MFA IRL: Can Tori Afford $ 753 Rent?

March 15, 2019 | By MFA Editors AuthorMy First Apartment

Tori asks: “Ok, I make $14.25 an hr, get paid every week. Car note is $528 and my insurance is $293 a month, plus phone bill $80 a month, gas to work is $40 a week. I have a 4 yr old son. Can I afford 753 for rent?” Tori, Like many young adults you…

How to Navigate a Housing Budget

January 6, 2019 | By Nat AuthorMy First Apartment

The general suggestion for rent is 30% of monthly income, but many people end up paying far more. In fact, 1 in 5 millennial parents report spending 50-59% of income on housing, according to a 2016 report from the National Endowment for Financial Education. Crazy, right? Due to rising rental rates and fewer available units,…

10 Costs First Time Renters Don’t Think About

December 4, 2016 | By Contributors AuthorMy First Apartment

By Stephanie Lynch If you recently found the perfect apartment — congratulations! It can be pretty time consuming to find the right area, amenities, landlord and price. There’s nothing better than walking into an apartment and instantly clicking with it. While signing the lease to your new apartment may be exciting, most apartment tenants, especially…

How Much Rent Can I Afford on My Hourly Pay?

July 26, 2016 | By MFA Editors AuthorMy First Apartment

2017 Update: You can download our new Printable Apartment Budgeting Worksheet and use it to estimate your rent and budget for all your expenses. The basic target rent formula that landlord’s use is annual before-tax income divided by 40. When you are on a straight salary estimating the number is easy. However, if your are…

3 Key Steps to Getting Your First Apartment

January 10, 2016 | By Jennie AuthorMy First Apartment

Looking for an apartment, especially your first apartment, can be overwhelming. To find the right rental you need to consider many variables, including the neighborhood, your budget limitations and your lifestyle. We have broken the whole intimidating process down into three manageable steps that will coach you to find an apartment that is right for you.…

The 3 Secrets to Creating (and Sticking to) a New Apartment Budget

October 19, 2015 | By Jackie AuthorMy First Apartment

Unlike riding a bicycle, going to the mall alone, or receiving your first college acceptance, no one informs you when you’re ready to move out. Wouldn’t that be so much easier though? A major decider (besides your parent’s not so subtle hints) is when you’re are able to afford paying your own rent, utilities, groceries…

How Much Rent Can I Afford on My Income? – Two Simple Ways to Estimate

June 4, 2015 | By MFA Editors AuthorMy First Apartment

Update: You can download our new Printable Apartment Budgeting Worksheet and use it to estimate your rent and budget for all your expenses. We get questions all the time about how much rent should you pay based on your income. For example, here is a recent comment from Alen: “I have found a apartment for…

What Those Cool Apartment Amenities Will End Up Costing You In Rent

June 18, 2014 | By Audra AuthorMy First Apartment

A couple of weeks ago, our friends over at ForRent.com shared this nifty infographic with us. Through their research, they break down how much the most sought-after apartment amenities add to your overall rent. Whether it’s location, a great view or gym, be prepared to pay for what you get. So, when you set out on your search for…

Living On Your Own: 7 Tips For Avoiding Budget Woes

October 21, 2013 | By Audra AuthorMy First Apartment

When you finally make the big move into your very first apartment, you are pretty unaware of the big financial hit you are about to take. No, that doesn’t mean you’ll be broke for the rest of your life nor does it mean that you can’t make it on your own. However, it does mean…

Our Most Popular Advice for First Time Apartment Hunters

April 11, 2013 | By MFA Editors AuthorMy First Apartment

As the spring apartment hunting season kicks into high gear, here are some of our most popular post for first time renters. How much do you need to save before you can afford to rent an apartment? The short answer is about 10% of your annual salary, but check out these two posts here and here for how…