Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I recently started a new job near Downtown Los Angeles and I've decided to move closer to work. I currently spend $700 a month on rent but I live an hour away from work (in traffic).
My gross income is $2750/month. After taxes it's $2350.
My budget for a studio apartment was $800-850(utilities included). But everything I've looked at has been too small. Today I found a 600sqft single for $950 with the utilities included. It's $100 over budget but I'm considering it. One reason is because it is a five minute walk to work while the other apartments would require me to either drive to or would be a 25 min walk.
$950 would be 40% of my net income. Everything I've read online says not to go over 30%. The landlord will rent to me anyway, though. He said he's more concerned with credit history and rental history.
- I have a free parking space at work and thus wouldn't have to pay $100 a month for parking
-Right now I spend $130 a month driving to work and back. If I lived in this apartment I would park my car at work during the week and walk to work. I would only be using my car during some weekends. So between the parking and the gas for driving that is over $200 saving a month.
My only other big expense is a car payment of $300 a month. I will have the car paid off in 9 months.
Thoughts? Go for the better apartment that is closer to work? Or is that too much of my income even with the parking/gas savings?
How much "spare cash" do you currently have after expenses? (rent, clothing, entertainment, etc.) - sounds like you'll basically be paying the same w/your savings on gas and parking. (I'd go for it)
I recently started a new job near Downtown Los Angeles and I've decided to move closer to work. I currently spend $700 a month on rent but I live an hour away from work (in traffic).
My gross income is $2750/month. After taxes it's $2350.
My budget for a studio apartment was $800-850(utilities included). But everything I've looked at has been too small. Today I found a 600sqft single for $950 with the utilities included. It's $100 over budget but I'm considering it. One reason is because it is a five minute walk to work while the other apartments would require me to either drive to or would be a 25 min walk.
$950 would be 40% of my net income. Everything I've read online says not to go over 30%. The landlord will rent to me anyway, though. He said he's more concerned with credit history and rental history.
- I have a free parking space at work and thus wouldn't have to pay $100 a month for parking
-Right now I spend $130 a month driving to work and back. If I lived in this apartment I would park my car at work during the week and walk to work. I would only be using my car during some weekends. So between the parking and the gas for driving that is over $200 saving a month.
My only other big expense is a car payment of $300 a month. I will have the car paid off in 9 months.
Thoughts? Go for the better apartment that is closer to work? Or is that too much of my income even with the parking/gas savings?
First, I would make 100% sure that you can park your car at work 24/7. Some companies may not allow that. How long do you anticipate being at that job? At least a year or more?
If it is OK to park at work and you will be at the same job at least for year, then I say rent the apartment. It is a great find.
First, I would make 100% sure that you can park your car at work 24/7. Some companies may not allow that. How long do you anticipate being at that job? At least a year or more?
If it is OK to park at work and you will be at the same job at least for year, then I say rent the apartment. It is a great find.
This is what I was going to suggest too. Get it in writing, if you can (email is ok as long as you save that email).
I'd rent a room. I'm all for living close to work. It isn't feasible with my job since I work in nine different counties, so I just picked someplace inexpensive and fairly centrally located.
How much "spare cash" do you currently have after expenses? (rent, clothing, entertainment, etc.) - sounds like you'll basically be paying the same w/your savings on gas and parking. (I'd go for it)
$600. Then once my car is paid off i'll have $900. But by that time I'll be eligible for company 401k matching funds and I'll just put the $300 into the 401k.
that $600 doesn't include budgeting for clothing. I don't buy expensive clothes. I wear dockers and a collared shirt to work and t-shirts and jeans on the weekends.
First, I would make 100% sure that you can park your car at work 24/7. Some companies may not allow that. How long do you anticipate being at that job? At least a year or more?
If it is OK to park at work and you will be at the same job at least for year, then I say rent the apartment. It is a great find.
Good advice. A colleague of mine parks his car 24/7 so I figured it was okay but I should get it in writing.
I anticipate being at the company for awhile.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
