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Old 11-11-2015, 09:53 AM
1,046 posts, read 1,143,300 times
Reputation: 481


Originally Posted by JonTheGreat View Post
I interpreted the post I quoted above as $800/month for EVERYTHING (rent, food, gas, other car-related expenses, student loan payments, health care, etc.)

That being said, making around $55000 and wanting to rent a 2BR place for $1500/month? I'd very strongly recommend finding someone for that other bedroom.
Yes, another roommate would be the way to go.

Take Liberty Township for example. They just built another Easton mall there with apartments built into the mall. Why? Because people are dumb enough to pay to live there.

Liberty Center Apartments - Liberty Township, OH 45069 | Apartments for Rent

You have these young professionals willing to spend $1400-$1500 a month for a 1000 sq ft apartment there when they can get the same sq footage and same quality for $500 less right down the street:

Four Bridges Apartments - Liberty Township, OH 45044 | Apartments for Rent

Sorry but the convenience of living there vs a 3 minute drive to the same location doesn't justify the additional $500 expense.
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Old 01-09-2016, 05:03 PM
Location: the Great Lakes states
796 posts, read 2,076,985 times
Reputation: 529
Originally Posted by DudleyK View Post
I'm looking at a 2BR place for $1500. I'll be making about $55,000 gross. I know the typical 30% of income calculation, but from those who know the area, would it be reasonable and livable to pay $1500 a month? I do pay about $400-600 total a month for loans, car payment, etc. The place I'm looking at includes water and trash, doesn't require extra pet rent or deposit, and has a washer/dryer in the unit.

Any thoughts or advice? Is $1500 a month outrageous, or is it reasonable for the area and my income?
You're only going to take home 65%-70% of your gross salary, after deductions and taxes.

If I went with 67.5% as your percentage of take-home, your take-home is $3093 per month, lets say $3000 to make it simple.

Net Pay 3000
Car + Loans 500 ... 2500 remaining
Cable/Internet 100.... 2400 remaining
Insurance (Car + Renters) 130... 2270 remaining
Utilities 100.... 2170 remaining
Food 300 minimum... 1870 remaining
Entertainment, recreation, gym, coffee, clothes, furniture, pet care, travel, drinks, emergencies 300... 1570 remaining

In a nutshell, if you want to save or spend more than $300 on "extras", you can't afford $1500 rent.

I am a middle class professional with a masters degree. My base pay is around $42K but last year I had side work that raised my income to $59K... same ballpark as yours. My student loans are higher than yours, and my car payment is higher, plus I have some credit card debt and a personal loan, so my monthly debt payment is close to $900. Because I want to save and travel in 2016, my conclusion is that I can barely afford the $725 market rent in the Columbus far suburbs. The central city or OSU area is completely out of reach for me unless I have one or two roommates. My ideal price point for housing is honestly $400-$500 per month.

Side note, I find that driving does not add a lot to my core costs. Two tanks of gas gets me through the month, so we're talking less than $75 of gas. Rents are so high in the central city that you actually don't come out ahead financially even if you don't drive.
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