. Get. Out. Me. Kid. Two. Boy. God bless
I’m starting my junior year in college this fall, I’ve found a studio for about $700 a month. From my child support I am allotted roughly $400 a month and that’s not including my part-time job in which I work about 25 hours a week with $11 an hour. I have a thousand dollars saved up would moving be an achievable goal?
I’m starting my junior year in college this fall, I’ve found a studio for about $700 a month. From my child support I am allotted roughly $400 a month and that’s not including my part-time job in which I work about 25 hours a week with $11 an hour. I have a thousand dollars saved up would moving be an achievable goal?
see I’m really struggling with this because I want to move out as soon as possible but I don’t know if that’s realistic. I have 13k in savings but the apartments in my area are all around $950 a month plus electricity and trash/sewer/water and groceries, internet, and spending money would all probably be around $1700 or $1800 a month. I just started a job that only pays $13 an hour and it’d only be part time for the beginning.
Hello I’m thinking about moving in with my friend apartment
The rent altogether for me would be around $500 I have $3,600 would I be comfortable at this amount. I don’t have a lot of stuff so I could get someone to help me move, and I don’t need to pay a security deposit.
Hi Marcus,
You should be fine as long as your ongoing income is high enough so that you can comfortably:
1.) Pay your rent, utilities and all other fixed monthly bills
2.) Have $90-$100 a week left over for all your discretionary expenses
3.) Continue saving some money regularly (target 10% of your take-home income)
Use this worksheet https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ to run an estimate. If it shows that you’ll be dipping into savings monthly to pay rent, then you better have Plan B for when the savings run out.
Good luck!
Hello, I am a 24 year old who graduated in 2017 and have been working a stable job for 13 months now. I make $16.82 an hour and I work 40 hours a week, and get two weeks of paid vacation a year. I really want to move out my grandparents house. I have $16K in my bank account and the rent of the apartment I like is $605 (cost of living is quite low where I live), and utilities for a 1bed1bath probably wont be higher than $100, although this apartment includes water in the rent. I may be going for a promotion soon that would be on salary and close to 40k, which would require me to have a home office and one reason for needing to move out other than privacy. Do you think i would be okay at this point?
Hi,
My boyfriend and I are planning to move to a completely different state come late April. By then we should have around $10k saved and we’re looking at apartments ranging around $900 or less. Does this sound like a good plan?
Hi Nat,
Our basic recommendation is that you should save minimum of three times your expected rent before you move out, so about $3,000 of those savings will be gone to first month’s rent, security deposit and other immediate costs, such as a bed and some groceries. You are in fine shape with your 10K savings to start with, and should have $7,000 in bank after immediate expenses. However, you also have to consider the relationship between your income and your rent. In order to qualify for a $900 a month rent a landlord wants to see that you make at least $36,000 a year, combined. If you work hourly, that’s about $9 an hour, each working full time. If you make less than that you’ll probably be pulling any shortfall out of the remaining savings or at least you won’t be able to add much to the savings. A landlord may even require you to pay several months of rent in advance. Whatever happens, that starting savings of $10,000 should be plenty to get you settled in your new home and leave you with several thousand in an emergency fund. Good luck!
Hello!
My boyfriend and I are planning on moving out New Year’s. We have found an apartment for $850/month. We only pay electric (heat is electric.) We average $2,400-$2,800 a month, total. My phone is $33.50/month. We share one car. Car insurance is currently $270/month (but it will decrease by New Years.)
We have over $5,000 saved up. By the time it is January 1st, we should have 4 month’s rent, plus the security deposit, saved up from paychecks we will earn between now and then. I have just $271 in student loans and they are in deferment (I am chipping away at it when I can.)
Is this a realistic goal? We want to be independent and begin this new chapter in our lives together. But we also do not want to put ourselves in a situation that is doomed to fail. It is very difficult to find an apartment that has in-unit washer/dryer, is pet friendly, is a two-bedroom (boyfriend is an artist and needs his space), has a dishwasher & microwave (that is a bonus), has range and refrigerator, and even has a garden. Landlord likes us but is concerned about us being first-time renters. He confessed to meeting nothing but “terrible” applicants since we have been by. He said he will have an answer for us this Friday (we applied 20 days ago!) He wanted to fill the unit December 1st, but the delay means he will probably have to wait till January 1st.
The apartment is perfect for us. It is pet friendly (with no pet fees!) should we choose to adopt in the future. It is in the city but in a secluded area so it is reminiscent of my boyfriend’s country lifestyle and my city lifestyle.
Hi Zee,
This is probably too late for you, but here goes.
The rent is on the upper range based on your lower income months, but you have saved a nice amount, so overall you should be fine. Still, try live frugally enough that you can continue saving (target 10% of your income, at least). Make it a habit to avoid take-out and eating out, the biggest money traps, and learn to cook. Budget your expenses (use this worksheet https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/) on the lower monthly income level and boost your savings and chip away at the student loans when you get the higher incomes. Good luck!
First Apartment Budgeting Worksheet
Your Budget
Monthly take-home pay (above /12) $2,400
Monthly Essential Living Expenses
Maximum Rent = 35% of take-home -$850
Utilities 20% of rent (electric, water, trash, internet) -$170
Car loan or lease payment $0
Car Insurance -$270
Gas -$50
Public transportation monthly pass (est. $125)
Groceries/Food -$450
Laundry/Dry Cleaning -$60
Health Insurance (See below 3.)
Cell Phones -$100
Student Loans
Credit Cards
Child care
Other fixed bills
Total Monthly Essential Expenses -$1,950
Cash left for Savings and Discretionary Spending 4.) $450
Savings (target 10% of take-home)
Cash left for Discretionary Spending, if has car
Cash left for Discretionary Spending, if public transportation
1.) If you are paid hourly, estimate annual pay by multiplying weekly hours by hourly rate by 50. Example: 40 hrs * $20 *50 = $40,000.
(Yes, we know there are 52 weeks in a year, but many hourly earners do not get paid sick or vacation days, so we use 50 paid weeks.)
2.) % varies by income and filing status; use a tax calculator, for example at https://www.hrblock.com/tax-calculator/.
3.) Health insurance: include here, if not deducted from salary or paid for by parents.
4.) Clothing, vacations, hobbies, entertainment, etc.
Hi. I was wondering what exactly are leasers looking for when they ask for your last two bank statements? Are they looking for a certain amount of money in your account and if so how much should you have to qualify you?
Hi Villanueva,
They want to see that you have enough money to pay your security deposit and first (and perhaps also last) month’s rent. They can also get an idea if you were truthful about your income. Basically, they use it to evaluate if you’ll be able to pay your rent every month. Good luck!
Hi I wanted to move when I turn 17 or 18. I wanted to know at least how much I need to save up to move out.
Hi Brianna,
Plan to have 3 times your estimated rent in savings before you move out. So, if you think you must pay $500 a month in rent, you’ll need at least $1,500 in savings to pay for your security deposit, first month’s rent and other moving costs.
To estimate how much rent you may afford, use this printable worksheet https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/.
After you get a job, use the chart in this post to get a rough idea what your rent target should be to start with. https://www.myfirstapartment.com/2016/07/how-much-rent-can-i-afford-on-my-hourly-pay/ Good luck!
I’m looking to move in December I currently make $10 an hour and the apartments I want move in run 670 a month with utilities included I’m trying to see if I will be able to afford the rent making the amount of money I make or should I look at somewhere cheaper.
Hi Kendra,
Check out this post https://www.myfirstapartment.com/2016/07/how-much-rent-can-i-afford-on-my-hourly-pay/ The formula says that if you make $10/hr and work work 40 hour week your max rent is $500. But, you also have to look at your other expenses.
Use this worksheet https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ to estimate all your income and expenses. Good luck!
Hi, my husband and I are planning on moving out in October. I don’t work, but he makes roughly 2,200 a month. We pay $137 for his insurance, $80 for my insurance, $20 for medical, $25 for student loans and $100 for our phone bill. We spend roughly $400/month on groceries. Would we be able to make it in a $850/month apartment (water, trash, sewer included) we have $5,000 saved
Hi Jessica,
It’s great that you have $5,000 saved. You’ll need at least $2,000-$3,000 of that for first month rent, security deposits and other moving related costs. Your budget will be very tight if you get that $850 a month place and will probably make you use part of your remaining savings to cover any monthly shortfall. It is unclear if the insurance you list for auto or health. We assumed health and included public transportation costs for your husband to commute to work. Is it possible for you to pick a few hours here and there to bring in a bit of money or are you still stydying? Use this worksheet to do a more detailed budget. https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ Good luck!
First Apartment Budgeting Worksheet
Your Budget
Annual Salary (see below 1.)
Less: Estimated taxes 25% (see below 2.)
Less: Other deductions (health insurance, 401K, etc.)
Estimated annual take-home pay
Monthly take-home pay (above /12) 2200
Monthly Essential Living Expenses
Maximum Rent = 35% of take-home -850
Utilities 20% of rent (electric, water, trash, internet) -170
Car loan or lease payment
Car Insurance
Gas
Public transportation monthly pass (est. $125) -125
Groceries/Food -400
Laundry/Dry Cleaning -40
Health Insurance (See below 3.) + Medical -237
Cell Phone -100
Student Loans -25
Credit Cards
Child care
Other fixed bills
Total Monthly Essential Expenses -1947
Cash left for Savings and Discretionary Spending 4.) 253
Savings (target 10% of take-home)
Cash left for Discretionary Spending, if has car
Cash left for Discretionary Spending, if public transportation
1.) If you are paid hourly, estimate annual pay by multiplying weekly hours by hourly rate by 50. Example: 40 hrs * $20 *50 = $40,000.
(Yes, we know there are 52 weeks in a year, but many hourly earners do not get paid sick or vacation days, so we use 50 paid weeks.)
2.) % varies by income and filing status; use a tax calculator, for example at https://www.hrblock.com/tax-calculator/.
3.) Health insurance: include here, if not deducted from salary or paid for by parents.
4.) Clothing, vacations, hobbies, entertainment, etc.
Hello, can I afford an apart for 1350 per month with utilities included? I have 10k saved up and make 2k a month. Also work is walking distance, so no need to worry about car expenses.
Hi Mel,
The answer is no, you cannot afford that rent. $1,350 rent would take 2/3 of your income. Add to that utilities and cell phone and you hardly have enough left over for a Ramen diet. Do you really want to be so rent-poor that you can never go our and have some fun. Look for places in the $750 range, even if it will be a roommate share, and live a little before it’s time to settle down with a family and a mortgage! Good luck!
Hi Mel,
The answer is no. The only way you could carry $1,350 rent if you would plan to deplete your savings and what would you do when the savings are gone? Move back home? A smarter approach would be to rent something for no more than $750, or 35% of your take-home, and keep your savings. Then as your income increases, and you can comfortably afford it, move into that $1,350 place. Use this worksheet to estimate what you can afford right now. https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ Good luck!
Hi, I plan on moving out summer of 2019 before I start college. I have a job that I make 11.50 and with experience I would get paid more. My parents are paying for college and the only thing I would need to pay is gas and obviously my apartment. How much would I need to save in order to get a 800-1000 apartment? Is that even possible? Thanks!
Oh I forgot to mention I sell my clothes so I make extra cash off that too!
Hi Cara,
Are you planning to work while going to college? How many hours a week? How much are you saving now?
Unless your parents can guarantee your rent, you probably have to prepay a big part of the rent. You also have to pay for books and food. You can use your side hustle earnings to pay for little incidentals and entertainment.
Use this budgeting worksheet https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ to estimate what your income and expenses will realistically be and you’ll see what the gap is that you have to fill. You probably have to save $500+ a month to fill it. Good luck!
Hi, i’m looking to move out on my own very soon but I keep telling myself that i don’t have enough money saved up. i have about $6,000 in my name. I have one part time job and just recently started another part time job, i believe i’ll be making about $1200-$1400 a month. I’m looking at an apartment thats about $450. I have no loans and am not in debt. Do you think i could make it? I just want to know how much everything will be.
Hi Moe,
With your income and no debt, you should be able to easily afford a place in the $400-$500 range. The savings account is a nice plus, just make sure you never rent a place that forces you to dip into savings to pay for it. Right now you are in a good place, but just to be sure double check your numbers with this worksheet. https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ Good luck!
Hi me and my bf ate considering an apartment. I make roughly 650 every two weeks and he makes about 700 weekly. I have insurance of 288 , car note 350 and student loan payment of 61. He has 500 insurance 407 car note and 50 student loan payment. We have combined more than 3k saved I’m hoping to double that within the next month or so. We are looking at 500 to no more than 675 for an apartment. How much do you think we should have saved for an apartment and for just savings. Thanks in advance for any advice.
Hi Nae,
If the numbers you gave for car loans and insurance are real, there is no way you can afford to move out (see below), unless you live in your cars, which must be pretty nice based on the amount of loan payments and insurance. Can you make do with only one car? That would free some rent money for you. Use the worksheet to double check your expenses and figure out ways to lower them. $3K savings is good, but it will go quickly if you have to pull rent money out of savings. Good luck!
First Apartment Budgeting Worksheet
Your Budget
Monthly take-home pay 2700
Monthly Essential Living Expenses
Maximum Rent -675
Utilities 20% of rent (electric, water, trash, internet) -135
Car loan or lease payment $350+$407 -757
Car Insurance $500+$288 -788
Gas -100
Public transportation monthly pass (est. $125)
Groceries/Food -450
Laundry/Dry Cleaning -60
Health Insurance (See below 3.)
Cell Phone -150
Student Loans -50
Credit Cards
Child care
Other fixed bills
Total Monthly Essential Expenses -3165
Cash left for Savings and Discretionary Spending 4.) -465
1.) If you are paid hourly, estimate annual pay by multiplying weekly hours by hourly rate by 50. Example: 40 hrs * $20 *50 = $40,000.
(Yes, we know there are 52 weeks in a year, but many hourly earners do not get paid sick or vacation days, so we use 50 paid weeks.)
2.) % varies by income and filing status; use a tax calculator, for example at https://www.hrblock.com/tax-calculator/.
3.) Health insurance: include here, if not deducted from salary or paid for by parents.
4.) Clothing, vacations, hobbies, entertainment, etc.
unless you live in your cars which must be pretty nice based on the amount of payments and insurance.
My boyfriend and I have written out a plan for moving out hopefully in a little over a year as our current living situation has become nearly unbearable. We both make about $800 per two weeks each and we’ve found an apartment worth $1,069 with utilities that estimate to about $200 a month and we typically spend $150 – $200 a month on groceries, so monthly expense would add up to around $1,500 a month. We were hoping to save about $10,000 before we decided if we were ready to move or not. Any advice anyone could give? Is the plan we have laid out well or do we nee to work on it? Thank you dearly in advance.
Hi MJ,
Why don’t you two use this budgeting worksheet to estimate all your income and expenses. https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ According to our basic max. rent formula of 35% of your monthly take-home pay, your max. rent is $3,200*0.35 = $1,120, so the target rent is in the ballpark. Food and groceries for two will be more likely in the $450 range a month, even if you do not eat out a lot. Saving $10,000 pre-move would be great, just don’t get tempted to renting a more expensive place that will require you to supplement rent money out of your savings. Good luck!
Hi me and my bf ate considering an apartment. I make roughly 650 every two weeks and he makes about 700 weekly. I have insurance of 288 , car note 350 and student loan payment of 61. He has 500 insurance 407 car note and 50 student loan payment. We have combined more than 3k saved I’m hoping to double that within the next month or so. We are looking at 500 to no more than 675 for an apartment. How much do you think we should have saved for an apartment and for just savings. Thanks in advance for any advice.
I am looking to move out in a month. I have good credit and have $2000 saved up. My income varies during the year because I go to school. But in the summer I bring home about 300 a week. But during school it’s 200 a week. I live in New York State. Could I make it on my own?
Hi Stephanie,
Use this worksheet https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ to see what level of rent you could afford year round. It may be enough for a small roommate share and may still require you to dip into your savings on a monthly basis. Consider staying where you are until you graduate and can afford your own place. Good luck!
hello MFA I am a freshman in college. I am 20 years old. I do not work just yet but will be very soon. I want to move out in the next year, but I am not sure where to start. do I need credit for every apartment? I am most likely moving out on my own. I don’t have to much knowledge on how everything works. I want to move to las vegas, I see the rents least there costs about 500 and the highest is go is 800
Hi Taniya,
Your should start building up your credit score. If you have no credit in your own name, get a secured credit card, meaning you have to keep an equal amount in bank. Make couple of small purchases each month AND PAY OFF THE FULL BALANCE EACH MONTH! This is important. You don’t want to build credit card balance, but you want to show that you can handle credit. If you have a cell phone in your name, and have it deducted from your bank account each month, you are already building your credit score. Once a year download your free credit report. Check this post how to do it. https://www.myfirstapartment.com/2012/01/new-years-resolutions-part-2-get-your-credit-report-checked/ . And then use this worksheet to estimate how much living on your own will cost. https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/
Good luck!
I get paid 7.75 at my job, my boyfriend doesn’t have proof of income can i still get an apartment??
Hi Clari,
Check out this post for a max. rent estimate, based on your hours worked. https://www.myfirstapartment.com/2016/07/how-much-rent-can-i-afford-on-my-hourly-pay/ It looks like the max. would be about $400, but you should also run the numbers with our printable budgeting worksheet here https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/
Good luck!
Hello , my name is zoe and me and my boyfriend were thinking about moving into an apartment for about 4-6 hundred a month. We are both seniors and are desperately trying to escape our troubled home life’s. We have anywhere from 2500-3000 dollars saved up but I am still incredibly worried about financial issues, despite the fact that he has a steady job as a manager and I have a minimum wage job that I’ve had forever. I’m just really stressed and wondering if there’s any advice or tips you would give, I’m 17 and he is 18. And yes, my parents are fine with me living alone with him
Hi Zoie,
Do you guys have any plans to continue your studies after high school? If you have to start paying for rent, utilities, food, commuting to work, etc., it will be more difficult to come up with the tuition money. Use this worksheet to estimate how your finances will look if you move out. https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ You do have some savings to start with, which is good, but you should target to save at 3 months of expenses for an emergency fund after you move. The best piece of advice we can give you is learn to cook. (If you want to inspire your BF to learn, buy him a heavy cast iron frying pan and a good chef’s knife. Guys love their special tools!) Eating out all the time is the biggest money pit, so keep it down to one date night a week.
Let us know how things work out. Good luck!
P.S.You are both very young, so even if you move out now, chances are that you’ll return home again at some point. It’s pretty common that young adults boomerang between living on their own and moving back home.
Hi, So my boyfriend and I recently graduated collage with the average amount of school loan debt. We are both living with our parents trying to save for an apartment in Charlotte around $1100 max. I will be making 13.50 working 40hrs a week and he will be making around 15 working full time as well. We want to have a large amount of money for our new apartment to make it nicely decorated. So what would be a good amount to save since we have to buy all new furniture and other things for the apt?
Hi Carla,
The first rule-of-thumb is that you need to save at least 3 times your rent, so at least $3,300. Before you invest a large amount of money decorating your rental, check out all the budget decorating post on our site and you’ll realize that you can do it very frugally and still have a nice place. Here are a few posts you check before you start furnishing. Good luck! Let us know if these are helpful.
https://www.myfirstapartment.com/2014/10/10-common-apartment-furnishing-mistakes/https://www.myfirstapartment.com/2017/10/my-furniture-purchases-a-review/
https://www.myfirstapartment.com/2017/10/living-room-under-500/
https://www.myfirstapartment.com/2017/09/your-entire-bedroom-under-500/
https://www.myfirstapartment.com/2017/10/26110/
Hi MFA, I’m currently in the process of moving out on my own. I make 24$ an hour full time. I get paid bi weekly. Car lease – 244. Car insurance – 120. Student loan – 200. Phone – 100. Credit cards payed off.
Hi Jo,
You can start by checking our chart that estimates how much rent someone making $24 and an hour can afford with typical expenses. https://www.myfirstapartment.com/2016/07/how-much-rent-can-i-afford-on-my-hourly-pay/. In your case the number is $1,200 max.
However, because of your car & student loans, your real number is probably lower, so use our printable budgeting worksheet to see how much rent you could comfortable afford. https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/
We ran you an estimate based on a rent of 35% of your est. take-home and looks like the $1,050 range would be good, leaving you enough money after essential expenses for discretionary spending and savings. Double check the numbers with your real income and expenses.
