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Old 06-05-2012, 10:57 PM
 
Location: Phoenix, AZ
124 posts, read 198,546 times
Reputation: 181

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I'm just wondering, how much do you all think one should make monthly in relation to rent? Three times more, five times, etc.? What would be the bare minimum?

This all goes for LA (specifically the west side) living. Thanks for your opinions in advance.
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Old 06-05-2012, 11:05 PM
 
4,263 posts, read 9,020,800 times
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Quote:
Originally Posted by LiveByTheSun View Post
I'm just wondering, how much do you all think one should make monthly in relation to rent? Three times more, five times, etc.? What would be the bare minimum?

This all goes for LA (specifically the west side) living. Thanks for your opinions in advance.

I gross 3.5x rent and live fairly well.

2.5x would be uncomfortable to me.
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Old 06-05-2012, 11:22 PM
 
Location: SoCal, Idaho
3,162 posts, read 8,859,487 times
Reputation: 1637
Would also depend on your debt load and other outbound monies every month. Its never that simple.
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Old 06-05-2012, 11:39 PM
 
Location: Phoenix, AZ
124 posts, read 198,546 times
Reputation: 181
Quote:
Originally Posted by 1200RT View Post
Would also depend on your debt load and other outbound monies every month. Its never that simple.
Never said it was. I'm asking specifically about rent right now.
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Old 06-05-2012, 11:49 PM
 
Location: SoCal, Idaho
3,162 posts, read 8,859,487 times
Reputation: 1637
Quote:
Originally Posted by LiveByTheSun View Post
Never said it was. I'm asking specifically about rent right now.
You can't answer your question without knowing more.

A realistic rule of thumb is grossing three times monthly rent, as a bear minimum. In fact, its a minimum qualification for many property management companies.
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Old 06-05-2012, 11:57 PM
 
Location: Phoenix, AZ
124 posts, read 198,546 times
Reputation: 181
Quote:
Originally Posted by 1200RT View Post
A realistic rule of thumb is grossing three times monthly rent, as a bear minimum. In fact, its a minimum qualification for many property management companies.
This is what I was looking for, thanks.
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Old 06-06-2012, 12:08 AM
 
Location: SoCal, Idaho
3,162 posts, read 8,859,487 times
Reputation: 1637
You're welcome, just keep in mind they will also pull your credit and take your outbound debt load into account. If you're paying out a bunch of stuff monthly, and 3x gross puts you too close to the line, you may not qualify, as i mentioned.

Good luck.
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Old 06-06-2012, 06:05 AM
 
355 posts, read 1,116,526 times
Reputation: 272
Quote:
Originally Posted by LiveByTheSun View Post
I'm just wondering, how much do you all think one should make monthly in relation to rent? Three times more, five times, etc.? What would be the bare minimum?

This all goes for LA (specifically the west side) living. Thanks for your opinions in advance.
For the west side living, I think 4 times the rent should be good. Some others in this thread have said 3.5...I guess this is okay if you have a partner who is willing to pick up some of the slack (like pay half the bills and rent along with other expenses such as food, gas, utilities, etc.).
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Old 06-06-2012, 11:18 AM
 
Location: Phoenix, AZ
124 posts, read 198,546 times
Reputation: 181
Thanks for the answers so far!
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