How much of your income goes towards rent? (Silver Spring: apartments, lease)

[district_girl]

I currently live with family in Silver Spring and I will be moving to the George apartments in Wheaton soon. I was under the impression that Wheaton was pretty reasonably priced but the rent for my 2 bedroom apartment will be almost $2,000. I thought that was astronomical. I am a paralegal at a small law firm and I bring home a little over $3,000 per month and my rent will be taking up over 50% of my income. Is that the norm for this area? I've been looking for a higher paying job but it seems like the salaries for Montgomery County don't coincide with the high cost of living.

[bufflove]

Originally Posted by district_girl

I currently live with family in Silver Spring and I will be moving to the George apartments in Wheaton soon. I was under the impression that Wheaton was pretty reasonably priced but the rent for my 2 bedroom apartment will be almost $2,000. I thought that was astronomical. I am a paralegal at a small law firm and I bring home a little over $3,000 per month and my rent will be taking up over 50% of my income. Is that the norm for this area? I've been looking for a higher paying job but it seems like the salaries for Montgomery County don't coincide with the high cost of living.

No, that's not normal. People in 2br Class A apartments generally aren't relying on a single paralegal income. I can't imagine the apt building would offer you a lease considering the info above. Coincidently, paralegal was my first job out of college. It didn't pay a lot so I split a class C apt with two roommates and didn't own a car. Saved money, got a higher paying job after a couple years, and purchased a home w/the money saved.

[Tuneful]

That is an awful big bite. My impression of Wheaton is that they have been putting up some new buildings intended to be upscale, perhaps yours is one of those--they've been trying for decades to make Wheaton more upscale but it hasn't really happened, although things are looking better since the Costco went in at the mall--most older apt. buildings that are left are modest to put it mildly to outright bad/ghetto. Glad if you like your place, but I would NEVER pay that much of my salary for rent, I'd be looking for a studio or a junior 1BR -- would only consider a 2BR place with a roommate.

[au18]

You try to aim for ~30% of your net income to spend on rent. Right out of college with my first job, I brought home about $3000/month as well - granted this was in 2007, so I know the prices have changed a bit. Try looking for a studio apt or sharing a 2 BR apt until you move up in salary. Trust me, you don't want to spend more than 50% of your income when it could be better spent on savings or emergencies.

[seanlax]

Jeez I was looking to move to Wheaton 1.5 years ago and work in Silver Spring. Never took the job but I was looking at decent 2br and 3br apartments/houses around 1500/mo. It looks like 1800-2000 is normal now. DC area rents are getting out of control.

[bufflove]

Originally Posted by seanlax

Jeez I was looking to move to Wheaton 1.5 years ago and work in Silver Spring. Never took the job but I was looking at decent 2br and 3br apartments/houses around 1500/mo. It looks like 1800-2000 is normal now. DC area rents are getting out of control.

Well, the $2K is for a new luxury building. Wheaton still is primarily "affordable" (by DC area standards).

[Smiley32699]

I saw a local news report recently which talked about rents--yes rents-- in Downtown DC going for a minimum of 3,000 to 6,000 a month. These are new, "luxury" apartments. You can rent -- or purchase -- a home for that kind of money. So, I'm not surprised about $2,000/month for a 2 bedroom in a new building in Wheaton. Sounds like a bargain when you compare what else you are getting around here close-in to the beltway. Also, in Wheaton, you could -- could, in a perfect world -- take Metro if needed/desired, and shop at Costco and the supermarkets in the immediate area.

I would try to find something a bit cheaper, but safe also. You might have to take a roommate or move a bit farther out, not as close to the Metro if you haven't moved in already. Also, consider PG County.

[DistrictSonic]

Originally Posted by district_girl

I currently live with family in Silver Spring and I will be moving to the George apartments in Wheaton soon. I was under the impression that Wheaton was pretty reasonably priced but the rent for my 2 bedroom apartment will be almost $2,000. I thought that was astronomical. I am a paralegal at a small law firm and I bring home a little over $3,000 per month and my rent will be taking up over 50% of my income. Is that the norm for this area? I've been looking for a higher paying job but it seems like the salaries for Montgomery County don't coincide with the high cost of living.

The median household income in the DC area is over $100k. There are plenty of higher paying jobs, you are just not likely qualified for them. It's a slap in the face, but its also the truth. You need to find a smaller place that is not taking up so much of your income. This is easily achievable, you just made a bad decision and went with a large place for a single person with a moderate income. This is not like other places in the US where you can move into a 2 br apartment alone as a single person. On the contrary, you get a 1 BR or Studio.

You need to scale down, a 2 br apartment is for 2 people. Get a one bedroom or a studio. That or find a roomate. Or move to PG. Right now you are living beyond your means. Right now the large percentage of your income going to rent really does fall on you.

This shouldn't be too hard, you are likely young and don't know this type of stuff yet. Ideally you should be spending 30% of your income on rent, and really no more than 40%.

[cjmeck]

You either need a cheaper place or a roommate. The general recommendation from property management companies is that you'd need to make about $70k a year to afford that place and live comfortably. The formula they use is 35 x monthly rent=minimum salary needed to qualify. I think that's a pretty good guideline to follow.

[EdwardA]

Originally Posted by district_girl

I currently live with family in Silver Spring and I will be moving to the George apartments in Wheaton soon. I was under the impression that Wheaton was pretty reasonably priced but the rent for my 2 bedroom apartment will be almost $2,000. I thought that was astronomical. I am a paralegal at a small law firm and I bring home a little over $3,000 per month and my rent will be taking up over 50% of my income. Is that the norm for this area? I've been looking for a higher paying job but it seems like the salaries for Montgomery County don't coincide with the high cost of living.

Are you getting a roommate or splitting with boyfriend/husband? That's too much for one person. How will you save?

I went to a party a few months ago on the roofdeck of this building. I certainly get the appeal and I even looked into it when I thought I was getting an offer from a company in Silver Spring.