Kudos for having paid off your credit cards! Good luck!
First Apartment Budgeting Worksheet
Your Budget
Annual Salary (see below 1.) $48,000
Less: Estimated taxes 25% (see below 2.) -$12,000
Less: Other deductions (health insurance, 401K, etc.) $0
Estimated annual take-home pay $36,000
Monthly take-home pay (above /12) $3,000
Monthly Essential Living Expenses
Maximum Rent (35% of take-home) -$1,050
Utilities 20% of rent (electric, water, trash, internet) -$210
Car loan or lease payment -$244
Car Insurance -$120
Gas -$50
Public transportation monthly pass (est. $125)
Groceries/Food -$300
Laundry/Dry Cleaning -$40
Health Insurance (See below 3.)
Cell Phone -$100
Student Loans -$200
Credit Cards
Child care
Other fixed bills
Total Monthly Essential Expenses -$2,314
Cash left for Savings and Discretionary Spending 4.) $686
Savings (target 10% of take-home) -$300
Cash left for Discretionary Spending, if has car $386
1.) If you are paid hourly, estimate annual pay by multiplying weekly hours by hourly rate by 50. Example: 40 hrs * $20 *50 = $40,000.
(Yes, we know there are 52 weeks in a year, but many hourly earners do not get paid sick or vacation days, so we use 50 paid weeks.)
2.) % varies by income and filing status; use tax calculator at https://www.totaltaxinsights.org/Calculator for better estimate.
3.) Health insurance: include here, if not deducted from salary or paid for by parents.
4.) Clothing, vacations, hobbies, entertainment, etc.
I m currently renting now and I pay $1,650 a month
I’m getting spousal support from divorce which is
$2,000 a month and my salary is 1,400 a month
I have about $90,000 to put down on a
Apartment I’d like to buy no credit card debt
I’d like a 2 bedroom
2 bathroom
Hi Kerry,
We do not rent or sell apartments, we only give advice to apartment hunters and dwellers.
We recommend that you find a reliable realtor to work with you and advice you on buying an apartment.
You have good income and a nice amount to put down as a down payment, so you should be in a good position to find a nice condo to buy.
Good luck!
Can you please send me a listings of apartments
To buy I’m interested in 2 bedroom 2 bath at miami
Florida zip code 33156 pinecrest of 33176 Kendall
South or 2 bedroom studio with 2 bathrooms
Kendall area
Hii!! I’ve been living with my parents, but I want to move out because I’m in my 20’s and I need my own place before I go insane lol. But I’m not sure if it’s financially wise?
I have no possible roommates, and I work full time making roughly 1,400 a month take home ($10.75/hr, 40 hours). I have no car, so no car payment (I currently just walk to work) but I’d have to budget $50 for the bus. My cell phone bill is $50, but otherwise I have no bills. I’ve been paying roughly $350-$500 a month in rent to my parents (it’s wobbly depending on how much they need for the month), but obviously that’s not a plausible rent goal in reality haha.
I have no savings, I just spent everything because of an emergency (thank you, summer storms), but it’s not hard to build the savings back up.
Is it plausible/wise to move out or should I perhaps just stay with my parents and build my savings back up for another year or six months or something? I do want to move out, and the sooner the better, but I’m not in a huge hurry to do so until I know I can afford it. Thank you!!
Hi Anne,
So many of your fellow millennials are living with their parents that you should not be feeling pressure to move out before you are ready. Do not move before you have rebuilt your savings. If you stay put for another 6-12 months, you’ll be in so much better shape to move. You’ll have some money in an emergency fund, even after paying first rent and security, and, most likely, you’ll have gotten a raise at work. If you move out before you are ready you’ll just risk having to move back home and maybe even wreck your credit, which takes a long time to fix. Good luck!
Hi I’m salaried at 48k expenses are 96$ auto insurance, 96$ cellphone and 132$ student loans, I have 2300 saved up am saving more. What would a range be for me to target this would be suburbs area des plaines il if that helps.
Hi Don,
Print out this apartment budgeting worksheet https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ and use it to estimate your maximum rent. Keep in mind, our formulas are for max. rent, not the rent you should pay if lower priced good options are available. Just eyeballing your numbers, you could clearly afford rent in the $1,000 range, but do the worksheet with your actual numbers. Regarding savings, 3 times your estimated rent is the minimum you should target for. Good luck!
Hello, im 19 and currently working full time.
My monthly income including the tips I make from being a waitress is about 1,200 depending.. i want to move out by myself with rent being 900/month. I currently have 5k saved and the only bills i pay is $65 for my phone and $85 for car insurance. Would you reccomend i get a second job to make my monthly income atleast $2000 or use my savings to cover the 6month lease? Since i have no rental history im finding trouble getting a place although my credit is in good standing.. also with being a waitress and making tips (cash tips) its hard to prove my exact monthly income using pay stubs, will bank statements work?
Hi Michelle,
First, kudos for having built a nice amount of savings! However, we hate to see anyone using their savings to cover ongoing expenses, such as rent. What will you do when the savings run out? You’ll have even harder time moving when you don’t have the savings to show to potential landlords. If you must move now, why don’t you consider a roommate share like most other 19-year olds do. Use our printable budgeting worksheet, below, to see what you can actually afford on your income. Good luck!
https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/
Hi, I am ready to move out I get paid $12.95 per hour for 38 hours per week paid bi-weekly. My bills right now are $511.00 per month for rent, $70.00 cell phone, TV $40.00, Internet $50.00 food $125.00.
I have some savings of $700.00 extra per month that I can use if I want to. My current lease is up in December so I would like to move before then if possible. Credit card bill is usually $400.00 per month
Hi Sue,
Print out our budgeting worksheet and work with that to figure out what rent level is right for you. https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/
If your credit card payment of $400 is your monthly minimum, it says that you have a high outstanding balance and you need to work to bring that balance down. If it is just your monthly spending and you pay the balance in full, then it’s not as bad, but still something you need to start controlling. Fortunately, it looks like you don’t have high car payments, which often trap our readers. Finally, try to make sure that you can pay your rent without dipping into your saving. Good luck!
Hello I work close to 45+ hours a week and make $14.25 an hour. I’m paid Bi Weekly and currently have 2 major bills which are my Car Payment ($328) and Car Insurance ($170). I am looking to move out atleast by October/Novemberand have been saving alot while paying off debts and bills and even found some pretty nice apartments which rent is in my monthly price range of $775 I’m 23 and rather live alone. I have my full attention towards saving and moving out I am just wondering how much I would need saved each month and how much is a good amount to have saved for emergency while living alone. I won’t really begin school until the spring semester so if i don’t move out by the end of the year than I still have time to save but at this moment I want to be out in the next 3 months. How much should I expect on utilities monthly, any advice on what I should do ?
Hi James,
Check out our printable budgeting worksheet https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ and complete it with your actual detailed income and expenses. We did a rough plan for you using the limited information you gave plus other typical expenses renters have and it looks like $775 is too high rent for you and does not leave enough money for discretionary expenses or savings. See below.
Before you move you should have saved at least 3 times your monthly rent and then continue saving an emergency fund. The usual recommendation is that you should have an emergency fund of to cover at least 3 months worth of your living expenses. We know that it is often not doable for our readers who are juggling first jobs and first apartments, but any money in the bank is better than none. Good luck!
First Apartment Budgeting Worksheet
Your Budget
Annual Salary (see below 1.) $32,063
Less: Estimated taxes 25% (see below 2.) -$8,016
Less: Other deductions (health insurance, 401K, etc.) $0
Estimated annual take-home pay $24,047
Monthly take-home pay (above /12) $2,004
Monthly Essential Living Expenses
Maximum Rent = 35% of take-home -$775
Utilities 20% of rent (electric, water, trash, internet) -$155
Car loan or lease payment -$328
Car Insurance -$170
Gas -$50
Public transportation monthly pass
Groceries/Food -$300
Laundry/Dry Cleaning -$40
Health Insurance (See below 3.)
Cell Phone -$80
Student Loans
Credit Cards
Child care
Other fixed bills
Total Monthly Essential Expenses -$1,898
Cash left for Savings and Discretionary Spending 4.) $106
Savings (target 10% of take-home)
hey MFA, I’m currently in the process of looking for an apartment with my GF. I’m 21, as is she. she is a bartender making 7.50 an hour, but some nights she’ll get 400 in tips, others she’ll get 120, so its hard to gauge her income accurately. as for myself, after taxes i bring in between 1700-1800 a month. the only things i pay for now is $100 a month for rent in my fathers house , gas for my car and any activities my GF and i do. in the bank i have about $12,400k in a savings account as well as other money that is being held for me by my parents. what do you guys think? thanks so much
Hi Sean,
You seem to be in a great shape financially for someone who is only 21. Whatever you do, rentwise, make sure it does not require you to dip into your savings. It sounds like in a couple of years, after you figure out how to live on your own, you are probably ready to start looking to buy a place. (We have a sister site https://www.myfirstcondo.com/ that will help you when the time comes.) Right now try to rent a place that does not require you two to rely on your GF’s tips. (If possible, she should bank that tip income to start her own savings plan.) Start by including no more than $1,000 a month of her income in your calculations. Use our printable budgeting worksheet to make a detailed budget, including all your actual and estimated expenses for you both. https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ Let us know if the worsheet is helpful. Good luck!
Hi. I’m bring home $1440 a month after taxes, insurance and child support deduction from paycheck. I have about $2500 in savings and my only expenses right now are $70 a month cell phone and $150 a month car insurance. I’m wondering how much I need saved the the maximum rent I can afford each month. I don’t want to dip into savings and plan on having all my deposits and furst months rent saved up separated before moving. Any advice would be appreciated. Thanks
Hi Allen,
Use this printable budgeting worksheet https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ to estimate your target rent. We did a rough estimate below and it looks like you are looking at a max in the $400-500 range. We like to see about $400 left a month after your essential expenses and at $504 rent you are at $225. However, if you know how to cook and live frugally, you should be able to get there. Whatever you do, make sure you do not overextend so that you have to dip into your savings for ordinary monthly expenses. You need to save another $1,500 or so before you move to cover the deposits and first rent plus some basic furniture and household supplies. Good luck!
Monthly take-home pay (above /12) $1,440
Monthly Essential Living Expenses
Maximum Rent = 35% of take-home -$504
Utilities 20% of rent (electric, water, trash, internet) -$101
Car loan or lease payment $0
Car Insurance -$150
Gas -$50
Public transportation monthly pass (est. $125) $0
Groceries/Food -$300
Laundry/Dry Cleaning -$40
Health Insurance (See below 3.) $0
Cell Phone -$70
Student Loans
Credit Cards $0
Child care
Other fixed bills
Total Monthly Essential Expenses -$1,215
Cash left for Savings and Discretionary Spending 4.) $225
Savings (target 10% of take-home)
Hello,
im 18 years old getting paid 9/hr right now but also going to school Thursday-Saturday but only able to work as of Tuesdays & Wednesday (20 hours) right now.. any help on how i should start saving up my money.. please and thank you.
Hi Steph,
We have tons of tips on saving money on the site. Start with this post https://www.myfirstapartment.com/2016/06/financial-planning-to-keep-your-first-apartment/ and follow the links in the post. There so many neat tricks for saving and every little bit helps. The important thing is to make saving money a habit. If you are living at home and not paying rent, aim to save at least half of your income. Good luck!
Hello,
So I’m 23 years old I bring in roughly $1600-1700 a month. In total with all my bills I pay $300 a month. I’m planning to move out with my boyfriend within the next 6 months. I live in New York (everything is so expensive) but I’m trying to figure how how much money I should save before I make the leap to move out. Since there are two incomes it’s a bit easier. My boyfriend comes home with $2400 a month.
1. How much should I save before moving out?
2. What would be affordable rent for me? (I don’t really go out much the only thing I do is my nails done which is $80 a month)
Hi Mari,
The two of you can probably afford about $1,400-$1,500 in rent, but double check by using our budgeting worksheet. https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ . For you alone, it’s more like $500. You have to save minimum of 3 times for budgeted rent or in your case $4,500 or more. Let us know how the budgeting worksheet works for you. Good luck!
Monthly take-home pay Joint $4,000
Monthly Essential Living Expenses
Maximum Rent = 35% of take-home -$1,400
Utilities 20% of rent (electric, water, trash, internet) -$280
Car loan or lease payment $0
Car Insurance insurance $0
Gas $0
Public transportation monthly pass (est. $125) -$250
Groceries/Food -$450
Laundry/Dry Cleaning -$80
Health Insurance (See below 3.) $0
Cell Phone -$160
Student Loans $0
Credit Cards
Child care
Other fixed bills -$300
Total Monthly Essential Expenses -$2,920
Cash left for Savings and Discretionary Spending 4.) $1,080
Savings (target 10% of take-home) -$400
Cash left for Discretionary Spending, if has car $680
Hello MFA Editors.
I’m going to be moving to small town teaching next year. My contract is 35000, but I expect to put 6% pretaxed salary away into my teacher retirement account. I get paid the 20th of every month. Each check is roughly 2000. I’ve got parental support to help me get my utilities turned on, as well as the deposit for the apartment. I get my first check in August and I’m wondering what I’ll definitely need for my apartment with that first check. I will probably spend 500 to service/update my 2012 Macbook Pro. Water is paid through the apartment.
Monthly Take-home = 2000
Rent- 500.
TV/internet-80.
Car insurance- 175(It’s a 2010 Honda.)
Gas- 100
Food- 200
Free Gym Membership
Also, I do have a private student loan for 10,000 that was cosigned by a parent. I would like to aggressively pay on that loan as it’s high interest. I’ve got 2 open accounts that are around 500 a piece. I’ve also got an old credit card that closed at 1750. I would like to take advantage of my salary to save some and really work to correct my credit this year.
Thank You
Im at point in my life where I need an new environment. Every since high school I been on the move. I went to college for a year then started truck driving. But the 3 years I been out of school I never had my own place and paid bills. I moved back home for a fresh start to go back to school and I work for Walmart for now making $10hourly for 40 hours an week. So i get paid $1,350 a month after taxes and on my off days I do a lot of background acting and get paid around $100 a day. Right now I’m comfortable I pay my Mom $500 Every other month for help with bills, I have my own car, spend $40 gas a month, phone bills is $70, and $20 monthly gym membership. Saving come easy for me cause I’m penny pincher, i really only spend my money on food , my car and dates(get to that later), but when i do save up a lot of money i spend it on vacations. But the caught is i meet a woman and fell in love. We see a future together, marry with kids. But the hard part is i meet her 3 hours out of state and we both still stay with our parents. Truck driving pays good but I don’t like it and its horrible if i want to start a family so i decide to go back to school, but i feel its time i need to move out and much closer to her. I’m nervous about if i could afford it right. I could easily transfer Walmarts and im open to getting an roommate but the prospect of her moving in with me make it that much harder. Cause i feel i need get my own place with no roommate because we dont want to move together instantly, she want her own places also but eventually we will live together. She recently graduate and after some temporary teaching jobs, she’s looking to be a full time teacher before you move out, so it wont be long. So I’m just wondering what can i afford before optioning for a roommate. I don’t wanna sign a lease and then leave my roommate after a short period of time
Hello! I am currently working a sales job part-time (20-25 hrs) while attending university. I have a base of $1000. On average I make about $1920 in commission so i gross: $2920/mo. I currently have saved up about $4000 in my savings for an emergency fund and I am looking to continue building that each month ($100.00 after moving into an apartment.) I am looking to move into a new apartment on September 1st and the home I selected is about 980/mo + utilities. Do you think the move will be a good fit??
Current budget: $360.00 Car Note,
$222.00 Car Insurance,
$200 Utilities,
$980.00 Rent,
$85.00 Phone bill,
$35-100 Credit Cards (Paid in full every month for various expenses, (Gas, Personal Care, Hair etc) don’t like finance charges lol)
$150.00 Groceries (Estimate),
Hi Warren,
Sorry to tell you, but that apartment is too expensive for you. You’ll end up dipping into your savings every month, if you want to do anything but go to work and come home. Since you are in university, maybe this is very temporary situation and after you graduate you can actually afford your place. Meanwhile, check out less expensive rentals, if you can find them in your area. Under $700 a month would be better fit for you. Good luck!
Warren’s Budget
Total annual pre-tax $35,040
Est. taxes/deductions 25% ($8,760)
After tax take-home $26,280
Per month take-home est. $2,190
Max. rent 35% -$980
Utilities, incl. cable/internet (20% of rent) -$196
Car payments -$360
Car insurance -$222
Gas est. -$50
or Commuting est. $0
Groceries/food est. -$150
Laundry/dry cleaning est. -$40
Cell phone -$85
Credit Cards $0
Student Loans $0
Childcare $0
Health insurance $0
Savings target -$100
Cash left for all other expenses/Month $7
Clothing, entertainment, vacations, etc.
Hello! I’m currently making $10.14 an hour (getting paid biweekly) at a job that I work, on average, about 35 hours a week. I’m in a pretty good situation right now, living at home, only paying $25 for cell phone bill and $250 a month on car/health insurance. I have a fairly good chunk in savings right now (I won’t disclose an exact amount, but it’s just a bit higher than the 3K minimum that’s required to move), but I wanted to get a second opinion on whether or not it would be manageable for me to strike out on my own? It won’t be easy, I know, and I’d like to save up a bit more just to be on the safe side, but this is something I feel like I need to do for myself.
Hi. I just got a job paying 8 dollars an hour and ill maybe be working 30-32 hours a week. I plan on moving out July or August of next year with my boyfriend and we both plan on getting a second job after high school. I plan on saving all my money for a year ( as will my boyfriend ) and we are looking for an apartment about 700-800 dollars. Any tips for us?
I have saved up X respectively.. i make $13.50 an hour, 40 hours a week.. car insurance i pay up for 6 months & that is $243.50 for those 6 total ($40.58 per month) My car payment is $215 which i pay $107 bi weekly so thats deducted from my check already before it even hits my bank account, the townhome i am looking at is about $875 rent.. i want to move next year and i also plan on saving another $3,000 just because.. my father agreed to pay my utilities does this sound like something i can do?
Hi Mia,
You have a really nice nest egg already saved (we deleted the amount, because this is the internet) and you are looking to save another 3K before moving. Under normal circumstances, we’d say there is no way you can afford that $875 on your pay, with only $87 left for discretionary expenses for a month. However, you sound like a very responsible person and moving out on your own is an important learning experience for life, so treat that 3K as a “tuition” on a course called “Adulting 101” and dip into that pot if you have to, for the first year. After the year, you may decide to scale down and get a more affordable place or a roommate share, or maybe your pay is up and you can actually afford $875 rent. Good luck! Let us know how things work out.
P.S. Give your dad a hug. You are so lucky to have a supportive parent!
Mia’s Budget:
Hours 40
Pay/hr $13.50
Total/yr (50 wks paid) $27,000
Est. taxes/deductions 25% ($6,750)
After tax take-home $20,250
Per month take-home est. $1,688
Max. rent -$875
Utilities, incl. cable/internet (20% of rent) $0
Car payments -$215
Car insurance -$41
Gas est. -$50
or Commuting est. $0
Groceries/food est. -$300
Laundry/dry cleaning est. -$40
Cell phone -$80
Credit Cards $0
Health Insurance $0
Student Loans $0
Savings (target 10% of take-home) $0
Cash left for all other expenses/Month $87
Clothing, entertainment, vacations, etc.
Hi, I’m planning on renting an apt in Burbank, CA at the end of august and by then I should have about $2500 saved up with help from my folks and grandparents as well. The apartments in that area don’t go lower than $1250 a month and The minimum wage there is around $10.50 right now and I would be looking to work about 40 hours a week. I was just wondering if you could give me some advice on how I could best prepare myself financially basically how much I should have saved by then roughly. I have my own car, great gas mileage, not much to bring with me except for what can fit in my car, will be looking to live with roommates, only pay $90 a month for car/phone insurance. Those are my only exspenses right now.
Hi Josh,
With your low fixed expenses, if you can get a $500 roommate share you should be OK. If you get a reasonable roommate share, you have enough in savings now to get started. If you are planning to get that $1,250 place, then you have to be able to cover a $600+ monthly shortfall, so you’ll need to have closer to $10,000 saved to tide you over the first year. And what then? Great new high-paying job? Sell your screenplay? Get cast in a movie? You can always dream, but realistically you’ll be looking for a roommate share you can actually afford in a year, so why not look for one now. Good luck!
