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Old 10-30-2009, 12:45 PM
 
Location: Herndon VA
48 posts, read 76,951 times
Reputation: 10

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My Husband and have been living with his dad and step mom for about 7 months due to us getting laid off from our jobs around the same time and taking a set back. We now both have very secure jobs. Some money saved up and are so ready to get out of his dads house. We currently live in Herndon now. He works in Herndon at Great Harvest Bread Co. and I work in a flower shop in Fairfax. We are looking to move more in the Reston or Herndon area so my husband can be close to his work.

We both make together roughly 2,600 a month. We sometimes make more but I wanted to round down so we can save and have leaway. But 2,600 is what comes in no matter what each month.

We curently only have $90 in bills that are manditory for us to pay. He has a motorcycle that the insurance is paid off, My parents still take care of my car insurence health care and phone. So we will not need a house phone or any other mandetory bills to pay beside $90

We only need about $400 a month for food for the two of us. $400 in gas(just to be safe, we probably wont use that much a month). $50 a month for cat supplies and cleaning suplies (toilet paper and stuff like that). and were going to get basic cable so how ever much that is. Comcast 80 chanel package is 29.99 for 6months then 62.75 after that, but I think we could find somthing even cheaper then that.

So Im just currious if im leaving out any cost and what you think we can afford rent wise. Please help beacuse im not liking the living situation any more and would love for me and my husband to have are own space.

Thanks so much.
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Old 10-30-2009, 01:58 PM
 
Location: Castle Hills
1,111 posts, read 2,186,840 times
Reputation: 576
You need to add renters insurance once you get your place. That is very important in case someone breaks in and steals everything. Its very cheap. About $200 per year. Also, you are going to have an electricity & Gas Bill $250 per month average, possible water bill $25 or $30 a month, etc,

I say you can afford at max $1200 per month. I would try to find something around $1k a month if it were possible. It will be hard in that area though.

I know your living conditions suck right now, but you really should try to stick it out there for a little longer and save a bigger emergency fund in your savings account. I have a lot of experience and highly advise you to tough it out longer. If thats just not possible, then $1200 max for a rental but safer with $1k.
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Old 10-30-2009, 01:58 PM
 
Location: Great State of Texas
86,105 posts, read 64,745,648 times
Reputation: 27425
You're probably better off posting this in the state categories under the city closest to where you work.
The locals there can be of more help then in this category.
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Old 10-30-2009, 01:59 PM
 
Location: Castle Hills
1,111 posts, read 2,186,840 times
Reputation: 576
Also, when you say $2600 I'm assuming that after taxes right? Thats the take home amount?
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Old 10-30-2009, 01:59 PM
 
Location: Great State of Texas
86,105 posts, read 64,745,648 times
Reputation: 27425
Quote:
Originally Posted by ufcrules1 View Post
You need to add renters insurance once you get your place. That is very important in case someone breaks in and steals everything. Its very cheap. About $200 per year. Also, you are going to have an electricity & Gas Bill $250 per month average, possible water bill $25 or $30 a month, etc,

I say you can afford at max $1200 per month. I would try to find something around $1k a month if it were possible. It will be hard in that area though.

I know your living conditions suck right now, but you really should try to stick it out there for a little longer and save a bigger emergency fund in your savings account. I have a lot of experience and highly advise you to tough it out longer. If thats just not possible, then $1200 max for a rental but safer with $1k.
I never had renter's insurance when I was starting out..not much to steal IMO. Basics need to come first..roof over your head and food on the table.
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Old 10-30-2009, 02:29 PM
 
Location: Castle Hills
1,111 posts, read 2,186,840 times
Reputation: 576
Quote:
Originally Posted by HappyTexan View Post
I never had renter's insurance when I was starting out..not much to steal IMO. Basics need to come first..roof over your head and food on the table.

I usually agree with you but not everyone has "not much to steal", our townhouse was broken into (when we were renting) and My 2 computers were stolen, TV'S, jewelery, etc. About 7k worth of stuff. We got all brand new replaced stuff.

They could also have a fire and lose everything they have. I think for about 15 to $16 bucks a month its VERY worth it.

Now, if they are college type kids and have NOTHING of value anyway, then there is no need to get renters insurance. Otherwise, I HIGHLY recommend it.

Ours was actually about $120 per year, but I'm assuming its a tad higher now. Below is an article about renters insurance and why you should have it.


http://moneycentral.msn.com/content/CollegeandFamily/Moneyinyour20s/P36957.asp (broken link)
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Old 10-30-2009, 02:55 PM
 
11,794 posts, read 22,548,845 times
Reputation: 15386
When I rented a tiny studio, my renter insurance was about $100/yr. I wasn't worried about theft, but fire. Even if your furniture is minimal or beat, there's still essential clothing, kitchen things, just the basic things of daily living, and it adds up. I would certainly have renter's insurance. (Oh, and it could cover possible leaks from other apartment that could destory your computer or clothes or stuff).
Best wishes. Congrats on getting back on your feet.
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Old 10-30-2009, 03:22 PM
 
975 posts, read 1,478,519 times
Reputation: 523
$1000/mo rent on $2600 income = stupid

Find something for $400-$600
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Old 10-30-2009, 03:35 PM
 
Location: Herndon VA
48 posts, read 76,951 times
Reputation: 10
Thanks for all the feedback. I did not even think about renters insurance but it is a very inexpensive saftey net to have. I'll add that to my list. and 2600 is are take home money, I put $400 gas but we barley use that much now and we go back to MD every weekend to visit my family to get away from the house. So we will have extra from that. And 2600 is the worst we will ever bring home. We actually bring home mabey 200-400 more depending on overtime, bonuses. His job needs him alot in Dec and he is getting another raise in Jan. So I am definitly down sizing to be extremly safe.

I actually found a basement apartment for $700 and I think that is managable. Also most places in the 1000 range have all utilities included so is that smart to get a 1000 place or 950 place with utilities included??
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Old 10-30-2009, 03:48 PM
 
11,794 posts, read 22,548,845 times
Reputation: 15386
At least with util. included you have a better idea of expenses. I think you should take the cheapest place that suits you as a home.
And no one should be calling anyone "stupid" for the percentage of income that goes for rent. Some areas are expensive for housing period. If renters and owners went with the "25 percent of monthly income for housing" where I live, we'd all be under a bridge.
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