Can I pay $3,000 a month on rent if I take home $7,000 a month after taxes? (real estate market, unemployed)

[the one]

thats a lot of money. you can find a very nice place. dont worry.

[Priceman]

Your parents are in finance. They are probably so rich right now that they can buy the house for you in Burbank, CA easily! I tell you, people in the financial industry have so much in savings that they never have to work, even when they get laid off. They are rolling in money that they can have luxury lifestyle easily!

[alexanderaf]

My take-home salary is pretty similar to yours, and I do not have any other bills, but $3,000 per month sounds a little steep to me. I would feel much more comfortable with something just over $2,000 per month, but then again it is your choice to do what you want with your money.

[Fantasm]

Coming to LA, you are going to have a huge shock as to what that $3K will get you.
Prepare yourself now for very average home, but you shouldn't have a problem finding something around $2500 in The Valley. It'll be a house, with a yard, so it'll work. Just don't expect "new" types of houses, everything in LA is old and small. Taking only $7K home, honestly, I would not spend $3K/month just for the house. I only spend $3K/month now and I take home 5x your take home. $2500 is a good middle ground since your parents will hopefully start covering some of it soon too.

In regards to your questions on proof of income, apartments will normally want you to make 3x the monthly rent (which is basically the same 40x from back East). Private homes though will usually be up to the owner, as someone already said. A $10K gross salary should get you a $2500 house pretty easily though. Trust me on not spending $3K though, look for $2.5K, there are plenty to be had and you will get your parents and sister a home to live in.

[JohnG72]

I have a few questions.....

1.) Maybe live in an area that is not supa star? There are areas of N. Hollywood, Burbank, and Glendale that will be cheaper and are not ghetto. Maybe around $2K a month. I mean, do you absolutely have to live in a balla place?

2.) Wouldn't a townhome suffice? Especially if things are just temporary.

3.) If you are going to live in LA for a while, shouldn't you consider buying a house? $3000 a month is about a $500K house and I've seen some very decent homes in Burbank and Sherman Oaks for that price and some larger homes in N. Hollywood for that price.

[MrQuincy]

Originally Posted by the one

thats a lot of money. you can find a very nice place. dont worry.

I like this answer^^

[mading6]

Originally Posted by shelly1234

I got a job offer in Burbank with a take home pay of around $7,000 a month after taxes. I am single and in my early 20s but I would like to rent a small 3 bedroom house so my parents and sister can move in. I found some nice ones on craigslist in the $3,000 area but I'm not sure if I can spend this much.

I'm from the NYC area and unfamiliar with the rental laws there. Here you have to make 40x the monthly rent. Is it similar in Los Angeles?

OMG you are a sweetheart!!!!! That is so nice of you to help out your family. Love it.

[nmnita]

Originally Posted by Priceman

Your parents are in finance. They are probably so rich right now that they can buy the house for you in Burbank, CA easily! I tell you, people in the financial industry have so much in savings that they never have to work, even when they get laid off. They are rolling in money that they can have luxury lifestyle easily!

what is that all about????

[nmnita]

Originally Posted by mading6

OMG you are a sweetheart!!!!! That is so nice of you to help out your family. Love it.

she is a nice person I bet, but I also am willing to bet she is no longer reading this thread. Her post is over 2 months old.

Nita

[Rhiannongymru]

just as a friend, I would not recommend you rent a $3000 pad even though you might be able to afford it on paper. Moving to a new city can incur alot of expenses that are unexpected. Also, your parents are unemployed and are relying on you until they get a job. LA is a very different job market than NY. I know I went to NYU and lived and work in Manhattan before moving out to LA. Believe me, it is another world out here and you might have hard time getting acclimated being that you are such a hard core NYer like myself. My advise is to move in the humbler and cheaper place until everyone gets situated and then all of you can decide to do what you want. But it seems like an awful lot of responsibility for someone in the early 20's. Good luck!