Josh’s Budget:
Hours 40
Pay/hr $10.50
Total/yr (50 wks paid) $21,000
Est. taxes/deductions 20% ($4,200)
After tax take-home $16,800
Per month take-home est. $1,400
Max. rent -$500
Utilities, incl. cable/internet (20% of rent) -$100
Car payments $0
Car insurance/ phone -$90
Gas est. -$50
or Commuting est. $0
Groceries/food est. -$300
Laundry/dry cleaning est. -$40
Cell phone $0
Credit Cards $0
Health Insurance $0
Student Loans $0
Savings (target 10% of take-home) $0
Cash left for all other expenses/Month $320
Clothing, entertainment, vacations, etc.
Thanks for the advice! I actually was just wondering what you think I roughly need to save up to move and have enough to hold me over until I settle in and start working. I’ll have closer to $5k btw
And more like 50-55 hours at the job I’d be working.
I actually am an Actor and I’ve already been casted in a tv show. That’s why I’m wanting to move to Burbank is to expand my opportunities and obviously be in the hotspot for entertainment. So I’m really just moving there to continue pursuing that. My parents and grandparents are super supportive and have Saudi they will help me out.
Hi Josh,
With the $1,250 rent, even working 50 hours, you’ll have a monthly shortfall of over $600. And, working 50 hours does not leave much time for auditions. That $5,000 you have saved will be enough for 2 months of rent plus the security deposit and your basic apartment start-up expenses. To cover all that and your monthly shortfall for the first year you probably need another $$7,500-$10,000 to be safe. Almost anyone starting out in a creative field is facing the same situation and if you are lucky, your family will consider your first year budget shortfall as an investment in your future and chip in. When you are a rich and famous actor, make sure you thank your parents in your Oscar speech!! Good luck!
Josh’s Revised Budget:
Hours 50
Pay/hr $10.50
Total/yr (50 wks paid) $26,250
Est. taxes/deductions 20% ($5,250)
After tax take-home $21,000
Per month take-home est. $1,750
Max. rent -$1,250
Utilities, incl. cable/internet (20% of rent) -$250
Car payments $0
Car insurance/phone -$90
Gas est. -$50
or Commuting est. $0
Groceries/food est. -$300
Laundry/dry cleaning est. -$40
Cell phone $0
Credit Cards $0
Health Insurance $0
Student Loans $0
Discretionary expenses* -$400
Savings (target 10% of take-home) $0
Shortfall per month -$630
*Clothing, entertainment, vacations, etc.
I’m 22 years old. I plan on moving to Pensacola, FL. Right now I’m saving up for an apartment. My pay is 9/hr 30 hrs a week. On weekends I work 8.25 and hour and work 52 hrs on weekends. How much should I save to get me started good while I find another job?
Hi Nick,
There is only 48 hours in a weekend, so you cannot work 52 hours. Anyway, aim to save $2,000-$3,000 before you move and then get a place that you can afford on your pay, without having to dip into savings for rent.
Good luck!
16. Getting a job soon hopefully $9-$10 an hour. Trying to move out when I’m done with high school. Can someone tell me how much I should save up? Like rent, furniture and other stuff. I need a budget. Like percentage on what I should buy. Can someone help me?
Hi Shirley,
With a FT $9 job you might be able to afford a $400 a month roommate share, assuming you can use public transportation. You need to save minimum of 3 times your rent pre-move, more if you want to buy some furniture right away. Aim to save $2,000 before you move and you should be ok to get going. Good luck!
Shirley’s Budget:
Hours 40
Pay/hr $9.00
Total/yr (50 wks paid) $18,000
Est. taxes/deductions 15% ($2,700)
After tax take-home $15,300
Per month take-home est. $1,275
Max. rent -$400
Utilities, incl. cable/internet (20% of rent) -$80
Car payments $0
Car insurance $0
Gas est. $0
or Commuting est. -$125
Groceries/food est. -$250
Laundry/dry cleaning est. -$40
Cell phone -$80
Credit Cards $0
Health Insurance $0
Student Loans $0
Savings (target 10% of take-home) $0
Cash left for all other expenses/Month $300
Clothing, entertainment, vacations, etc.
19 years old. 11.35 hourly. 35 hours a week . Phone bill 85. And I’m trying to move in 2 months
Hi Anastasia,
Check out this post https://www.myfirstapartment.com/2016/07/how-much-rent-can-i-afford-on-my-hourly-pay/. It shows that your max. rent target is somewhere around $500. Then check out this post for typical apartment expenses. https://www.myfirstapartment.com/2017/04/first-apartment-budgeting-boot-camp-formulas-guidelines/. Good luck!
I’m 17 I get paid 8.40/hr but only 12 hrs/week but Im getting another job soon and I I wanna get my own apartment by the time I’m 20 my girlfriend doesn’t work but she will next year. We eat a lot tho, so that will end up costing a lot for just food. Will we be okay?
Hi Brandon,
There is no reason why you would not be ok to rent in 3 years, with both you and your GF working. By then you pay and hours should have picked up a lot and if you have been saving diligently, you’ll be able to have a nice nest egg for moving, furnishing and an emergency fund. And if you eat a lot, don’t waste your money on fast food, learn to cook. If you are living at home now, start learning how to make some of your favorite dishes. Let us know how you are doing when you get closer to your moving date. Good luck!
I make 9.00/hour and im 18 graduated tryna get my own appartment in New Mexico amy help…
Hi Sofia,
If you do not have car expenses and work full 40 hour weeks, you should be able to afford a roommate share in the $350 range, even $400, if you buy groceries jointly and cook at home. Double check the numbers and remember that you also need have about $1,500 in the bank for the initial expenses. Let us know if that rent is doable in your area. Good luck!
Sofia’s Budget:
Hours 40
Pay/hr $9.00
Total/yr (50 wks paid) $18,000
Est. taxes/deductions 15% ($2,700)
After tax take-home $15,300
Per month take-home est. $1,275
Max. rent -$350
Utilities, incl. cable/internet (20% of rent) -$70
Car payments $0
Car insurance $0
Gas est. $0
or Commuting est. -$125
Groceries/food est. -$300
Laundry/dry cleaning est. -$40
Cell phone -$80
Credit Cards $0
Health Insurance $0
Student Loans $0
Savings (target 10% of take-home) $0
Cash left for all other expenses/Month $310
Clothing, entertainment, vacations, etc.
Hello I make about $800 a week , I pay $200 car insurance, $40 phone bill and $200 student loan a month.I’m trying to move out in a few months. I’m looking at around $1000 one bedroom apartment plus utilities and only have saved $1500. Can how much should I save to move out and can I afford it
Hi Alex,
With $800 a week after tax and your expenses, you’ll be fine with $1,000 rent and you should be able to save as much as 25% of your income. Target to save another $2,000-$3,000 before your move and you’ll be in good shape. Good luck!
Alex’s Budget:
Per month take-home est. $3,200
Max. rent -$1,000
Utilities, incl. cable/internet (20% of rent) -$200
Car payments $0
Car insurance -$200
Gas est. -$50
or Commuting est. $0
Groceries/food est. -$300
Laundry/dry cleaning est. -$40
Cell phone -$40
Credit Cards $0
Health Insurance $0
Student Loans -$200
Savings (target 25% of take-home) -$800
Cash left for all other expenses/Month $370
Clothing, entertainment, vacations, etc.
Hey I make 13.75/hr working at a nursing home as a cna.. I normally bring home 2000 a month working just doubles but now I work just regulars with no days off every two weeks bring in over a 1000 every two weeks which is 105 hrs every two weeks. I currently have 4092.12 in my savings and still I have a car note that’s 308.37 student loans that 160 and a phone bill of 33.20 a month… I just want to know will I be ready to move in my own apartment around the fall time in October for rent of 663 or more I would gladly appreciate it
Hi Ella,
If you missed car insurance from your expenses, $663 will be tight (see below), but you do have a nice safety net in savings. Keep on saving as much as you can pre-move and try economize, so you do not need to dip into savings for everyday expenses after your move. You should be able to continue saving if you earmark your overtime moneys for savings. Good luck!
Ella’s Budget:
Per month take-home est. $2,000
Max. rent -$663
Utilities, incl. cable/internet (20% of rent) -$133
Car payments -$308
Car insurance -$150
Gas est. -$50
or Commuting est. $0
Groceries/food est. -$300
Laundry/dry cleaning est. -$40
Cell phone -$33
Credit Cards $0
Health Insurance $0
Student Loans -$160
Savings (target 10% of take-home) $0
Cash left for all other expenses/Month $163
Clothing, entertainment, vacations, etc.
I am 24 years old and I live in a verbally and physically abusive home and I need to move out as soon as possible. Last night I was punched in the head, choked, and had nails dug into my skin because I said I was spending the night by my boyfriend. My boyfriend knows of the situation and desperately wants to get me out but I do not want to go from being dependent on my family to him. I bring home about $2400 a month and my current bills are about $1120 a month but I’m working out getting my student loans consolidated. I have good credit so I have faith that it will work out. The closest I’ve been to living on my own was in a dorm at college. I pay for my car note, insurance, gas, personal items, dr visits, stuff for my family etc. The only thing my family does is give me a room to stay in and pay a cellphone bill that’s not under contract. I had $1300 saved but they pressure me into giving them money so I only have $800 in my savings account. I need help but I don’t know where I should go.
Hi Brittany,
You need to speak to someone in an official capacity who can help you, a social worker or even a law enforcement official. The abuse you describe is illegal. Please find help as soon as you can. You have a good job and it seems that you are a financially responsible person. And you are an adult, nobody should demand to get your savings. Don’t think that you would be a burden to anyone. Good luck!
Please help, if you all do budgets please help me because I want to move on my own, but am not sure if I make enough money. I make 11.93 an hour and ive been getting 40 hours a week but am really part time so really my hours are 20 to 35 hours please help as well with having a car payment and car insurance 345.07 and 76.10, my cell phone bill about 50 to 60 a month. Thanks.
Hi Shaneka,
Sorry to say this but your rent money is going to your car expenses. If you can find a roommate share in the $250 range and really economize on groceries = PB&Js for lunch & dinners at home, you could barely make it. You do have a little safety in the potential extra hours, because we estimated the budget on 30 hours. Why don’t you consider delaying your move until you get solid 40 hour schedule and have time to save a little emergency fund. Good luck!
Shaneka’s Budget:
Hours 30
Pay/hr $11.93
Total/yr (50 wks paid) $17,895
Est. taxes/deductions 15% ($2,684)
After tax take-home $15,211
Per month take-home est. $1,268
Max. rent -$250
Utilities, incl. cable/internet (20% of rent) -$50
Car payments -$345
Car insurance -$76
Gas est. -$50
or Commuting est. $0
Groceries/food est. -$200
Laundry/dry cleaning est. -$40
Cell phone -$50
Credit Cards $0
Health Insurance $0
Student Loans $0
Savings (target 10% of take-home) $0
Cash left for all other expenses/Month $207
Clothing, entertainment, vacations, etc.
from the comment before i forgot to add that i would still keep the minimum wage job while still working as a phlebotomist. (:
Hello!
Someone help me figure out how much i would have to make to move to Seattle by next year (August 2018).
So right now im a student and i live with my parents which means no rent, bills or car payments are made by me. (Im very fortunate in this sense) the only thing id really have to pay for is gas.
I just got a minimum wage job, and im 5 months away from becoming a certified phlebotomist and from my understanding they make ABOUT 13-14 dollars an hour. (a rough average)
I’ve looked up apartments in Seattle to give me an idea about how much i’d be paying a month. and the apartments are pretty expensive i want to say 1800-2000 for a nice, safe, and secure apartment.
Eventually i will need to get a car of my own to take with me on the move, so that would throw in a car payment and insurance into the mix, this purchase wouldn’t be until a little later down the line though.
I wanted help figuring out how much i would need to save up and a realistic amount that i could save up in a year and a half.
I know it’s a short time span but i just need an idea about what is possible. Please and thank you!
Hi Aisha,
We did you 2 budgets, one for Seattle and one for now. In Seattle, you will have a monthly shortfall of about $1,600, if you take that $1,800 apartment and also add car payments, insurance, etc. Luckily, if you continue living at home, work the two jobs – total 60 hours a week – and save 50-70% of your take-home pay, you can save enough to cover the shortfall for a year. But what will you do when the year is up. You really cannot afford that apartment on your own, so you need to find a much less expensive one or take a roommate share. Let us know if this makes any sense to you or did we miss something. Good luck!
Aisha’s Budget – Seattle:
Hours 40
Pay/hr $14.00
Total/yr (50 wks paid) $28,000
Est. taxes/deductions 25% ($7,000)
After tax take-home $21,000
Per month take-home est. $1,750
Max. rent -$1,800
Utilities, incl. cable/internet (10% of rent) -$180
Car payments -$350
Car insurance -$150
Gas est. -$50
or Commuting est. $0
Groceries/food est. -$300
Laundry/dry cleaning est. -$40
Cell phone -$80
Credit Cards $0
Health Insurance $0
Student Loans $0
Discretionary spending -$400
Shortfall – by month -$1,600
Shortfall – year one -$19,200
Aisha’s Budget – Now:
Hours 40 @ $11 and 20@ $14 60
Pay/hr $11 and $14 $ 11/ $14
Total/yr (50 wks paid) $36,000
Est. taxes/deductions 25% ($9,000)
After tax take-home $27,000
Per month take-home est. $2,250
Max. rent $0
Utilities, incl. cable/internet (10% of rent) $0
Car payments $0
Car insurance $0
Gas est. $0
or Commuting est. -$125
Groceries/food est. -$100
Laundry/dry cleaning est. $0
Cell phone -$80
Credit Cards $0
Health Insurance $0
Student Loans $0
Savings (target 70% of take-home) -$1,575
Cash left for all other expenses/Month $370
Clothing, entertainment, vacations, etc.
Total savings over 18 months $28,350
I currently make $13.63/hour. I usually take home about $700 after taxes every two weeks. I am trying to move out within the next 6-7 months. I pay $150 towards credit cards, $195 car insurance, $190 car note, and $100 to my school loan. How much should or could I be saving in order to move out within 7 months. The rent I’m looking into is $550-$600.
Hi Akeira,
You are facing a big dilemma. Your fixed expenses for car, credit cards and loans eat up almost one paycheck a month. Even at the $550 you’ll end up each month in a $274 hole. If you want to see how living in an apartment would feel, moneywise, start saving the other paycheck, because that want the rent would take. Even if you could somehow save enough over 7 months to subsidize your shortfall each month, what would you do the following year. You need to increase your income before you are ready to move. For now, get a second job and save as much as you possibly can, cut up your credit cards and see if you can trade to a cheaper car. You need to work on both the income and expense sides of your budget before you are ready to move. Good luck! We are rooting for you!
Akeira’s Budget:
Hours 35
Pay/hr $13.63
Total/yr (50 wks paid) $23,853
Est. taxes/deductions 25% ($5,963)
After tax take-home $17,889
Per month take-home est. $1,491
Max. rent -$550
Utilities, incl. cable/internet (20% of rent) -$110
Car payments -$190
Car insurance -$195
Gas est. -$50
or Commuting est. $0
Groceries/food est. -$300
Laundry/dry cleaning est. -$40
Cell phone -$80
Credit Cards -$150
Health Insurance $0
Student Loans -$100
Savings (target 10% of take-home) $0
Deficit before all other expenses/Month -$274
Clothing, entertainment, vacations, etc.
Hello I make around 950 every 2 weeks I am looking to move out soon I have an car payment of $300 cell phone bill $116 and 10,000 saved up how much can I afford for rent and other utilities?
Azaria,
See below for first part of the answer. That $10,000 savings makes a huge difference. Even after paying $2,000-$3,000 for rent, security, moving and some furniture, you’ll have a very nice emergency fund. Just don’t get tempted into renting an apartment that forces you to dip into your savings on a monthly basis. And since you have already gotten into a saving routine, try to keep it up once you move, even if it is in smaller amounts. Good luck!
How much would I be able to afford for rent with out the money I have saved up and with my couple of bills
Did you miss this calculation we did for you on 6/14? Look for a max. $500 a month rental. Good luck!
Hi Azaria,
Again, your car expenses trip your budget up. You did not include insurance, but we assume you pay the typical $150 a month +$50 for gas. That’s $500 a month, same as your target rent. Without these car costs, you would have had max. of 35% of take-home or $686. Good luck!
Azaria’s Budget:
Per month take-home est. $1,960
Max. rent -$500
Utilities, incl. cable/internet (20% of rent) -$100
Car payments -$300
Car insurance -$150
Gas est. -$50
or Commuting est. $0
Groceries/food est. -$300
Laundry/dry cleaning est. -$40
Cell phone -$117
Credit Cards $0
Health Insurance $0
Student Loans $0
Savings (target 10% of take-home) $0
Cash left for all other expenses/Month $403
Clothing, entertainment, vacations, etc.
Hi, I am a new grad currently living with my parents making 72k a year, which gives me $1800 max rent. I’m looking at a 1BR apt for $1850 (right outside NYC). Parking is $100/month and utilities will be about $60. I will have 7k saved by August when the apt is available. I have no student loans, and no car payment (just car insurance.) Will I put myself in a hole if I sign the lease?
Hi Nikki,
First, congratulations. We don’t know what your major was, but you obviously chose a good one to make so much right after graduation.
Your housing expenses will take about half of your estimated take-ho, but because you have such a high income, even half is plenty for you to enjoy living in that nice 1BR. Looks like you can save 20% of your income and still have enough for discretionary living expenses. That $7k you have now saved, will get you in and get your place set up. Make sure you also sign up for the 401K immediately, if it is offered. You are on a high tax bracket, so being able to save pretax dollars is a winner. Double check all the numbers and make any changes, but if they are in the ballpark, good luck in your new home!
PS. Another path would be to get a less expensive place now, super-save for a couple of years and buy your own place. In your tax bracket the after tax cost would probably be less than renting a similar place. Think about it!
Nikki’s Budget:
Total/yr $72,000
Est. taxes/deductions 30% ($21,600)
After tax take-home $50,400
Per month take-home est. $4,200
Max. rent -$1,850
Utilities, incl. cable/internet & parking -$370
Car payments $0
Car insurance -$150
Gas est. -$50
or Commuting est. $0
Groceries/food est. -$300
Laundry/dry cleaning est. -$40
Cell phone -$80
Credit Cards/All Bills $0
Health Insurance (on parent’s plan?) $0
Student Loans $0
Savings (target 20% of take-home) -$840
Cash left for all other expenses/Month $520
Clothing, entertainment, vacations, etc.
How much income will I need to move out I mean from the last comment
Hi Diamond,
Check out this post that shows your maximum affordable rent based on your hours worked and hourly pay.
https://www.myfirstapartment.com/2016/07/how-much-rent-can-i-afford-on-my-hourly-pay/
Good luck!
Hey I’m trying to get my first apartment I stay with my dad until I get a stable job. How income do i need to move into apartment?
Hi! I’m from Chicago IL, and I live in the Suburbs. we all know of course that Chicago’s housing are so expensive. I am a college student who wants to take a semester off from school but am planning to move in July. Though I am looking for another job closer to the school I want to transfer too Spring of next year at NEIU. Also I only have around 10,000 in my account right now. Also i am new to this whole moving. Any Advice?
Hi me and my girlfriend are trying to move in together and are contemplating either buying a mobile home or moving into an apartment. The long term goal is to get a nice house but that’s going to take some time and require saving. What would be the smarter choice in this? Currently I make about $14/h and work 40 hours a week and she makes about 350-400 a week what would a good budget be for wherever we’re staying at?
Hi! I recently graduated college and I am looking for a home after getting my first real job. I am currently still living with my parents so how long should I wait (money/paycheck wise & months working wise) before getting my own an apartment? I’m currently making about 730 a week after taxes. The apartments I’m looking at around $1200, can I afford it?
https://www.myfirstapartment.com/2016/07/how-much-rent-can-i-afford-on-my-hourly-pay/
Hi Helen,
Mooch at home until they kick you out. Just kidding!
