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Old 04-21-2012, 05:55 PM
 
12 posts, read 17,271 times
Reputation: 15

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What is the maximum amount of rent I will be able to afford?

STATS-
Only need basic cable and cell phone
Not the going out/party type or shopaholic
Have a payed off car (sedan)
No kids
Single
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Old 04-21-2012, 06:19 PM
 
417 posts, read 289,845 times
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Monthly rent should be around annual income divided by 40. So about $900 but you can push it to $1000 since you seem pretty frugal.
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Old 04-21-2012, 06:37 PM
 
696 posts, read 803,896 times
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Quote:
Originally Posted by daisyLI View Post
Monthly rent should be around annual income divided by 40. So about $900 but you can push it to $1000 since you seem pretty frugal.
gross or net?
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Old 04-21-2012, 06:41 PM
 
417 posts, read 289,845 times
Reputation: 192
Quote:
Originally Posted by J5K5LY View Post
gross or net?
Gross income
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Old 04-21-2012, 06:41 PM
 
12 posts, read 17,271 times
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Gross
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Old 04-24-2012, 11:42 AM
 
Location: Long Island, NY
6,459 posts, read 4,313,368 times
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I don't see how it can happen. If you're grossing $35K and you're single with no kids, you're going to be hammered in taxes. You'll probably net around $25K. Your rent will probably be about 30% of that. You still have utilities like cable and phone. The cost of those depend on what you want to spend. Basic cable is probably around $20 but we're talking REALLY basic. Your cell phone can range from $20 a month to whatever you want it to cost. You have to eat (groceries are not cheap), your car is paid off but you still have to pay for insurance and then there's gas unless you can walk or bike to work or take public transportation. I'm going to assume you don't have credit cards or other bills to pay. Most apartments include utilities or at least heat/hot water or gas but you may have to pay your own electric. If that's included in the rent then that's even better. I wouldn't recommend spending $1000 on rent. You do want some sort of savings, right?
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Old 04-24-2012, 01:11 PM
 
Location: Long Island,New York
8,126 posts, read 8,315,285 times
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Some complexes include some utilities like gas, heat, and cable. Some apartments in homes do too. I would base it on where you work so you can limit your travel time and gas consumption and then start searching from there.
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Old 04-24-2012, 07:35 PM
 
Location: Suffolk County, NY
1,139 posts, read 1,157,597 times
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Quote:
Originally Posted by bellakin123 View Post
I don't see how it can happen. If you're grossing $35K and you're single with no kids, you're going to be hammered in taxes. You'll probably net around $25K. Your rent will probably be about 30% of that. You still have utilities like cable and phone. The cost of those depend on what you want to spend. Basic cable is probably around $20 but we're talking REALLY basic. Your cell phone can range from $20 a month to whatever you want it to cost. You have to eat (groceries are not cheap), your car is paid off but you still have to pay for insurance and then there's gas unless you can walk or bike to work or take public transportation. I'm going to assume you don't have credit cards or other bills to pay. Most apartments include utilities or at least heat/hot water or gas but you may have to pay your own electric. If that's included in the rent then that's even better. I wouldn't recommend spending $1000 on rent. You do want some sort of savings, right?
lol, i'm single with no kids and net 2k less than I gross. You have him 10k less? come on. You pay less taxes when single.
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Old 04-25-2012, 07:04 AM
 
Location: St. Petersburg, FL
470 posts, read 732,357 times
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Quote:
Originally Posted by ydsavaged View Post
lol, i'm single with no kids and net 2k less than I gross. You have him 10k less? come on. You pay less taxes when single.
If you make 35k + you are in the 25% tax bracket and state is 5.9% for this range. And actually you do pay more when single unless you have kids or own property because you have nothing to deduct.

You are only paying 2k a year in taxes?? Then you either have a funny accountant or you work at a fast food restaurant part time while your parents are claiming you as a dependant.

Bellakin is right if you do the math it comes out to about $10,815 deducted leaving him with 24,185. Then deduct ssi, health insurance, etc..

Last edited by nycgirl1616; 04-25-2012 at 07:15 AM..
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Old 04-25-2012, 10:04 AM
 
Location: Long Island, NY
6,459 posts, read 4,313,368 times
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Quote:
Originally Posted by ydsavaged View Post
lol, i'm single with no kids and net 2k less than I gross. You have him 10k less? come on. You pay less taxes when single.
Huh?? No, you pay MORE taxes when you're single with 0 dependents.
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