Let’s look at your rent for a 4 week month, so you have a little slack with the 4 extra paychecks you get in a year. You take home $2,920 a month and our formula allows your max. rent of 35% of that amount, or $1,022. So, strictly by formula, $1,200 is too much. However, much depends on what other expenses you have to cover. Car loans? Student loans? Credit card debt? Also, are any utilities included, for example, internet? Are you already putting money into a 401K or Roth out of your paycheck? You need to look at your total financial picture.
As to how much you should save? You should target $3,500-$4,000 in the bank before you move.
There is no shame in living at home for a while after graduation, in order to get your finances on a firm footing before you fly the coop. All your friends are probably doing the same thing. Good luck!
Hi there! I work 36hrs/wk – 25/hr. How much do you think I’ll need to save for an apartment? How much take home would I need to acquire to live comfortably? I owe 16k for my car and 7k for school. How much to save including these loans and how much to save if I were to pay them all off? Thanks for your help!
Hi Abby,
First of all, congratulations of having a highly paid job. Our basic formula is that the minimum you have to save before you move out is 3 times your monthly rent. So, you need to start by trying to figure out how much rent you can afford on your income. It just happens that we have a chart in this post https://www.myfirstapartment.com/2016/07/how-much-rent-can-i-afford-on-my-hourly-pay/ that gives you a starting point. In your case at $25/35 hours = $1,094 is the maximum. However, when we look at your full picture, with a car loan and student loan, it looks like $1,094 is too much. See below. (Notice that we have added more details to our budgeting worksheet, in order to give you a fuller picture of what to expect and included a savings target, as well.)
If you plan to move out on your own and slowly pay off your car and student loans, it will be a long slog. However, if you are living at home rent-free, you should consider staying there one more year to pay off both loans, or at least your car loan. If our estimate of your take-home is in the ballpark, and you dedicate every other paycheck towards your car loan, you’ll be in great shape to move out next year. In addition to paying off the car loan, save another $3,000 or so for the apartment and you’ll be good to go. And never, ever, carry a balance on your credit cards. Good luck! Let us know what you decide to do.
Abby’s Budget:
Hours 36
Pay/hr $25.00
Total/yr (52 wks paid) $46,800
Est. taxes 25% ($11,700)
After tax take-home – $35,100
Per month take-home $2,925
Max. rent -$1,094
Utilities, incl. cable/internet (20% of rent) -$219
Car payment est. -$300
Car insurance est. -$150
Gas est. -$50
or Commuting $0
Groceries/food est. -$300
Laundry/dry cleaning est. -$40
Cell phone est. -$80
Credit cards $0
Student Loan -$100
Savings (10% of take-home) -$293
Cash left for all other expenses $300
Clothing, entertainment, vacations, etc.
Hi me and my girlfriend are considering getting an apartment she makes $11 an hour working fulltime 40 hours a week and I work 29 hours a week making $15.41. Around how much do you think we need to save for an apartment and do you think we would be okay?
Hi Devin,
Did you see our post https://www.myfirstapartment.com/2016/07/how-much-rent-can-i-afford-on-my-hourly-pay/. It has a chart that tells you your max. rent based on your weekly hours and hourly wage. Your GF’s number at $11/40hours is $550 and your at $15/30 hours is $563, so your max rent together is $1,113. Not knowing anything about your other expenses, but if they are not unusually high, and you get a place in the $1,000 range, you should be OK. Save 3 times that amount or $3,000 before your move. Good luck!
Hi. I’m thinking about moving out in a couple of months. I take home around $1500-1700 a month. I also pay a car note that’s $343 a month. I found an apartment that’s $550 with water included. Do you think I would be able to afford it?
Hi Peach,
Always target your rent based on your lower month. With our basic formula of 35% of your take-home, your max. rent target is $525, so $550 is in the ballpark. To double-check, take your take-home of $1,500 and deduct rent $550, utilities 20% or $110 and car note of $343, leaving you $497 a month for other living expenses (car insurance, food, clothing, etc.). That looks tight in the lower months. Can you increase your hours so that you will bring home at least $1,700 a month? That would make the rent doable. Good luck!
Hi! My boyfriend & I are wanting to move in together. I make around $550-600 biweekly & he makes around $400 a week. We have found a 3 bdrm/2bath for $650/mo & $500 deposit. We don’t currently have a car so I’m looking into getting one on payments. We do currently have about $3,000 saved up. Do you think us moving out soon is plausible? Also my best friend wants to move with us but she makes $8/hr & only works 3 days a week.
Hi Celeste,
If we add this up correctly, you make $1,100-$1,200 a month and BF makes about $1,600, for a total of $2,700-$2,800. You don’t say if you are talking about after tax take-home or pretax income so we have to look at it both ways. If the numbers are after tax,35% of $2,700 = $945.
I they are pretax, then $2,700*12 months = $32,400 /40 = $810. So it looks like either way you’ll be ok, especially if your friend chips in a share. In any case, always double-check by deducting all your other monthly expenses, before you sign the lease. Good luck!
Hi I work roughly 35 hours a week and make $18.50/hr. I don’t currently have a car so I was just seeking advice as to what I could afford in terms of an apartment and maybe a rough idea what to expect for car payment. I do not have any credit so I know that’s something I will need to establish as well.
My boyfriend and I don’t have much saved up, but we’re looking for a place that’s a max of 800 to 900 monthly. He’s currently unemployed and looking and I make about 12.50 hourly and work 40 hours per week. By the end of the month we should have the full 3000 saved but I’ll still need to find work in a new area, is there any advice about perhaps qualifying for low income, since my boyfriend is looking to get into school and work part time?
Hello, my husband, son & I are looking to move into a rental house this summer. We are budgeting about $1,250 for rent, not including any expenses. Could you please tell me if this is reasonable for an income of $3,000? Any advice is appreciated. Thank you.
My fiancee and I are looking to move out of state and rent an apartment together and was wondering how much we should have saved and how much we can afford. I bring home 2,000 a month and he brings about 1,600 a month. I have a car payment of 352 a month and so far have 4,000 saved up. Was looking in the price range of 650 to 750 a month.
Hi G,
Our simple rule of thumb is that you should not spend more than 35% of take-home on rent. In your case that would be as much as $1,260. In fact, you should be able to manage $650-$750 rent on your pay only. With your nice savings you are in a great place to get an apartment you are looking for. Continue to save aggressively and you will be ready to buy your own place in a few years. Good luck!
Hello i live in FL! My Boyfriend and I are looking into moving in together! I make $900 bi-weekly and he makes $450 weekly. We are looking for a place where rent will be about $650-$750 a month. This will be a fresh start, So no Furniture or so. Monthly payments together (ins,cars,phone,gas,etc) is about $1500 a month. How much do you think we need to save up to move in including 2 months worth of expenses (rent,utilities) saved! And My Budget? -Thanks!
Hi, so I live in NYC and I’m trying to move out of my mother house, but looking for an apartment in NYC is difficult. I take home about $1,398 a month. How much you think I should pay for rent? Also I have $4000 saved up so far. But my goal is to have $10,000 by August.
Hi Cashmere,
Whatever you do, don’t get a place that you cannot carry on your salary. You have nice amount in savings and getting more, but if you over-extend on rent that money will be gone so fast and you’ll be back with your mom, re-starting savings from scratch. With your pay, you are looking at a roommate share in the Bronx or Queens. Be realistic. Good Luck!
Hello, my girlfriend and I have been talking about moving out since we’ve had our daughter and need more space. I just started a new job making $11/hr and she makes the same. Our total income is around 2800-2900 a month and we have about $4000 saved. We are looking at an apartment that is $800 a month with utilities included except for electric. We estimate our total bills to be around 2100 which doesn’t leave much left. Just wanted to get thought and ideas.
Hi Cheyenne,
It is not clear if your total bills included the $800 rent? We assume it is, otherwise there is no way you could move. While $800 would be ok on your combined incomes, you must have very high other expenses (childcare, cars, etc.) so it leaves little left for other expenses. Can at least one of you get extra hours at work? Can you live very frugally, which is doubly hard because you cannot skimp on diapers and other baby expenses. One good thing is that you do have a nice emergency fund with a couple thousand left even after moving costs. Let us know how it works out and good luck!
Hello, me and my boyfriend want to move into our own place. I bring home around 1000 bi weekly and he brings home around 750/800. We would love any other tips that this blog doesn’t provide. I think if we save $3000 that would be a good cushion to move out on. The max we are willing to pay is $1000 a month and we were wondering what is a good time frame? I think in about two or three months we can move
Hi Dominique,
The best way to test if you can afford your rent is to start saving an amount equal to your projected rent + utilities. If you can do that and still have money to cover all your other monthly bill plus food, clothing, commuting to work, etc., then you’ll be ready to move in 3 months. If you can save even faster, then you can feel even more reassured that you’ll be able to manage your living on your own. $1,000 rent should be well within your means, as you bring in about $3,500-$3,600 a month combined, with a formula max. of $3,500 * 0.35 = $1,225. Good luck!
Hi, my name is Wes and i am a single mother, i take home $3748 a month, sometimes more when i am able to work overtime, and thats with 2 jobs, 1 full time and one part time. And i enjoy working both jobs, both jobs are very stable. I am currently living with my mother, paying no rent. I currently pay for daycare (280/week), car note (446/month), car insurance(304/month), cell phone(200/month), just some of my expenses. I am applying for a 2 bedroom luxury apartment in DC for $1650 a month. Please tell me how much i should have saved up before jumping into this swanky apartment for my child and i. I want nothing but the best for us, so i am willing to save and work as much as needed.
Hi Wes,
Our basic rule-of-thumb is that you need to have at least 3 times your rent saved as you plan to move, to cover first month’s rent, security deposit, moving cost and some basic furnishings. In your case that would be $4,950. However, it does not look like you’ll be able to cover even your listed expenses from your pay, so you’ll need far higher savings to keep you afloat financially. (See below). If your take-home pay barely covers your fixed bills, how are you paying for food, clothing, diapers, gas for your car, etc., etc.? If you use just a one year time horizon, and need at least an extra $200 a week for all your other living expenses, you’ll have to save $10,000 more, in addition to that $4,950, or about $15,000 in total. And what will you do after one year when the savings are gone and your apartment is clearly unaffordable?
We can appreciate that you want nothing but the best for you and your child, but getting an apartment that will put enormous financial pressure on you is not the answer. Rethink your plan very carefully. Good luck!
Wes’ Budget:
Per month take-home $3,748
Max. rent -$1,650
Utilities (10% of rent) -$165
Car Payment -$446
Car insurance -$304
Phone -$200
Daycare ($280/week) -$1,120
Cash after fixed exp. -$137
Per week -$34
Thank you so much. So I’ve considered just sticking to a one bedroom for $1405/month. I will have to do your calculations, and see if this is better or if I should go lower. . Again, thanks for your help!
Hi, my name is Desiree. Me & my boyfriend are currently looking to move out some place with the budget of 1200 a month. Combined we make a total of about 42k. So far all of the places we’ve looked have turned us down for lack of tax returns (were 20) & I have a 2015-2016 tax return that doesn’t reflect how much I make now with my current job. Any suggestions ?
Hi Desiree
You need to show pay stubs and letters from employers that you make what you say. Another way to make landlords love you is to offer extra month or two of security deposit. Also, $1,200 is bit high on your incomes, so that’s another reason landlords may not approve you. Good luck!
Hello! My boyfriend and I are looking to get an apartment over the next year he has 3k saved in the bank and makes 12.75 an hour working 5 days a week about 35-40 hours. I work 5 days a week at 24 hours (sometimes more) making $10 an hour. We were looking at a place totalling at $999 a month for a 1bedroom (utilities etc. Included) could we do it? and if not, what would be our price range? And how much should we have saved up before we move?
Hi Mikayla,
If you use the chart in this post, you’ll see that the max. rent at $13/hr for 35 hours/wk is $569 for BF and $10/hr for 25 hours/wk is $313 for you. Your total max. rent is then $882. $999 is a little reach, but with utilities included should be OK and $3,000 in savings is just enough to move. You also have a little cushion from the extra earning on 40-hour weeks, which you should try to save.
Good luck!
Hi! I am a recent college grad living at home. I currently have a part time job but I am seeking full time employment. I am looking into moving out in the next year or so. I’m not sure exactly where I plan on moving to (it depends on which grad school I get accepted to) but I am trying to figure out how much exactly I need to save so I have a tangible goal in mind. Do you have any tips/websites I can look at to get an idea of how much rent/amenities would cost in that area?
Hi Fay,
Here are couple of sites that cover rents by market. You should have savings at least equal to 3 times the average rent in the market.
http://www.deptofnumbers.com/rent/us/
http://www.deptofnumbers.com/rent/us/ Scroll down to city by city rent info.
Good luck!
Hello, I just got a new job and my base salary is $2,800 after taxes each month. However I also get commission that varies. For instance if I sold $7,000 in one month I’d take home $560. However, other months that I open new accounts and what not my commission significantly increases to 12% on top of 6 or 8%. This new job of mine has an amazing commission plan, there’s a lot of money that can be made here. My boyfriend and I want an apartment that’s roughly $2,440. It’s beautiful and has plenty amenities. Our goal is to find a home that where we don’t mind staying in a lot. He would be contributing about $1,000(for the first few months) and I’d pay about $1,500. my bills are about $700 a month right now. Please let me know how much I should have saved up before I decide to make this commitment.. Thanks!
Hi Cynthia,
You should find a place that you can afford on your base salary + your minimum commissions. If you can always count on making at least $400 after taxes in commissions, your max. target rent is $3,200 * 35% = $1,120. Even though your share of the rent is more than you should be paying you can still make it with about $200 a week left over for your other expenses and savings. See rough budget below. Between the two of you, you should have about $7,300 in savings before you move out to cover first month rent, security deposit, moving costs and a few pieces of furniture. Can your BF save his share of about $3,000 and you cover the rest? (If he cannot come up with his share of the savings target, you should give this move further consideration.) Good luck!
Cynthia’s Budget:
After tax take-home – $2,800
After tax take-home – Min. Commission $400
Per month take-home $3,200
Max. rent -$2,440
Est. Utilities -$244
Other bills -$700
BF contribution $1,000
Cash after fixed exp. $816
Per week $204
Savings target 3 times rent $7,320
Hello,
I am currently making 32,000 a year, 1,800 in take home pay per month after taxes, 401k etc. I am looking to get a 1 bedroom to live singly. I have $3,000 saved up, and expect to save at least $1,500 more before I plan to move, in March or April.
I hardly have any furniture, and want my place furnished. But, I guess I don’t NEED all the furniture, I just want to have a pretty place. Do you think I’ve saved enough? The apartments I am looking at are $655 a month, and I am pretty sure only have a $150 deposit fee. I am excited, but maybe I should save a bit more? I know I’ll be pretty poor once I move out, and think I may have to get a second job if I don’t want to be super tight with money.
Thank you!
Hi Dawn,
First of all, we are happy to see that you contribute to a 401K. (Hello, everyone! If your employer offers a 401K plan, please contribute, at least to the level that gets you the maximum match!!)
Ok, back to Dawn. At $1,800 take-home and 35% max. affordable rent, you could afford up to $630 a month based on our formula. $655 is not that far off, so you should be able to pull it of. You seem like a financially astute person and have a nice nest egg already, so if it takes $655 a month to get a place you love to come home to, go for it. Then get a bed, a couple chairs and a table and take your time furnishing your place. Learn to cook and live frugally and have fun making the place your own. Good luck!
Thank you so much! This is an awesome and resourceful website, by the way. Thanks for your input!
Hi I’m looking to move into a place but I’m indecisive as far as if I should do a one bedroom or two bedrooms with a roommate. I would live to live alone however the cost for that would $874 for 716 square feet. If I do the two bedroom I would be splitting $1049. I currently have 5k saved up and work two part time jobs which should I do?
Also I make about 25k per year bewtween both jobs
Hi Kelsey,
If you read our post on estimating your max. rent target, https://www.myfirstapartment.com/2015/09/rent-calculator/, you’ll see that the formula is annual salary divided by 40 = $625. Our recommendation is for you to go with a roommate for two reasons. First, $874 is really too much on your pay and will make you “rent poor” and take the fun out of your first apartment experience. Second, you work two jobs to make that $25K, so they are both part time jobs and will put you at risk if you lose one of them. Kudos to you for having saved a nice nest egg that can serve as an emergency fund, but don’t fall into the trap of pulling money out of savings to cover any monthly rent shortfall, which could happen with the 1BR. Good luck!
Hi my boyfriend and I are looking to move into an apartment that cost $966/month. He makes 39K a year and I am currently looking for a job but we have a little over 15k saved. We will be able to move without paying for a truck as we have the help we need. So moving expenses are not a problem. Does this seem doable?
PS: We also have atleast 5K in the bank on top of what I mention previously!
Hi Ashley,
You two should be fine at $966, and are in a great position to continue saving aggressively once you get a job. We love it that you have saved so much before moving. You should be able to bank your pay once you get a job, and build a nest egg big enough so that you could start looking for something to buy in a year or two. Good luck!
Is it possible for my boyfriend and I to live off 17k a year and pay rent?
Hi Kim,
Can you find a place in the $425 range ($17,000 /40)? Maybe you could even stretch it to $500. If you can, then you should be tight but OK.
Good luck!
Hey my name is Jocelyn and I live in Chicago I’m planning on moving to California somewhere like San Diego with 12,000 in my bank. I would start a new life by myself looking to rent an apartment how much can I afford to rent an apartment for? 12,000 would be all for apartment and everything in it because I would have already paid for clothes and my plane ticket, and I would have around 1,000 for food etc. Please help me out. Thank you!
Hi, I had a friend who just moved back to Florida after living in California and he told me that rent for a 1 bed 1 bath studio apartment was around $1,000 a month. I hope that helped a little.
Just a bit but thank you, can you ask them any more questions please? Thank you.
Hi Jocelyn,
How much you can afford in rent will depend on your pay. If you are moving before you find a job, find a short term sublet first while you look for work. Then get a place that you can afford on your pay. You have nice amount of savings, but you’ll like to have them available as an emergency fund until you are fully settled in your new location. Once you have a job, landlords will be happy to rent to you because you can easily pay all the upfront costs and still have money in the bank.
Once you have a job, check our affordable rent calculator and our hourly pay rent estimator. Good luck!
Thank you so much for responding back and for the information!
Hello.
I’m currently a college student and looking to move out of my dorm into an apartment. The apartments near me make it affordable for college students. The one I am looking at is $300 a month. I make about $246 on my paychecks and get paid twice a month. I know that I’m currently not making a lot (planning on getting another job) but I wanted to have a prediction or estimate on when I should try to move in with saving up my money? I don’t own a car, and moving my stuff in is free because I have friends with a truck willing to help me.
Hi Thomas,
After you have saved $1,000, you can pay first month’s rent and the security deposit and have a little left over for some basics you’ll need living on your own. (Toilet paper, detergent, etc., etc.) Good luck!
Hello.
I have a job doing 80+ some overtime making $15. Then another job making $14, getting paid every week doing 32 hours. How much would my base rent be?? I am single, no kids, no debt, decent credit and looking to get a third job making $11 on the weekends. I also want to take a trip to New York before I move in by myself. I don’t have a car, and looking to move in with $4k. Is that enough for a place??
Hello Tony,
Something is wrong with your question. It looks like you work 80 hours/week in one job and 32 a week in another one, totaling 112 hours a week, plus you are looking to add a third job on weekends. Are you an insomniac & need no sleep? Please double check you hours so we can estimate your maximum affordable rent.
I am a single mom to my 2 year old boy. I am looking for an apartment in my price range. I make $650 a week (I work 2 jobs and get 100 a week for child support) I pay roughly $550 a month in bills (insurance, daycare) what price range am I looking at? I was thinking $700 max. What do you think?
Hi Megan,
You take in about $2,600 a month so our formula max. rent at 35% of take-home pay is $910. However, because you are a single mom, your rent target of $700 is a much safer level for you, and still leaves $303 a week for the two of you to cover all the additional expenses (see below.) Plus looking at this from the point of 4-week months, you’ll still have the 4 extra weekly paychecks a year to build an emergency fund. Being a single mom is tough but you seems to have things well under control. Good luck!
Megan’s Budget:
Monthly take-home $2,600
Rent $(700)
Utilities (20%) $(140)
Monthly bills $(550)
Cash for other expenses $1,210
Per week $303
Hey I’m Darrien I found a apartment that’s about 1,253 a month I have one job I make $12.35 an hour and total hour is 43 hours. how much would I need to save up For a good start and I get paid every week
Hi Darrien,
We are really sorry to break you the news that you cannot afford that apartment. If you make $2,124 in a 4-paycheck month ($12.35x43x4), you probably take home a little more than $1,800 after taxes (est.15%), leaving you less than $600 a month for commuting to work, food, clothing and other essentials for living. With your pay, you should be looking at places in the $600 range. If that $1,253 place is big enough for two, you could get it and take a roommate to share the cost. You need to have savings equal to about 3 times your monthly rent before you move, so you are looking at $2,000-$4,000 in the bank. Good luck!
Hi I am trying to rent a one bedroom apartment in Los Angeles and montly rent will be $1230 but because of my credit landlord is asking for a deposit of 1.5 times the rent. So the total he wants is $2717.90 is this amount right?
Hi Bautistas,
The first month rent is $1230 plus deposit of $1845 (1.5 times $1230), for a total of $3075. Good luck!
Hello my name is Victoria and I am looking to move out. My first job I make 16 an hour and after taxes I bring home 1991 a month and my second job I bring home 240 a month which brings me to 2200 take home. I have a car payment of $340 a month how much can I afford for an apt ?
Hi Victoria, looks like our basic formula works for you and using both jobs, you can afford a place up to $770 a month. However, if your market has nice places in the $700 range that you could afford on your first job, it would be much safer for you financially. That way the second job is your safety, if anything happens (car trouble, etc.) that would otherwise blow your budget. Good luck!
Victoria’s Budget:
Per month take-home $2,200
Max. rent -$770
Utilities (20%) -$154
Car payments -$340
Cash after fixed exp. $936
Per week $234
Victoria’s Budget:
Per month take-home $1,991
Max. rent -$697
Utilities (20%) -$139
Car payments -$340
Cash after fixed exp. $815
Per week $204
If dividing my monthly income by 3 or annual income by 40 determines my affordability, what would be the opposite (multiplying)?
It’s 2.5% of your annual before-tax gross income or 33% or your monthly after-tax income. Our formula actually uses for max. rent 35% of your monthly after-tax take-home income.
Hello my names deveigh and I work two jobs, one pays 10$ and hour (40 hours) and one that’s 8$ and hour (40 hours as well) and I have a phone bill of 60$ and I plan on going to community college I already have a car fully paid and and with my dad’s insurance
Hi Deveigh,
Did you see this post https://www.myfirstapartment.com/2016/07/how-much-rent-can-i-afford-on-my-hourly-pay/.
If you make $18 for 40 hour week, you max rent is $900. However, you are working 80 hours a week for that. If that is the case, you cannot continue that too long. Base your rent on 40 hour week at $10 an hours. That would give you max rent target of $500.
It does not seem to make sense. Maybe these are monthly hours, not weekly? If you average 20 hours a week, at $9 average pay, you can only afford a roommate share for $225. Good luck!
Hello, im looking to find an apartment to move into. Im 23 &
Im a college student. my tuition is free
Right now I am getting paid $ 32 an hour but usually only work 35 hours. I get paid biweekly i make on averag after taxes $1700-1900 per month
My expenses:
My job require me to travel.
I travel 130 mi per day, i fill up my car 3 times a week
My job pays for one fill up at 30$
On gas spend 60$ per week.
my parents take care of my phone bill.
My car is payed off.
Hope you can help thanks!
Sorry i ment I work 38 hrs every two weeks. 19 hrs weekly
Hi rob, I’m jasmine. I make 13.75 an hr and my BF makes 13.50 an hr. We get paid biweekly and live in Orlando. The only bill I pay is $100 phone bill but pretty soon I will also be paying $250 for car insurance. My BF pays $80 phone bill and $150 insurance. With both of our income put together how much do you think we should pay for rent?(we are going to be splitting it) also about how much should we save up to move and furnish the apt.(we will be buying used furniture)
Hi, im looking to move out with with 2 roommates. I have 1 secure weekend job and wondering if I should get a second job during the week. I make 10.50/hr and 30 hrs/week, and have a $125 car insurance bill, $80 phone bill, and pay about 150 a month in gas. Also I have 1500 saved up to move out.
Hi there I make $16.10 /hr with a car note of $415/month car ins $98/month and $300/ in other expenses can I afford to move. And how much will I need to start?
Hi Rob,
I’m Hillary I make 16.06 a month 30 – 40 hours a week with a car payment of $180 and insurance at $200 and a cell phone bill of $40 will I be able to move?
Hi Rob,
Im channell i make 15.87 a month 40 hours a week with car insurance $125 , day care $125 every two weeks and $100 cell phone bill is it possible i can afford to move ?
Sorry i ment per hour
Hi Channell,
Did you check out our target rents on hourly pay? https://www.myfirstapartment.com/2016/07/how-much-rent-can-i-afford-on-my-hourly-pay/
If you look at $15 with 40 hours, your max rent is $750 a month. Lets now see how your budget would look like:
Channell’s Budget:
Hours 40
Pay/hr $15.87
Total/yr (50 wks paid) $31,740
Est. taxes 15% ($4,761)
After tax take-home – $26,979
Per month take-home $2,248
Max. rent -$750
Utilities (20% of rent) -$150
Car insurance -$125
Phone -$100
Day care -$250
Cash after fixed exp. $873
Per week $218
It looks like you should be able to make it, but make sure you save $2,500-$3,000 before your move, so that even after you cover all moving related costs, you will still have a $1,000 emergency fund. Why don’t you start saving $900 a month (est. rent + utilities) towards your move, so you’ll be also testing at the same time how you’ll be managing after your move. Then you’ll be able to move in about 3 months. Good luck!
Hi Rob,
I make $19.41 an hour, I have a car payment of $400 and insurance $200. What can I afford to pay in rent?
Hi Kamaria,
Check our max. rent chart on hourly pay. https://www.myfirstapartment.com/2016/07/how-much-rent-can-i-afford-on-my-hourly-pay/
At 40 hours and $19, your max. rent is $950. If you work 40 hours a week, it looks like you could actually afford that $950, unless you have high credit card or student loan bills or other fixed expenses. However, try to find a place for less and start putting some money into savings. Right now your car takes almost a quarter of your take home income. Long term that is not the best use of your hard-earned money. See your est. budget below. Good luck!
Kamaria’s Budget:
Hours 40
Pay/hr $19.41
Total/yr (50 wks paid) $38,820
Est. taxes 20% ($7,764)
After tax take-home – $31,056
Per month take-home $2,588
Max. rent -$950
Utilities (20% of rent) -$190
Car insurance -$200
Car loan -$400
Cash after fixed exp. $848
Per week $212
Hello,
I am making $77500 per year in Boston, MA. I am looking to move from STL to BOS without any furniture. I am newly out of college with about $25K in student loans. What can I expect to afford?
Hi Rob,
Congrats on a great job after graduation. Computer/finance major?
Re: rent, the basic landlord formula is annual salary divided by 40, or maybe 35 in some areas of Boston.
So, you could qualify for $2,000 or even higher monthly rent. However, you can likely find something great in a nice area in Boston for much less than that. Because of your high income, your student loans should be easily manageable even at the higher rent, but if you go easy on the rent, you can throw the extra savings to your loan and knock it off years early. You do need at least $4,000-$5,000 in savings before your move, to cover first month’s rent, security deposit and some furniture. Good luck!
Hello I’m a 23 y/o adn nurse making $19.75/hr. After taxes and insurance, I bring home about $1400 every two weeks. I’m planning on going back to school to get my BSN this spring but I want to move out for the 1st time and move closer to the school. I already have a job lined up in that city that pays only a little more than what I’m currently making, and will be going apartment hunting next weekend. I’m wondering what would be a recommended monthly rent that I should be looking at. I have a $70 student loan, $230 car payment. Thankfully mom and dad will still keep paying my phone bill which isnt much but I’ve always given mom $80 out of all my paychecks. I also pull out 10% for tithing(so about $140). I was originally hoping for a place around $650is ,or could I push up a little more?
Hi Jeanette,
You are doing great for a 23 year old! With your income and expenses you can easily afford $650, even $1,000 if you work a 40 hour week.(https://www.myfirstapartment.com/2016/07/how-much-rent-can-i-afford-on-my-hourly-pay/). Happily, it sounds like you are moving to an area where you can find a nice place for a lot less. We never want you to pay more rent than you need to, in order to get a place that you’ll be happy to come home after a long day at the hospital, but you do have easily $100-200 flexibility on the upside. Remember to save the extra paycheck you get each year when you have a 3 paycheck month. See budget below. Good luck!
Jeanette’s Budget:
Hours X
Pay/hr $19.75
Per month take-home $2,800
Max. rent -$650
Utilities (20% of rent) -$130
Car Payment -$230
Car insurance ?
Phone/Mom -$160
Tithe -$280
Student Loan -$70
Cash after fixed exp. $1,280
Per week $320
Hello! I was wondering if you guys know if apartments will accept 1-2 years worth of savings for proof of income, and possibly paying rent in advanced to cover a few months, if you’re without a job. As I’ll be moving out of state.
Hi Lynna,
Paying several months to a year of rent in advance will warm any landlord’s heart, and having extra savings over and above will help. If you have good job track in the past and are just without a job because you are moving to a new state will reassure the landlord that you will be able to continue to pay your rent even after the prepaid rent period ends. You should be able to get a place relatively easily. Good luck!
Hi my name is Tanja
I bring home roughly 1,000 a month, but I get paid every week. I have insurance for $150 a month and a $50 phone bill plus internet service and I’m looking to mine into a $545 a month apartment?
Hi Tanja,
We are sorry to say but $545 is far too much on your income. It leaves only about $250 a month for all other expenses. You should look for a roommate share $350-$400 a month. If you over-extend on rent, you are living with tremendous stress and not being able to enjoy you own place. Good luck!
Hi my name is Peyton! Looking to move out as soon as I have enough money. I make $11.00 an hour plus commission. Approx. 40 hours per week. I’m paying $250 a month for current monthly expenses (phone bill, insurance, paying off speeding ticket). My boyfriend and I plan on rooming with his mom and dad who are needing to find a cheaper place. They will be helping with I’m guessing half of the rent/utilities. How much should I save/what’s my budget?
Why is everyone still asking how much they should save? The formula is in the article?
Hi Peyton,
Our chart shows that your max rent is $550, but $500 range would be safer on your income, considering your other expenses. You should plan to save at least $1,500 before your move. Good luck!
Peyton’s Budget:
Hours 40
Pay/hr $11.00
Total/yr (50 wks paid) $22,000
Est. taxes 15% ($3,300)
After tax take-home – $18,700
Per month take-home $1,558
Max. rent -$550
Utilities (20% of rent) -$110
Fixed expenses -$250
Cash after fixed exp. $648
Per week $162
Hi, I’m planning on moving out next year. I make 13.50/ hr and work 40 hours weekly. I have a 287 dollar car not, 117 student loans and a 60 dollar phone bill. What would you suggest my max rent be and how much to save?
I meant to say a 117 dollar student loan
Hi Jhane,
Our max rent chart for hourly pay (https://www.myfirstapartment.com/2016/07/how-much-rent-can-i-afford-on-my-hourly-pay/) shows that your max. rent on your income is $675. If you pay $675 in rent, below is how your budget would look like. It’s very tight. We’d like to see at least $200 a week after your fixed expenses for all other living costs and savings.
In any case, you should plan to save at least $2,000 before you move. Good luck!
Jhane’s Budget:
Hours 40
Pay/hr $13.50
Total/yr (50 wks paid) $27,000
Est. taxes 20% ($5,400)
After tax take-home – $21,600
Per month take-home $1,800
Max. rent -$675
Utilities (20% of rent) -$135
Car Payment -$287
Phone -$60
Student Loan -$117
Cash after fixed exp. $526
Per week $132
Hi I am planning on moving in December or January, I bring home 2,800 a month, I have a 150 car insurance, and 229 car not, with a $60 phone bill. What would you suggest be my max to pay for rent? I live in Los Angeles, Ca
Hi Mikayla,
Looks like with your income you can afford our formula rent of about $1,000 a month. See below. However, as we told Joseph,the bigger question is do you need to spend that much in your area to get a place that you’ll be happy to call home. In any case, we recommend that you save at least 3 times your expected rent before moving out on your own. Good luck!
Mikayla’s Budget:
Per month take-home $2,800
Max. rent (take-home * 35%) -$980
Utilities (20% of rent) -$196
Other monthly fixed -$439
Cash after fixed exp./month $1,185
Per week* $277
*Monthly net divided by 30 times 7
I make 42k annually, 775 m/o expenses including car, phone, insurance (car&renters), credit cards, etc. What would be the smartest route to go as far as what i can afford for rent, save up before moving out, etc…
Thanks for your help.
Hi Joseph,
With your income your max target rent is $1,050 and it looks like you can afford that. See below (we use a rough estimate for taxes, you should use your actuals.) The bigger question is do you need to spend that much in your area to get a place that you’ll be happy to call home. In any case, we recommend that you save at least 3 times your expected rent before moving out on your own. Good luck!
Joseph’s Budget:
Total/yr $42,000
Est. taxes 20% ($8,400)
After tax take-home – $33,600
Per month take-home $2,800
Max. rent -$1,050
Utilities (20% of rent) -$210
Other monthly fixed -$775
Cash after fixed exp./month $765
Per week* $179
*Monthly net divided by 30 times 7
Hello I am looking to get an apartment. I bring home $2000 a month. I have a $380 car payment + $120 insurance. How much rent would I be able to afford?
Hi Kevin,
Our basic formula says you should not pay more than 35% of your take-home in rent. Here’s your budget:
Per month take-home $2,000
Max. rent -$700
Utilities (20% of rent) -$140
Car Payment -$380
Car insurance -$120
Cash after fixed exp. $660
Per week $165
You need to budget all your other living expenses in before you can see if that $660 left over a month is enough. Good luck!
hello my name is Elizabeth I’m planning on moving well need to move I’m currently pregnant due dec 12th make 14.30/hr car note is 408 insurance 185 phone 80 loan 100 I have 2000 saved should I wait to move go on maternity leave in dec or should I try to save 3000 in total and move? what would be too expansive oh and I work 40+ hours a week get paid biweekly
Hi Lizz,
First, congratulation on your upcoming big event!
Have you checked our max. rent chart for hourly pay? https://www.myfirstapartment.com/2016/07/how-much-rent-can-i-afford-on-my-hourly-pay/
According to that your max affordable rent would be approx. $700 a month. However, you have very high car expenses, and the baby on the way, so our average rent chart will not work for your circumstances. Do you have to move before the baby is born or soon after? You may realize that having a new baby and working 40 hours is a difficult combination. Can you stay in your current place until your schedule with the baby is settled? Even if you have $3,000 saved, a big hunk of it goes to rent, security and other moving costs, so you won’t have much safety net left.
After taxes you probably bring home about $2,000 a month. If you pay $700 rent, $140 (20%) utilities, $593 car expenses, $80 phone and $100 loan, you are left with $387 a month, or less than $100 a week for childcare, food, clothing and all your other expenses. Even if you get a place for $500 a month, it’s still going to be very tight.
Hope the baby’s dad is in the picture and will help you out. In any case, good luck to you and the baby!
hello hank you for responding. after the baby I will hopefully start a new position which will be 20.85 an hour so that should help right? I will be working 3 days a weeks 16hours shifts
Hi Lizz,
The new job will give your income a big boost to a little over $50,000 a year. You should be in good shape to cover your rent, car and baby expenses. Our formula would go as high as about $1250 in rent, but with your high car payments and the upcoming childcare costs, keep the rent well under $1,000 and you can enjoy your own place without stressing about rent each month. Keep on saving as much as you can before the baby arrives. The little ones are surprisingly expensive (but worth every penny!). Good luck.
I’m planning to save up for an apartment just a question if i were have saved up at least 6,000 or 13,000 dollars what would be the chances of me getting an apartment?
Hi Nedson,
Your landlord will look at your income to decide if they want to rent to you. $6,000 is very nice nest egg, if you have good steady income, but since you did not mention income, we cannot estimate how much rent you might afford.
Good luck!
I make $14.03/hr regular hours are about 37~40 a week. My paycheck after taxes is roughly $700 ~ 740 every two weeks. I have car insurance which is about $118 a month and phone bill which is about $77 a month. I have $2500 saved up. Plan to move in with a couple of friends with the rent split between us it will be about $800~$850 (utilities and internet included) a month.Is this a good move for me?
Hi,
My current salary for my first job out of college is $24,000. After taxes, I take home about $1,462 a month plus mileage reimbursement. My only recurring expense is a $50 phone bill and about $130 a month for gas. In November I will have to begin paying back students loans, which I’m hoping to qualify for income-based repayment plan that will make my payments $77/month. My friend and I are looking to move into an apartment in January that is about $1400/month, so $700/person. I am planning to have $3,500 saved up by January to cover five months of rent. Also, my roommate’s salary is much higher than mine.
Do you think this is affordable for me?
Hi Chanel.
So, out of your monthly take-home of $1,462 you’ll have to pay $700 rent, approx. $140 utilities, phone $50, gas $130 and student loan $77. You’ll have $365, or $91 a week, left each month for all your other expenses (food, clothing, etc.). That is cutting it too close. Based on your salary, your max. rent is $600 ($24,000 / 40). If your roommate makes more, why don’t you let them have the better room and pay a little more and you pay less. Good luck!
Hi,
I work two jobs, one that’s pays 8/hr one that pays 9/hr both I work 30 hours a week (60 hours total). My boyfriend works one job 8.50/hr 30 hours a week. We are looking at an apartment right now that’s $550 a month plus about $150 in utilities we almost have $4,000 saved do you think it would be safe to try this move? I’m pretty terrified at the idea of not being able to pay bills
I also forgot to mention My only other expenses are $27 a month to student loans and $100 a month to paying off a lawyer I had
Hi Erin,
Did you see our post about estimating rent when you are paid hourly. https://www.myfirstapartment.com/2016/07/how-much-rent-can-i-afford-on-my-hourly-pay/
If you look at the chart for 30 hours at $8 /hr. you see that your max rent is $300. Your boyfriends max rent target is $319. Combined, you could go up to $619, even if we only include one of your jobs, so $550 looks doable, even with $150 in utilities, your student loan and other bills. Working 60 hours a week is a heavy load and you should not reach out to rent something that requires you to always work so many hours. At $550 rent you should do very well and be able to continue saving at a high rate. Good luck!
I get paid $800/ month roughly. I will be living with one other person. My car payment is $260. My car insurance is $130. My phone bill is $70. I have $1,500 saved up. I would like to move in about a month or so. What rent amount can i afford?
Hi Carlee,
On $800 income a month, assuming your rent is no more than third of your monthly take-home, your rent target is about $260. However, with your other fixed expenses of $460 a month, there really is no way you can afford to pay even minimal rent and utilities and still have money left over for food and other living expenses. It’s great that you have saved $1,500, but it will be quickly gone if you have to start paying even minimal rent. Continue saving, try to boost your income and wait to move out until you have brought your income up. Good luck!
Hi I make 7.25 an hour. And i have a year and a jalf to move out. How much should i save???
Hello I make 9.25 hour I work 40 hours per week how much should I save to move out for all my expenses and what I can afford
Hi Deserae,
Did you see this post about estimating rent when you are paid hourly.
https://www.myfirstapartment.com/2016/07/how-much-rent-can-i-afford-on-my-hourly-pay/
If you look at the chart for $9 and 40 hours it tells that your maximum affordable rent is $450 a month. Depending on the market, this may mean you can only afford a roommate share. You should plan to save at least $1,500 before you move. Good luck.
Hi I make 9.00 an hour and I work part time. I have a car but it’s fully paid off. I’m on my mom’s insurance and the price is a little over 120 . I have money saved up. What a the max rent I can afford.
Hi Avante,
Check out the chart on this post for the hours you actually work. How Much Rent Can I Afford on My Hourly Pay? Most likely you are looking at an inexpensive roommate share situation. Good luck!
Hi,
I make $17.07hr set 40 hours a week, single mother with a 7yr old. My extra expenses are $645 this includes car ins, phone, and tuition at bare min because I have to pay for my sons schooling. could I afford a place on my own and how much.
Hi Tiffany,
Did you see our post about estimating rent when you are paid hourly? https://www.myfirstapartment.com/2016/07/how-much-rent-can-i-afford-on-my-hourly-pay/
If you look at the chart for $17 and 40 hours it says that your max. affordable rent is $850.
Here’s how your very rough budget would look like at $850. It looks too tight, especially with a growing child. Not knowing where you live and what the rental market is like, can you get a decent place with good schools for under $700 a month? That would leave you a little more breathing room for all your other monthly expenses. Before you start looking for a place, you should save at least $2,000. Good luck!
Tiffany’s Budget:
Hours 40
Pay/hr $17.00
Total/yr (50 wks paid) $34,000
Est. taxes 15% ($5,100)
After tax take-home $28,900
Per month take-home $2,408
Max. rent -$850
Utilities (20% of rent) -$170
Other monthly payments -$650
Cash after fixed exp. $738
Per week $185
Hi Sharon!
I make $21,500 per year and I have a 9 year old. He is back and forth between dad and I every other day, and dad definitely plays his part. I need to find an apartment and the one I am looking at is $750 per month. I sometimes take home between $750-800, maybe a bit over that if I make over time, and I am full time. No car note, $108 phone bill that I plan to get rid of…
I’m worried because I don’t have anywhere to go. Can I afford this? It is very very difficult to find an apartment for $500, in a good neighborhood and I just landed my first full time dream job.
Sorry, I didn’t mean to say Hi Sharon; I thought that was the author!
Hi Kae,
Based on your income, you maximum safe rent would be in the $550 range. Because you do not have many other fixed expenses, maybe you could push it to the $600 range, assuming your son’s expenses are mostly covered by his dad. If you take home $750 on a low pay-period, or $1,500 a month and pay $850 for housing ($750 rent plus at least $100 for utilities), you have $650 a month to cover all other living costs for you and your son. If the $750 place is in a better school district for your son, you might want to really push the overtime on days he is with his dad, so that you pick up another couple of hundred a month. That would leave you still tight but manageable even with a higher rent. Would your son’s dad maybe chip in a bit to get him into a better school?
Also explore if there are some decent options between $550 and $750 that would be workable.
Good luck!
I want to move out to Sacramento, CA from GA. I just a got a raise to $15.25/hr and get about $22.88/hr if i work sundays. I usually get around 32-38 hrs per week and bi-weekly pay. Right now im living with my parents and only pay internet and car insurance which is about $200 a month and $150 in miscellaneous credit card bills. I have save at least $10,000 in my savings plus about $1,500 in my checking. What kind apartment/condo can i afford? I will have a roommate, but im not sure when he will be arriving to Sacramento.
Hi Minh V,
Did you check out our new rent chart for hourly pay. https://www.myfirstapartment.com/2016/07/how-much-rent-can-i-afford-on-my-hourly-pay/
If you look at the chart, let’s say for 35 hour week at $15, your max. target rent is $656.
Looks like you’ll be OK at that level, overall (see below). You have a little cushion from your higher Sunday pay and you are in great shape to handle emergencies with your savings. Good luck!
Minh’s Budget:
Hours 35
Pay/hr $15.00
Total/yr (50 wks paid) $26,250
Est. taxes 15% ($3,938)
After tax take-home $22,313
Per month take-home $1,859
Max. rent -$656
Utilities (20% of rent) -$131
Car insurance -$200
Misc. bills -$150
Cash after fixed exp. $722
Per week $181
Hello, i would like to move out on my own. I get paid $15.40 per hour. I work 40 hrs a week. I get paid bi weekly. We also get paid time in half overtime. I do not have a car note. My car insurance is $130. My phone bill is $90. What can i afford based on that?
Hi Sharon,
Did you see our recent post on
How Much Rent Can I Afford on My Hourly Pay? If you look at the chart you see that your max. target rent is between $750 and $800, based on your income. Since you don’t have very high other expenses and you sometimes make overtime, you could go up to $800, if that will get you a place you really love. Good luck!
So, I do have a question that you’ve probably answered before.
I want to be in a new apartment by March of 2017. I’m actually shooting for March 10th to be exact. And because of unseen expenses I won’t be able to save until September of this year. I want to use my tax return and another check I’m receiving from another little job I’m doing this month towards this, which should be anywhere from $750-$1,000.
I work a salary job that I’ve been at about a month. Base pay is $2,000 (before taxes) and I can make commission on top of that. Depending on how well I do, I could make anywhere from $50-$2,000 more a month. I’m just starting out as of right now so I don’t know what the coming months will bring. But my coworker who only has a month or two more experience than me is doing severely well for herself. The only expenses I have as of right now is my car and my phone, which total around $450 a month other than me paying a roommate my share of the rent, which is another $400.
I know I need to start saving immediately but I just need to know what I can afford. There is this really nice little studio apartment that is $650-$695/month in Tacoma, WA and I’ve absolutely fallen in love with it and even see myself living there. I won’t have any roommates and it will just be me paying all of my bills.
So I guess I should be asking my question now. What should I be able to afford as well as how much should I be saving up each month to be able to move in without any issues?
Hi Sarah,
It’s smart of you to be planning your move well in advance. You should target your rent range based on your base salary, especially as you don’t know yet how much commission you’ll earn each month. Your annual salary of $24,000 divided by 40 = $600 max. target rent. Because you’ll be making at least some commission, $650 rent if you really love the place should be within reach.
Let’s look at a rough monthly budget:
Salary $2,000
Est. taxes (15%) -$300
Rent -$650
Est. utilities -$130
Car/phone – $450
Cash left for other expenses $470
Cash per week about $110
You should target to save at least $2,500-$3,000 before your move. You should be able to $400-$500 a month after September and easily meet your target. Try to save your tax refund to start an emergency fund and make sure to sign up for your company’s 401K if it is offered. By your move-in date you’ll also have an idea of how your commissions are coming in to give your budgeting some extra safety. Good luck!
Hello, I would like to move out and get an apartment. I currently make $12.75/hour and work atleast 35 hours a week. My girlfriend makes $11/hour and works atleast 32 hours a week. My car, insurance, and paying for the family phone bills all add up to $1,000 a month. My girlfriend pays $300 each month in bills. What can we afford based off of that?
Check out our recent post about estimating target rent when you are paid hourly. You’ll get a rough target rent number when you look at the chart for $13 and 35 hours =$569 plus $11 and 30 hours = $413, totaling $982.
Next you have to look if that rent is doable with all your other expenses. The answer is no. Because of your high other bills you cannot afford $982 rent, which would leave less than $100 a week for other expenses for you both. You should probably look in the $500-600 range, so that you’ll have enough money left for food, clothing, all other living expenses and savings. Good luck!
Rodrigo’s Budget:
Hours 35
Pay/hr $12.75
Total/yr (50 wks paid) $22,313
Est. taxes 15% ($3,347)
After tax take-home $18,966
Hours – GF 32
Pay/hr $11.00
Total/yr (50 wks paid) $17,600
Est. taxes 15% ($2,640)
After tax take-home – GF $14,960
Per month take-home $2,827
Max. rent -$982
Utilities (20% of rent) -$196
Rodrigo’s bills -$1,000
GF’s bills -$300
Cash after fixed exp. $349
Per week $87
Hey I’m Jacob and I was wondering how I can move out with a pay of 8.50 roughly 30 hours a week and my phone bill is usually like 70$ I have a roommate with the same money thing .
Hi Jacob,
You are in Luck! We have just posted an article that should help you. How Much Rent Can I Afford on My Hourly Pay?.
Working 30 hours at $8 an hour, you can afford to pay $300 rent. At $8.50 its $319 (halfway between the $8 and $9 amounts). You and your roommate can afford to share a $600-$638 a month apartment. Good luck!
Hi, I am thinking of moving out into my first apartment in Jan. 2017 and I wanted to know what should my budget be while searching for an apartment. I make 11.50 a hour and I work 40 hours a week and my car payment is 250 a month and my car insurance is 100 a month also my phone bill is 105 a month. I wanted to save up 3000 by Jan before I move but I need help with what price range I should stick to when searching for an apartment also should I look for an apartment that’s based off of income a month or just a regular apartment rent? Please Help Me!
Hi D’Asya,
We have just published a post that helps you answer your question. https://www.myfirstapartment.com/2016/07/how-much-rent-can-i-afford-on-my-hourly-pay/How Much Rent Can I Afford on My Hourly Pay? It a handy little chart that calculates your target rent based on your hourly rate and hours worked. $11/hr at 40 hours gives max. rent of $550 and $12 is $600, so yours is in the middle, giving your your max. target rent of $575.
Next step is to see if that works for you with your other expenses.
D’Asya’s Budget:
Hours 40
Pay/hr $11.50
Total/yr (50 wks paid) $23,000
Est. taxes 15% ($3,450)
After tax take-home $19,550
Per month take-home $1,629
Max. rent -$575
Utilities (20% of rent) -$115
Car Payment -$250
Car insurance -$100
Phone -$105
Cash after fixed exp. $484
Per week $121
It looks tight, and does not leave much left over after paying for gas, food, clothing and other necessities of living. Let’s hope that in your market you have housing options for $500 or less. Good luck!
Hello,
I make $12/Hr working 40 hours a week and my girlfriend makes $12/Hr working 25 hours a week. We are trying to rent an apartment together. She has a car payment at $280 a month, and I pay $225 a month for insurance and and 50 a month for my phone bill. I’m also going to have to start paying student loans in November which will probably be around 130 a month. How much do you think we can spend a month on rent for an apartment in Maryland?
Hi Michelle,
We have just published a post that helps you answer your question. How Much Rent Can I Afford on My Hourly Pay? It a handy little chart that calculates your target rent based on your hourly rate and hours worked. According to the chart your max. rent target is $600 and your girlfriend’s is $375 or $975 combined. Now you also need to see if that is doable. See budget below. Looks like the $975 rent works. However, you may be able to get a nice place in Maryland for less. And you do have to save at least $3,000 before you move. Good luck!
Michelle’s Budget:
Hours 40
Pay/hr $12.00
Total/yr (50 wks paid) $24,000
Est. taxes 15% ($3,600)
After tax take-home – Michelle $20,400
Hours 25
Pay/hr $12.00
Total/yr (50 wks paid) $15,000
Est. taxes 10% ($1,500)
After tax take-home – GF $13,500
Per month take-home $2,825
Max. rent -$975
Utilities (20% of rent) -$195
Car Payment -$280
Car insurance -$225
Phone -$50
Student Loan -$130
Cash after fixed exp. $970
Per week $243
Hello I am thinking about a studio for 700 only pay electricity
car note 369 ,insurance , 129, student loan 252, phone bill 90
Hi Porsche,
You need to make least $28,000 a year to qualify for $700 a month rent. However, with your high car payments, student loan, etc. you actually need to make at least $36,000 or so a year before taxes, in order to take home after taxes at least $2,500 a month. That would leave you couple of hundred a month left over for other living expenses. See below. Also, you need to save $2,500 or so, before your move. Good luck!
Per month take-home $2,500
Max. rent -$700
Utilities (20% of rent) -$100
Car Payment -$369
Car insurance -$129
Phone -$90
Student Loan -$252
Cash after fixed exp. $860
Per week $215
Hi,
Im planning on moving out into a 1 bed 1 bath apartment that costs $857, I make $17.20 an hour and work 40 hours a week. I also make 16 hours of over time every month and get paid at a time and a half for those hours. I plan to have $4,000 saved up before making any moves. I have a car payment of $340 and insurance at $200, will this be sufficient for a move?
Hi Moe,
Looks like you’ll be OK at $857, especially with your nice savings rate. Even if you lose your overtime, you’ll still have $725 left a month after you housing and car costs. Enjoy your first apartment and good luck!
Moe’s Budget:
Hours/ week 40
Pay/hr $17.20
Total/yr (50 wks paid) $34,400
Hours/overtime/ month 16
Pay/hr – overtime $25.80
Total/yr (12 months) $4,954
Annual income $39,354
Est. taxes-20% ($7,871)
After tax take-home – $31,483
Per month take-home $2,624
Max. rent -$857
Utilities (20% of rent) -$171
Car Payment -$340
Car insurance -$200
Cash after fixed exp. $1,055
Per week $264
Hi,
I’m a student in college and I am looking for my first apartment. I have 4,500 saved up from working. I get paid 9.00 and hour for 25 hours a week. I also have a boyfriend who is planning on moving with me. He gets paid 7.50 an hour working 20 hours a week. I am on my mom’s car insurance plan, so car insurance is pretty cheap. I was wondering what rent range I should go for, and how much do you think the utilities would be. We dont have any children. My phone bill is $45 a month. Thank you!
Hi Dania,
Use our new rent chart that tells How Much Rent Can I Afford on My Hourly Pay as a starting point. Your target rent is $281, your boyfriend’s about $190, for a total of $471. Since you don’t seem to have other big monthly bills, you can look in the $475 range. Both you and your BF have plenty of upside with your working hours and pay rate.
Kudos for you for having saved $4,500!! Do not start using that money for paying rent or any normal household expenses. Continue saving towards school or your own home. Good luck!
Hello,
I am currently looking for an apartment. My salary is $51956. I have a 9 month old baby so I would need a 2 bedroom. Also I pay $210/week in child care. What would I be able to afford? Thank you!
Hi Charmane,
With you good salary you could qualify for a $1,300 a month apartment, even with your high childcare expenses. However, we don’t know what other expenses you have – car? student loans? credit card payments? You also need to save at least $4,000 before you move. The budget below is very rough because we have to estimate major items such as your tax rate. Good luck!
Charmane’s Budget:
Annual salary $51,956
Est. taxes 20% ($10,391)
After tax take-home $41,565
Per month take-home cash $3,464
Max. rent (annualpre-tax pay/40) -$1,299
Utilities (20% of rent) -$260
Childcare -$840
Cash after fixed exp. $1,065
Per week $266
Hello,
I make $11.00 at 30.00 hours a week. I have my car insurances to pay which is roughly $160.00 a month, plus a phone bill that is $80.00 every month. I’ve been looking to move for awhile now, but don’t know roughly how much I need to save, and what price range I need to be in. Any suggestions?
Thanks!
Hi Keyah,
It looks pretty tight on your income. Remember, you also need to get back and forth to work and eat. Maybe try to get a roommate share to start with. You should aim to save at least $1,500 before you move to have a little margin of safety. Good luck.
Here are the rough numbers:
Keyah’s Budget:
Hours 30
Pay/hr $11.00
Total/yr (50 wks paid) $16,500
Est. taxes 10% ($1,650)
After tax take-home $14,850
Per month take-home cash $1,238
Max. rent (annualpre-tax pay/40) -$413
Utilities (20% of rent) -$100
Phone -$80
Car insurance EST. -$160
Cash after fixed exp. $485
Per week $121
Hello,
I make $8.80 at 30 hrs a week and my boyfriend works two jobs: $7.75 at 25 hrs and $8 at 30 hrs. i have a car note of $200/month. We have been looking at apartments for a while now and I don’t want to move having to worry if we can pay for next month’s rent. what range should we be looking in and how much should we save?
Hi Chantelle,
Looks like your combined income would allow you to rent a place in the $800’s, but if you find a nice place for less, more power to you. You should save at least $2,500 before you move. See rough budget below. Good luck!
Chantelle’s Budget:
Hours 30
Pay/hr $8.80
Total/yr (50 wks paid) $13,200
Est. taxes 10% ($1,320)
After tax take-home – Chantelle $11,880
BF:
Hours 25/30
Pay/hr $7.75/$8.00
Total/yr (50 wks paid) $21,688
Est. taxes 10% ($2,169)
After tax take-home – BF $19,519
Total cash income/year $31,399
Per month take-home cash $2,617
Max. rent (annualpre-tax pay/40) -$872
Utilities (20% of rent) -$174
Car Payment -$200
Car insurance EST. -$125
Cash after fixed exp. $1,245
Per week $311
Hi, I make $41.70/ hr and work between 32-38 hours a week. However, this is my hourly rate in New England and I believe if I move down south it will drop, maybe around low 30’s/he. My only expense is school bills which very (ex: $8,000 due by November of this year). My car is finally paid off. I have $5,000 saved for emergency use. And $2,000 saved for moving purposes. I’m nervous about rent and costs of utilities, water, heat, etc. Once I move! How much should I have saved and what should my rent be around? Thanks!
Check out our utility survey to see what the average utilities are Down South, if you are serious about moving. You’ll be trading higher heating bills to higher air conditioning and water bills. https://www.myfirstapartment.com/2015/08/average-utility-bill-survey/. Here’s a rough housing budget. Your big expense is missing, your loan payments. How much longer you have to make them?
Based on a lower hourly rate you’ll be still making more than enough to afford the typically less expensive rents in the Southern states. You should be able to get a place for much less than your max. affordable rent of about $1,300 a month. Before moving you should save another $2,000. Can you renegotiate your loan payments. $8,000 a year will be hard to handle with the lower pay you are anticipating after move. Good luck!
Carmen’s Budget:
Hours 35
Pay/hr $30.00
Total/yr (50 wks paid) $52,500
Est. taxes 20% ($10,500)
After tax take-home – $42,000
Per month take-home $3,500
Max. rent (annualpre-tax pay/40) -$1,313
Utilities (20% of rent) -$263
Cash after housing exp. $1,925
Per week $481
Hi I’m a single mom looking to move out in to a duplex in the next few months. I make 15.99/hr and work 40 hours a week with optional overtime. I have a car payment of 255 and Insurance 144. Childcare is 85/week and a couple other odds and ends. I have $3,000 saved up now. How much should I look for in range of pricing for place and how much should I save?
Hi Asher,
Here’s a simple budget format for you to use. We have included rough estimates of taxes. You should use actual paycheck amounts. $142 a week for food, clothing and all the other expenses sounds a bit low, living frugally doable. However, we hope that you live in an area where you can rent a place for less than the formula max. of $800. Your $3,000 in savings is enough to move in, but if you can build a bigger emergency fund you’ll be that much safer.
Good luck! Being a single mom is hard, but you seem to be doing well.
Asher’s Budget:
Hours 40
Pay/hr $15.99
Total/yr (50 wks paid) $31,980
Est. taxes/deductions 15% ($4,797)
After tax take-home $27,183
Per month take-home $2,265
Max. rent (annual pre-tax pay/40) -$800
Utilities (20% of rent) -$160
Car Payment -$255
Car insurance -$144
Childcare -$340
Cash after fixed exp. $567
Per week $142
Hey I’m looking at getting an apartment and wanted to see what I could afford. I make $10/hr working 40hrs a week. I do have a big car payment for my age, its $365 a month and few smaller bills. I’ve been looking into some a parts that were around 375, just wanted to see what would be good!
Hi Alison,
If you can get something in the $375 range you should be ok, even with the car payment. If you use this budget, make sure to deduct car insurance. Aim to save $1,200-$1,500 before move
Good luck!
Alison’s Budget:
Hours 40
Pay/hr $10.00
Total/yr (50 wks paid) $20,000
Est. taxes/deductions 10% ($2,000)
After tax take-home $18,000
Per month take-home $1,500
Rent -$375
Est. Utilities -$100
Car Payment -$365
Car insurance $0
Cash after fixed exp. $660
Per week $165
i just grauated from high school im trying to move in my first apartment also get a car i make 9.55 the apartment cost is 800 dollars which i also recieve a disability check for my son witch is 733 a month
Hi Daysha,
On the surface it looks like you can afford $800 rent, but you may have high expenses related to your son’s disability, so make sure to factor those in. As it is your rent and utilities will take over 40% of your monthly cash, on the high end.
Hope you and your son will find a great new home. Good luck!
Daysha’s Budget:
Hours 40
Pay/hr $9.55
Total/yr (50 wks paid) $19,100
Est. taxes/deductions 10% ($1,910)
After tax take-home $17,190
Per month take-home $1,433
Son’s disability check $733
Total cash income $2,166
Rent -$800
Est. Utilities – 20% -$160
Cash after fixed exp. $1,206
Per week $301
Hello,
My husband and I are planning on moving into our first apartment. He makes $12.52 an hour 40 hours per week. The unit we are looking into costs $703 for monthly rent with water. Other monthly personal bills amount to $61 all year long and an additional $120 for car insurance (charged for only 6 months out of the year). We also have S.N.A.P assistance for groceries of $600 per month as added income, but only because my husband is the only one working. I’m planning on getting a job down the road, but for now are we able to afford something like this with our S.N.A.P assistance?
Hi KaiKeir,
Looks like you can do it as long as you have SNAP for groceries. You mention that you pay car insurance only 6 months of the year, but typically car insurance is billed every 6 month but you have a payment every month. Also, you need to have at least $2,000 saved for the first month rent, security deposit and other moving related costs. Good luck!
KaiKeir’s Budget:
Hours 40
Pay/hr $12.52
Total/yr (50 wks paid) $25,040
Est. taxes 15% ($3,756)
After tax take-home cash $21,284
Per month take-home cash $1,774
Rent -$703
Est. Utilities (20% of rent) -$141
Other Expenses -$61
Est. Car insurance -$120
Cash after fixed exp./mo. $749
Per week $187
Plus: Snap/week $150
I make around $7.75 per hour. I’m still in high school and this is my last year. Is there anyway I would be able to get a car and an apartment? If the apartment was like $500-$650 range?
Hi Tae,
Even if you work steady 40 hours a week, it looks like you can have either the car or the apartment, but not both. You also have to save at least $1,500 before you are ready for the apartment. Stay at home, work hard to boost your income, save as much as you can for a year, buy a used car with cash, and make your move a year from now. Good luck!
Here’s a rough budget:
Tae’s Budget:
Hours 40
Pay/hr $7.75
Total/yr (50 wks paid) $15,500
Est. taxes 10% ($1,550)
After tax take-home cash $13,950
Per month take-home cash $1,163
Rent -$500
Utilities (20% of rent) -$100
Est. Car Payment -$200
Est. Car insurance -$125
Cash after fixed exp./mo. $238
Per week $59
me and my fiance make 9.75/hr 38 hours a week we get paid weekly we are currently looking for an apartment but the only ones in are area may just be out if our price range most apartments out here for one bed room is 500-600/mo we also pay car insurance that is 135$ a month what price range are we in HELP!!!!!
Hi daijahA,
It is not clear to us if you each make $9.75/hr and each work 38 hours. If that is the case then combined you make $741/week or about $37,000 a year (50 weeks).
With that income you can easily afford $500-600/mo and your car insurance.
However, if you only work 38 hours a week total between the two of you, for about $18,500 a year, then your max. target rent is only $463. If after taxes you bring home maybe $1,300 a month, and pay $500 rent, $100 utilities and $135 insurance, you’ll have $565 left for other expenses, or $141/week. Is that enough? Do you have any flexibility to add hours at work? How frugally can you live? You need to save about $1,500 before you can move, but if you go with the higher rent, have a little more saved in an emergency fund, just in case you need it.
Good luck!
HI my name is Emily i am get a apartment
Hi, I am 22. Me and my girlfriend make 50,000 pre tax combined. We currently have 4,000 saved, living at my parents house. Looking to move out in 4 months, planning on having around 10,000 saved before then at 1,500 a month saving a month between the 2 of us.(Have budget we stick to strictly) I was one, wondering how much you think I should/could afford, my area is very cheap comparing the figures I have seen, 600-700 rent will net you a really nice place to live.(for comparison 3 bd 2 bath+ places can be around 700-800$ in a good neighborhood.) Another main thing I was wondering is if you were in my situation would you A)Move out and never look back, B) Continue living with parents saving 1,500 a month for as long as we are allowed. Yes the relationship between me and family is good, but I do want to experience the world living on our own, but I fear I will miss/regret not taking advantage of being able to save so much (relative to my area).
Thank you for your time.
-Kyle
Hi Kyle,
You are one lucky guy, with supportive parents and a good job, living in a low-cost housing area. With your combined income of $50,000 you could afford rent up to $1,250 a month, so if you can get a nice place for half that, that’s great. If you move out in a few months, you can still continue saving at a good clip. But first consider what are you saving for? School? To buy your own place? To invest? If you have a specific target for savings, live with your parents a bit longer. If not, maybe it’s time for you to fly the coop and test your “adult wings”. In either case, you’ll do fine because you have already good financial habits.
Good luck!
Kyle,
I forgot to add this. When you look for an apartment, do not use the email address you used in your comment. (I can see it, but nobody else can.) It may be funny to your friends, but might scare off a landlord. Here are some tips on how to make a good first impression on a landlord.
Good luck!
Hi , me and my friend are looking to get our first apartment together , we are both 18 and we both make 8$ and hour working 40 hours a week . The apartment we are looking at is a one bedroom and the rent is 995$ a month . We were looking to move in before Christmas and it is July now . We already have some furniture and basic necessities . Also , my mom has offered to help with groceries and other things we might need (laundry detergent , soap , towels , etc.) How much do you think we should have saved up before we move in ?
Hi Carmyn,
You make $32,000 a year between the two of you, so your max. formula rent is $800. ($32,000/40) $995 looks high and you also need to plan for $150 or so for utilities. Maybe you can find something in the $800 range to start with. In either case, you need to save 3 times your rent before you move, at least $2,500- $3,000.
Good luck!
Ok im 18 and im looking at a studio apartment with $450 a month rent, i get $8.25 an hr and work 40hrs a week, do you guys think its possible if i save 3-5 thousand and then go for it?
Hi Fabian,
$450 is just a little more that our standard formula rent of $412.50 ($8.25 x 40 x 50 = $16,500/year divided by 40). If you don’t have big car payments or credit card bills and you have $3,000-5,000 in savings, you should be safe at $450.
Good luck!
Hi! My boyfriend and I wanna move out maybe by the end of the year or summer of next year? I make about $500 the least each two weeks and he makes about $600 something each two weeks? Really depends. I’m planning on getting a second job soon to save up! What would be our rent budget? And how much would we need to save before we move out? I’ve done the math but I would love a second opinion!
Hi Maria,
Between the two of you, you make about $2200 a month or $26,400 a year. (There are 2 months a year when you get an extra paycheck, but to be safe, don’t count those here.) Your max. rent target is $26,400/40 = $660. If you save at least $2,000 before moving you should be OK.
Good luck!
Hello.
I make $10.35 per hour (or 40% commission of $30, which ever is higher for the week) at 35 hours per week.
The apartment I am looking at cost $900 (water/sewer/trash/$20 basic cable included)
I have a $60 phone bill
I have $160 car insurance
I have $75 worth of internet and streaming services.
I also spend around $40 for pet food and necessities per month
Will I be able to afford this? I currently have $2,345.16 saved up and I plan to save upwards of $5,000 before I move. Will that be enough or will I need to save more?
Hi Alina,
We are sorry to tell you that $900 rent is far out of your reach. You make about $1,450 in a 4-week month. After taxes about $1,300. It is not enough to even pay for rent, utilities, car, phone etc. bills, not to mention such items as food and clothing. With your income, you should be looking at rents in the $450 range, which probably means a roommate share.
You are doing great with savings – don’t get an apartment that will force you to spend your savings on rent. You can dip into your savings for security deposit and furnishing your place but you should not do it for monthly rent.
Good luck!
Hi!
I am pretty aware of how to figure out what is within my means, but somehow feel “guilty” moving out of my parents’ house because I know I make a very modest salary. I take home $1,540 a month, and am looking at an apartment that would cost me $425 a month, with heat/hot water included.
Here are the problems:
1. I currently do not have a car payment, but my car is struggling and I will probably have to replace it soon.
2. I will be student-teaching for three months next January-March, so will not be making steady income at that time. I will save and plan to pick up babysitting and tutoring jobs to cover this.
I am just weighing the cost of financial stress with the benefits of ascending the nest and finally feeling like I am starting my “real” life. Let me know if you think what I described is doable!
Hi Lane,
The answer is easy and you probably already know it. Stay with your parents until you have finished your student teaching and have steady income. Continue saving so you can replace the car when it goes. There will be plenty of real life to experience even if you don’t jump into it quite yet. I don’t think you want to make your move now and risk having to move back with your parents in a few months.
Good luck!
I make 10 dollars an hour and work 40 hours a week, plus I make about 500-700 in tips a month. I am trying to move into an apartment by myself that costs around 730 dollars a month. I would like to be able to afford cable, internet, and all other bills as well. Would I be able to afford it?
Hi Ashley,
Based on your numbers it looks like you make somewhere between $26,000 and $28,000 a year. Dividing that by 40 gives your max. rent target of $650-$700/month. If you don’t have student loans, car payments, big credit card bills, you should be able to cover $730 rent, even if it is a little more than the formula maximum. After taxes and health insurance, you probably take home about $1,700 a month,leaving you $820 a month after budgeting $730 for rent and around $150 for utilities. Is $820 enough to cover all your other monthly expenses, including commuting, food and clothing? Only you can answer that. In any case you should target to save at least $2,500 before you move, so you’ll have a little bit of an emergency fund even after first month’s rent and security deposit.
Good luck!
Hey there, so I wanted to know what I could afford for an apartment if I’m living with a roommate or two when I make $10 hr at a 22hr/week job. The roommates would be making around the same amount as I would. I ride the bus for free. Someday soon I can probably get my hours up to 30.
Hi Charlie,
On your own you can only afford a place that rents for $250-275 a month. If you and one friend can get a place for about $500 a month or for $750-$800 with 2 friends, learn to cook your own meals and live frugally, you should be able to make it. You do have to save at least $750 each before you can move. Good luck1
Hello,
I make 20.47/hr and total 80 hours every two weeks. I also receive overtime here and there. For example this week I have 110 hours scheduled. My pay is Biweekly.
I have a car payment of 354.54 every month with insurance being 225. I’m looking to get a two bed room for 725 a month. is this possible?
Hi Jason,
You make about $42,000 a year, without overtime, so the basic max. rent formula is $42,000/40 = $1,050 a month. So, even with your high car expenses $725 is well within your means and the potential additional overtime income provides another safety net.
Good luck!
Hello,
I make 13.50/hr and work about 35 hours per week, I also get a commission incentive which is an extra 600-1000 every end of the month. My pay is biweekly.
I have a car payment of 275 every month along with insurance of 144. What do you think is a good idea of my max to spend on possibly a studio? This point in my life is very stressful and I just need my own place immediately. Or would rooming with friends be a better idea
Hi Kai,
Based on your numbers is looks like you make somewhere between $30,000 and $35,000 a year. If you base your rent target on the lower end, $30,000 divided by 40 = $750. Lets assume you pay about 20% in taxes (FICA, federal, state) then your monthly take home is about $2,000. Take that amount deduct rent $750, est. utilities $150, car $419, leaving you $681/ month for everything else. Is that enough? Only you know that.
Also, do you have about $2,000 in savings to cover the costs of rent, security deposit, moving, bed, etc.? If not, get a roommate share to start with and save money to move into your own nice place next year.
Good luck!
Ok, so correction i work 30 hours a week with hourly pay 19.62. The apartment I am going to be renting is 1,189 for 2 bedroom. I get paid biweekly. Gas and hot water included. What are my options? Get another job or if I save ?
If you get a roommate you should be fine. Then continue saving and looking for more work hours and in a year’s time maybe you can get rid of the roommate.
Good luck!
Hello,
I make $12.18 an hour and work approximately 74+ hours every 2 weeks. The rent I’m interested in is $525 for a 1 bedroom apartment, that already includes cable and internet. The utilities would include electric, water, sewer, and trash. I do not have a car payment, but my phone bill is $50 with tax a month. What are my options? Would I be able to afford this apartment?
Thanks!!
Hi Hope,
Calculate your annual pretax income and then use our calculator https://www.myfirstapartment.com/2015/09/rent-calculator/. Your annual income number will be about $22,500 for 50 week year. (We like to give you a little cushion, because your hours could vary and you may not get paid vacation.) If you run the calculator for $22,500 annual salary, you max. rent is $562. Looks like $525 is doable.
Re: cable and internet. Are you sure the landlord will pay those, or just provide connection for you to hook up a service you pay for usage?
Good luck!
Hi me and my girlfriend are looking to get our own apartment I make 8.50 and work 40 hours a week and she makes the same with about 30 hours a week how much should we save before we try this
Hi Josoph,
Calculate how much you both make a year and then use our Affordable Rent Calculator https://www.myfirstapartment.com/2015/09/rent-calculator/. If we calculate on 50 paid weeks a year, your total pretax income is $29,750. The formula divides that by 40 for max. rent, so yours would be $744. You need to save at least 3 times that before move, so your should aim to save $2,500.
Good luck!
Hi, I’m currently thinking about getting a new place. My income is 34,500 and the apartment fee is 1,189. Gas and hot water included. What’s my options?
Hi, I’m currently thinking about getting a new place. My income is 34,500 and the apartment fee is 1,189. I’m currently part time I work 30 hrs a week. I make $19 hr. Gas and hot water included in the rent. What’s my options?
Hi Simone,
At your salary your max rent target is about $850 (salary/40). If you want to rent an $1,189 apartment, you need a roommate or you’ll be rent-poor and have a skimp on everything else in your life. Don’t over-extend yourself with rent. Be smart!
Hi I would eventually want to get my own place I make 17 an hour I work 40-42 hours a week, I have a car payment of 400, insurance $130 cell bill $215 monthly. how much $ should In order to move out?
thank you.
Hello,
Currently I make $20.52 an hour, about $40,000 a year right out of college. I work about 36-38 hours a week, and my commute is an hour away. I have a car payment of $427 a month, my student loans are about $23-25,000 and I pay my own cell phone bill and car ins as well. I’m looking to move out with my boyfriend (still looking for a job) so we will be splitting costs. I also have about $15,000 in savings currently.
What is my situation looking like for moving out?
Thank you!
Hello. I currently make $13.48/hr with a minimum of 40hr/ per week with tons of overtime oppertunities and two raises a year. Long story made short i need to now find my own place. I don’t need cable, or any premium TV subscriptions, just wireless internet. I saw comcast is offering just internet for $39.99. I get paid every two weeks and my paychecks can range from $950~ to $1200~ or more depending on how much overtime i did. Right now i pay a phone bill that is $118 (I do have the ability to downgrade my cellular package if nesessary) then I have a car payment and insurance which together adds up to about $472. Would I be able to live comfortably on my own? I still have parents that could help me out if i got into a jam with money but i want don’t want to have to rely on others to live. I have no kids, no pets. I will be by myself in the apartment. I do know that my parents can help me out with buying food.
Hi Robert,
If you can get an apartment in the $670 range a month you should be fine (see below). We calculated your target rent without overtime, so you have a bit of a cushion from extra overtime pays. Your car payment are pretty high but even then your should be covered.
Good luck!
Robert’s Budget without overtime:
Hours 40
Pay/hr $13.48
Total/yr (50 wks paid) $26,960
Est. taxes 20% ($5,392)
After tax take-home – $21,568
Per month take-home $1,797
Max. rent (annual pre-tax pay/40)-$674
Utilities (20% of rent) -$135
Car Payment -$472
Cell phone -$118
Monthly cash after fixed exp. $399
Per week $100
Hi! I’m 19 & making $15/hr with 40 hrs a week. So I was guessing I Would have to find an apartment for $660 a month, maximum? But I was wondering how much should I save in all until I move out. Also, I’m getting all my furniture from my parents so I don’t plan on spending anything on that.
Hi Asia,
You take in about $30,000 before taxes a year and our max. rent target on that income is $750 ($30,000/40), so $660 is certainly doable for you. You need to save at least 3 times your monthly rent, so about $2,000 in your case.
Good luck!
Hey there, I’m 19 and going to be working only 20-25 hours a week for minimum wage of $10. I’m trying to figure out when I’ll (if ever) be able to move out of my parents house and into a cheap studio apartment? I live in Sacramento CA, if that makes any difference. Also, I won’t have to pay for a car/insurance because I ride the bus everywhere and I’m getting my community college payed for by family (including free bus sticker). I’m also trying to find someone to have as a roommate so hopefully i can have some help with money there, but currently I don’t.
Hi Charlie,
Sorry to say, but you are not ready for your own place yet. With your income and even with your minimal other expenses, you could only afford $200-300 in rent, if you also want to eat and go out with friends once in a while. Is there a roommate share in Sacramento on your bus line for $250 a month? Didn’t think so.
Stay at home, continue saving, finish your school, get a full time job and then move out and have a great first apartment experience!
Good luck!
Hi I work about 40 hours each week and make $9.00 I have no kids just me and my partner how much can we afford? How much do I need saved before leaving thanks
Hi Bridgette,
If it is just you earning money your maximum rent is $450 a month. 40 x $9 x 50 = $18,000 annually. Then you divide $18,000 by 40 = $450, you maximum affordable rent. If your partner earns the same, then you can go up to $900 a month. You need to save at least 3 times your expected rent before you move.
Good luck!
Hello, my boyfriend and I are looking to get our own apartment in a couple of months. We both make $12.00/hour and work a minimum of 40 hours a week. What is the price range for rent we’d be able to afford?
I forgot to mention that I also have a car payment of $450/month. And my boyfriend pays his insurance which is usually about $115/month
Hi Stephanie,
Your maximum affordable rent is $1,200 a month (see below) and you need to save at least 3 times the rent or $3,600 before you move. However, you’d be smart to get a place for less, let’s say $1,000, and save more money so you can buy your own place down the line.
Good luck!
Stephanie’s Budget:
Hours 40
Pay/hr $12.00
Total/yr (50 wks paid) $24,000
Est. taxes 20% ($4,800)
After tax take-home – Stephanie $19,200
After tax take-home – BF $19,200
Total cash income/year $38,400
Per month take-home $3,200
Max. rent (annualpre-tax pay/40) -$1,200
Utilities (20% of rent) -$240
Car Payment -$450
Car insurance -$115
Cash after fixed exp. $1,195
Per week $299
Hello I’m currently working 6 days a week at 41 hours a week (will change when I hire someone probably going to average between 34-36 hours a week) and I make $18.50 an hour. Just curious as to what the absolute most would be I could afford in rent for an apartment just to gauge what I should be looking for.
Hi Shawn,
Here’s what you do.
1. Estimate your annual gross income at 36 hours x $18.50 x 50 weeks = ,$33,300
2. Divide your est. annual income by 40 $33,300/40 = $832.50
Your maximum affordable rent is about $830/month.
However, if you have high car payments, student loans, childcare cost or other unusually big fixed expenses, you need to run a full budget calculation to make sure that what’s left is enough to live on.
Remember the $830 is maximum. Start looking in the $750 range and see how those places would work.
Good luck!
I am a single mom of a 2 year old. I am living with my parents but at 24 years old I am ready to move out. I work full-time 40hrs a week at $13/hr. I will have day care expenses in the fall at $140 a week. I use probably $50 a week in gas and will probably use more when I move out. Is this something I could afford? I am wondering if buying a house would be better? I have a reasonable credit score of 630… Can you help me figure out whether I should wait or what? I am working on saving money and getting furniture and other items together at the moment.
Hi Sara,
First, kudos to you for working 40 hour weeks while caring for a 2-year old.
We did a quick budget for you and it leaves you only $80 a week for all other living costs after your fixed expenses. It is too tight. See below.
Why don’t you stay with your parents one more year, and target to save at least $5,000 before you move. You’ll need to have $1,500-2,000 for immediate expenses (rent plus security deposit and misc. moving costs). Then you’ll have a $3,000 safety net for unexpected expenses. Buying a house at this point does not seem to make sense to us. Live in a rental for a while, while continuing to save for a house in a few years.
Good luck!
Sara’s Budget:
Hours 40
Pay/hr $13.00
Total/yr (50 wks paid) $26,000
Est. taxes 10% ($2,600)
After tax take-home $23,400
Per month take-home $1,950
Max. rent (annual pay/40) -$650
Utilities (20% of rent) -$130
Daycare -$600
Gas -$250
Cash after fixed exp. $320
Per week $80
I’m 25 years old and looking to move into my first 1 bedroom apartment and will be living alone. I live in VA but planning to move to MD and have my eye on a place that will cost me roughly 1,100 per month through a state affordable housing program. I make 16.75 per/hr and work a guaranteed minimum of 28 hr/week . I bought a new car back in 2015 in order to build credit and am paying 320 per month plus 150 for insurance. I’ve kept up with my payments so my credit is good. I currently drive more than 100 miles per day to and from work so I’m spending more on gas and servicing my car than most people and this place I want for 1,100 will place me less than 15 miles away from my job so I’ll save money on that front. I have family that is willing to help me with furnishing and to get through the initial cost of moving, so my main concern is if I’m able to handle the average monthly expense of living on my own. I have also put in for another part time job that should pay me a minimum of 15.00 per/hr so I’ll be working 6 days a week placing me closer to 35 hr/week worked.
Hi Anthony,
Your total annual income from both jobs will be about $30,000. ($16.75*28*50+$15*8*50=$29,450) If you pay about 20% in total taxes (Fed. Fica and state) you net after taxes $24,000 a year, $2,000 a month. After your fixed monthly expenses you’ll only have $180 a month for food, clothing, and all other living expenses. See below. That is clearly not enough. You might consider moving in with a roommate first, paying no more than $600 rent, saving all the money you make from the second job, and waiting until your income grows before getting your own place. Being so totally “rent-poor” in your first apartment will leave no money for entertainment and enjoying the experience. Good luck!
Anthony’s monthly budget:
$2,000 take-home pay
$(1,100)rent
$(150) est. utilities
$(320) car payment
$(150) car insurance
$(100) est. other gas, etc
$180 Left for food, clothing, etc.
Hi I just recently started a job getting paid $10.00 a hour 20 hours a week it’s a part time job. But I get paid every 2 weeks although I do work at a retail store and get paid $10 a hour but less hours then the other job. Of course I’m not ready to move in my first apartment now but I just want to plan it and get ready for it. I guess I was just wondering can I actually afford it an apartment??
Hi,
Does this mean you have 2 jobs, each paying $10/hr. One is 20 hours a week and other one is less. How may hours a week do you work in total? We need more detail before we can estimate.
I really want to move out this year, at the moment I make 10.50 an he and my boyfriend plans on coming with me and he makes 10 an hour. I plan on getting another job soon. I have a car payment which is 342 a month my phone is 100 and car insurance is 115. He also pays a car 400 phone 50 and insurance 50. Do you think we would be able to rent anything this year.
Hi Natalie,
Let’s say that you each work 35-40 hour week 50 weeks a year, making roughly $20,000 before taxes each, $40,000 combined. Let’s say your FICA, federal and state taxes total about $3,000 a year or 15% of your gross pay, so your after tax pay for the year is roughly $17,000 each = $34,000 combined or $2,833/month.
According to the basic rent formula annual income/40, your max. affordable rent is $1,000 a month, plus estimated utilities of $200 for a total housing cost of $1,200. (See below.)
Your Estimated Budget:
Monthly take home pay: $2833 ($34,000/12)
Rent and utilities ($1200)
Car payments ($742)
Phones ($150)
Insurance ($165)
Money left/mo. $576
It seems to us that because of your high car payments, the usual formula is not working for you. You should aim to have $400-$500 each or $800-$1,000 in total each month left after all your fixed expenses – for commuting, food, clothing, incidentals and emergency fund savings. Can you rent something in the $700 range? Otherwise, can you trade your cars into less expensive ones. You need to decide what is more important to you, a nice car or your own apartment.
Good luck!
Here’s what our rent calculator says:
What is your annual salary? $40,000
Affordable Monthly Rent: $1,000
Estimated Utilities: $200
Maximum Affordable Housing Expense: $1,200
Target Savings To Move Out: $3,000
Hi my husband and I along with our 3 young kids are moving to Texas he makes 14.50 an hr and works 40 hrs per week I make 12 dollars an hour working 40 hrs per week we want to rent a 3 bedroom apartment that’s 1350 a month. Can we do it? What’s your advice?
Hi Kris,
Let’s estimate that your husband makes $29,000 a year ($14.50*40*50 weeks – 2 weeks unpaid vacation/sick days etc.) and you make $24,000 ($12*40*50), then your combined annual gross income before taxes is $53,000. The basic formula for max. rent is pretax annual income divided by 40, giving you max. rent target of $1,325.
Here’s what our rent calculator says:
Do you have an annual salary? Yes
What is your annual salary? $53,000
Affordable Monthly Rent: $1,325
Estimated Utilities: $265
Maximum Affordable Housing Expense: $1,590
Target Savings To Move Out: $3,975
It’s close enough that you should be able to handle $1,350.
However, you do need to consider all your other expenses. Your basic household expenses must be pretty high; 3 growing kids need a lot of shoes and clothes, not to mention food. Do you have big car payments or credit card payments? If you take home after taxes and health insurance about $3,500 a month, that would leave you a bit under $2,000 a month after rent and utilities. Then deduct car payments, insurance, gas, credit card payments and see if what’s left is enough to pay for all other essential expenses. If not, try to find something a little less expensive so you don’t need to worry about the rent money every month.
Good luck!
Hi im brianna and i make 20 dollars an hour would i be able to afford a one bedroom apartment on my own ?
Hi Brianna,
You probably make before taxes between $30,000 and $40,000 a year, depending on weekly hours worked. If your divide that by 40 (the usual rule for estimating your max. affordable rent) you could afford to pay $750-$1,000 a month for rent. If that is enough in your area for a 1BR or at least a studio, your job is stable and you don’t have high debt, go for it.
Good luck!
Hello, I’m looking to move out hopefully within next year or the year after that, I’m 25 and working part time making 9.75 a hour I’m thinking I’ll be getting at least 30 to 32 hrs each week cause I get weekly pay. So going into my main concern I’ll be having to get my own insurance soon but am also ready to get out on my own but no sure how much I’ll need saved up in both accounts to be well stable financially, I do plan on getting a roommate and have all my essentials besides a few things for a apartment.
Advice would be greatly appreciated
Hello! I’m looking to move out by next year. How much do I need to save in order to live on my own with roommates of course. I currently make $10 hourly, but I have $4000 saved up. I do go to school though and my tuition totals up to $4000 yearly. I’m also looking to transfer to a four year university that is $6000 a semseter. I live in Northern Virginia so its pretty expensive. I’m lucky if I can find anything below $600. Can I do this or should I just live at home until I graduate? Thanks! Advice is greatly appreciated.
Hi Gabby,
Since you go to school, you probably work less than 40 hours a week. Lets say you work 20 hours times $10 = $200 a week, or $10,000 for 50 week year. (See our answers to Mike and Kasey.) With that income you should pay no more than $250 a month in rent. And living on your own has many other expenses you don’t have at home, like laundry and food. Why would you want to live in a hole-in-a-wall roommate share when you can live at home, use your money for tuition, graduate debt-free, get a good job and be able to afford a nice first apartment? Think about it.
Good luck!
I plan on moving out late October/ early November this year. I make $17/hr and work 40 hours a week. I’m aiming for an 1 bedroom apartment around $950-1100 in Houston. How much money should I save?
Hi Mike W,
First calculate your annual income (see our answer to Kasey.) Then you can run our Affordable Rent Calculator. See below.
It looks to us that your rent target of $950-1100 is higher than what we would recommend on your pay. In any case, you need to save 3 times your monthly rent or $2,500-3,300 before your move. Good luck!
Do you have an annual salary? Yes
What is your annual salary? $34,000
Affordable Monthly Rent: $850
Estimated Utilities: $170
Maximum Affordable Housing Expense: $1,020
Target Savings To Move Out: $2,550
My boyfriend and I both work roughly 30 hours a week each, trying to find another job on top of the one I have now. I make $10 an hour and am paid weekly and he makes $11 an hour biweekly. How much should we save?
Hi Kasey,
If you calculate your combined annual pretax pay, you can use our Affordable Rent Calculator. Here’s how it will look for you: Combined annual pay (assuming 50 paid weeks a year, 2 unpaid vacation weeks) BF $11*30*50=$16,500 you 10*30*50=$15,000 Total = $31,500 annually. Your maximum affordable monthly rent is $788 and your target savings is $2,364. See below.
Do you have an annual salary? Yes
What is your annual salary? $31,500
Affordable Monthly Rent: $788
Estimated Utilities: $158
Maximum Affordable Housing Expense: $946
Target Savings To Move Out: $2,364
Good luck!
heller its not so bad :$
i hate you
I have a job making 11 an hour full time but I’m wanting to go back to school part time. Can I get my own apartment on that income? I live in Kentucky
Hi Jenna,
If you work 40 hour weeks 50 weeks a year, your annual income is $22,000. Using the standard formula, annual salary divided by 40, your max. affordable rent is $550. However, that level is too much if you need to cut your hours for school. Can you get something in the $400/mo. range in Kentycky? Perhaps a good roommate share?
Going back to school is a great way to boost your income and be able to afford a nice place of your own. Good luck!!
Holy shit you can’t find an apartment in the Bay Area for less than 1200$ a month
I’m planning on moving out with my friend into a two bedroom apartment roughly 850$ a month. I have two jobs, one full time for 10.50 hourly and the other part time 10.25 hourly. My friend has one just paying him 9$ hourly full time. How much should we save up?
If you save $2,500 between the two of you that should get you started. This assumes that you decorate your place with mostly with hand-me-down, tag sale and freecycle furnishings, in the time-honored first apartment fashion.
Good luck!
I have 2 jobs, one that pays 8/hr and one that pays 9.85/hr. I plan on moving into my own place around October-November of this year. I’m aiming for an 1 bedroom apartment around $400-500. I’m not planning on buying cable. How much money should I save?
Hi Emmi,
Your rent target is in the ballpark based on your pay. You should aim to save $1,500 before you move out.
Good luck!
I’m starting a new job that pays $11/hr. I’m looking at apartments between $300-$600, and hoping to move out by December. How much money should I aim to save.
Hi Ethan,
Our rule-of-thumb is that you need to have at least 3 x your expected rent saved by the moving day. If you are looking in the higher rent range, you should save at least $1,800. However, $600 a month rent will be pushing it at your pay, even if you work solid 40 hour weeks. Add up what you actually net after taxes for the first couple of months and keep your rent to no more than 1/3 of the average monthly take home. Then start saving 1 week’s pay each month between now and when you actually move and you’ll be in fine shape and even have a little money for basic furniture.
Good luck!
I’m 20(I’ll be 21 by the time I move out in august 2017) I’m getting married in October 2017 and I’m making $15-$20+ an hour bi weekly (I work by production in a factory that’s usually what I make in a hour time) me and my fiancé want move in a apartment that’s $400-$600 a month let’s just say it’s $500 a month?
Hi Ronald,
It looks like 2017 will be a big year for you, with first apartment and marriage. You are smart to start planning early so you’ll have plenty of time to save money for both.
Let’s calculate your rent at the $15 pay, so whatever happens to your hours you’ll be safe. If you make $15/hr. with a 40 hour week, your annual salary equivalent is $31,200 (15*40*52). If you use our Affordable Rent Calculator https://www.myfirstapartment.com/2015/09/rent-calculator/
This is what you see:
Do you have an annual salary? Yes
What is your annual salary?
$31,200
Affordable Monthly Rent: $780
Estimated Utilities: $156
Maximum Affordable Housing Expense: $936
Target Savings To Move Out: $2,340
Based on these assumptions, $500 a month rent is well below the calculator’s maximum and well within your means and you’ll be able to start saving towards buying your own home.
Good luck!
I recently was promoted into a managers position at my job and on average I work anywhere from 32-36 hours a week and get paid bi-weekly at $18.50hr. I’m looking into places that are in the $600-$800 range tops. What should I roughly be looking to have saved up for an apartment we will just say is $700 for rent a month?
Hi Shawn,
First, congratulations on your promotion! You are now making enough to get your own place.
You can use our Rent Calculator if you first calculate your annual salary. We would estimate the average hours per week at 32 hours times $18.50 times 52 weeks = $30,784. (Use the low hours to be safe.) Here’s what the formula says:
What is your annual salary? $30,784
Affordable Monthly Rent: $770
Estimated Utilities: $154
Maximum Affordable Housing Expense: $924
Target Savings To Move Out: $2,310
Based on this, if you save about $2,300, you’ll be in good shape to make your move even at your maximum affordable rent of $770. If you can find a place under $700, then $2,000 should get you started.
Good luck!
I’m currently 18 years old and I am working my first ever job. As of right now I roughly make around $377 a month (without taxes taken out) with the part-time job I’m working at. I’m living with my parents right now and I’m trying to educate myself on this stuff early on so I’ll know what I’m doing once I’m ready to get out on my own. I’m hoping on getting a second job in the coming months so I can have a more realistic chance at affording a decent apartment and have enough to pay for my bills/necessities when the time comes. Adding up the hours I would probably work for this second job and what I make with my current job, I’ve figured that I would make around $899 before taxes a month. Realistically, this would not be enough money to pay a monthly rent along with all necessary bills, right? If I could not afford it, then roughly how much more do you think I should make to where I can support living on my own? Before I find an apartment I hope to have an affordable car (I haven’t purchased my own car yet but hope to in the coming years) and a decent amount of money saved up in case of emergency. Anyways, I could really use any helpful advice with this question. Thanks!
Wyatt,
You are so smart to plan carefully before moving out on your own. As long as you can live with your family, try to save a nice nest egg before you move out. In the minimum, you’ll need to have on hand an amount equal to 3 times your monthly rent when you get your place: first month’s rent, one month security deposit and some money for moving expenses and furniture.
Your first place is probably a roommate share, even if you live in a low-rent area. That will cost you at least $500-600 a month, including utilities. You would need to take home, after taxes, about $1,500 a month to afford it. You’ll make that if you make about $9-10/hr and work full time. Then you are ready to fly the nest. Until then, keep on saving and aim to have at least $2,000 in the bank before you move.
Good luck!
Thank you for the response! As of right now I have around $150 collected and put away in a savings account. It’s good to have a goal to aim for as for how much I need to have saved before I move out. I do hope to have more than $2,000 saved up when all is said and done though. I really appreciate the help!
my friend makes 18k a year and i make 23-24k a year. We want to know how much each would have to save plus first day utility turn ons.
Hi Joseph,
Use our rent calculator https://www.myfirstapartment.com/2015/09/rent-calculator/ to estimate your maximum affordable rent and how much you should have saved by moving day. We have run couple of scenarios below.
Assuming that numbers you gave are pre-tax incomes, and you plan to get a place on your combined incomes and split the total estimated rent ($450+$575=$1025) in proportion to income:
– the person with 18,000 salary should save $1,350 and
– the person with $23,000 salary should save $1,725.
If you plan to split rent equally, then you have to limit your total rent to what the lower earning person can afford, in this case $450*2=$900 and each of you should save $1,350.
Good luck!
What is your annual salary?
$18,000
Affordable Monthly Rent: $450
Estimated Utilities: $90
Maximum Affordable Housing Expense: $540
Target Savings To Move Out: $1,350
What is your annual salary?
$23,000
Affordable Monthly Rent: $575
Estimated Utilities: $115
Maximum Affordable Housing Expense: $690
Target Savings To Move Out: $1,725
so i work you’re average minimum wage at 8.75. due to saving and a settlement for a vehicle accident, i’m looking at around 10,000 dollars to start of on. sharing an apartment with my friend splitting the costs. My job is also a very short drive and i get discounts on gas and groceries from my job. i feel like im beginning to put the pieces to the puzzle together but im still uncomfortable with how much money i could truely live on. any advice, support, or feedback would be greatly appreciated! thank you
Hi Cole,
First, congratulations for starting with a nice nest egg of $10,000. Keep it in a separate interest bearing account, so you are tempted to use it for day-to-day expenses. Sharing an apartment with a friend to start with is another smart move. Here are a few more money tips from the MFA team:
1.) Live within your means. It’s really hard if if you live in a expensive area, but try.
2.) If your employer offers a 401K plan sign up. If there is a match, make sure you save enough to get the full match.
3.) Learn to cook. Bring lunch to work. Get your coffee from the office pot rather than Starbucks.
4.) Never carry a balance on your credit card. Pay the bill in full.
5.) Pay all your bills on time to avoid penalty fees.
6.) Couple of times a year review all your monthly bills (cable company, auto insurance, etc.) and shop for a better deal.
7.) Be on the lookout for coupons and discounts for things you use.
Good luck with your first apartment!
Sometimes with the security deposit, if you work for well-known, established and reputable company, the management for the apartment you are wanting to rent may do an installment plan. They may want to see a letter from your employer.
Mrs R,
Thanks for the great tip! It may be a long shot request in some markets, but worth asking.
I want to get my own apartments in Houston. I will average about 45-50k a year. What is the best max rent I should pay with no stress. Also how much should I save up before I move ?
Hi R B,
Go to our https://www.myfirstapartment.com/2015/09/rent-calculator/ and it will tell that at $40,000 annual salary your maximum rent is $1,000 a month and you’ll need $3,000 before you can move out.
Good luck!
Stopped reading at “piece of mind”.
If you have a steady income you will have the iron maiden album “piece of mind”.. duh.
I am in the process of saving up now to move out but I work as a personal banker so I only make $2 more than minimum wage. I also have my car note (which I will have to start paying shortly), car insurance, phone bill, etc. I thought starting off by saving $100/month would be good but that’s not enough. I wanted to pay a max of $900 but in the city of Chicago its hard to find a good place in a good neighborhood that isn’t super tiny or in an unsavory neighborhood.
I’m working for an architecture firm making 34k a year I thought I would at least be making 40k. I don’t think I’ll ever be able to leave my parents house with student loans car insurance and other bs I have to pay for
So expensive. I just graduated and got my first job. I’m making 45k a year yet it seems I can’t afford almost any decent apartments close to my work in NJ.
Damn, I’m 30 years old and work full time at minimum wage. I make about 1300 month so yeah. How the hell do i make more money??
Hi,
Did you happen to see this recent post we did on
9 Easy Ways to Make Extra Cash. Perhaps one of these ideas works for you.
Good luck from the MFA Team!
Army it is! Haha
….well according to this i can afford an apartment $216 worth…..my life sucks :'(
$40,000 a year as a new grad? I’m looking at about $25,000. I’m moving in with a roommate though, so rent will be about $550 a piece.
Um yea, no recent grad is pulling in 40k year unless their parents got them that job through connections. The rest of us who had to work our ass off during and after university (AND have massive students loans to pay off without any help from anyone) are lucky to bank 25 – 30k at the end of the year.
Hey Sammy, I just graduated from the University of Missouri-Columbia in May with a journalism degree, and got my first job in Jan and making 35k a year. I am a recent grad… So its pretty safe to say recent grads can make money. – A lot of my friends I graduated are making more.
I graduated two 5 months ago and make 57,000 no one is my family have ever graduated or has any connections. It can be done
Renting definitely isn’t what it used to be, that is a fact. Years past you could get a nice rental for a very affordable value, on a nice, residential side of town. Today, young people can’t afford what most rental’s want, so they live at home with their parents a bit longer–which is absolutely fine. The best advice is to try and save and pay cash for your living expenses to avoid credit crippling. Making wise investments and proper financial decisions can help you choose a rental that you can afford comfortably, but remember, taking your time is important.
The tips in this article are really great for those just starting out on their own. They make sense and are a reality. Take them to heart, it’s great information. I just wanted to put my two cents into this too.
Hello. I am moving in to a small studio apartment that costs 450 (that includes utilities). I live in a small college town in Montana. Do you think that the rent is high, or am I paying a good price?
Hi Raymond,
You need to look at the prices of other similar studios in your market. Are they comparable? Are utilities included? How much would the utilities cost separately? That’s the only way you’ll know if you have a fair deal. College towns are sometimes more expensive than neighboring areas, because you need to live relatively close to the school.
Here in New York City, for example, $2,000 can be a really good price for a tiny studio in some neighborhoods and a rip-off in others.
Good luck from the MFA Team!
Ha. I wanna know who, moving into their first apartment, make 40,000?
Most college graduates…
I WISH I had been making $40,000 right out of college.
I’m a new grad and I make over 40k
I think $1000/mo is a lot for a $40,000 annual income. I think the rule should be closer to %25 net monthly income for a rental, gross monthly for a purchase. Going higher is do-able, but it will mean making other sacrifices, which I think makes it not an ideal rule of thumb.
If the resulting $583 seems too small, then that’s the “middle class income squeeze of our times” showing itself. I’m not sure you react to that by giving the landlord more money. Might be better to plan to share an apartment with family or friends until you marry, etc. But budget based on the ratios as a rule of thumb.
Can you pay rent with credit? Lol
All these money + don’t move if you are on top on your credit cards
i am so fucked
Omg same here. Hang in there.
stay strong guys
I need to move out too but need to get all stuff sort eish the cost of living is toooooo high:(
Me too!!! According to this i can afford $800 a month rent which would basically put me in an area I would probably get shot!
me too. looking at all these expenses, I could live with my parent forever, but that’s just not gonna happen. Fresh out of college with a new job, definitely not up to 40,000 but I want a nice first apartment.
I’m at a 2 years into the software field and I’m only making 38,875 a year lol. I guess if I had my bachelors I’d be making more so it is what it is.