Apartment shopping/budgeting (sublet, insurance, how much)

[dave1906]

Relocated to NOVA not that long ago and will be working out of DC. I figured the cost of living would be high but i didn't believe it would be this high.

I get paid about 56k per year + OT. after taxes i'll be left with a min. of 42K + what ever extra income i get from OT and my side gig which usually pays me about 5-7K per year after taxes . I was wondering if i am stretching for a 1 Bdrm Apt in arlington that costs $1419 per month w/o utilities that i have already been approved for. I have considered a roommate but don't really want to pursue that route as i have a GF who more than likely will be moving in with me in 4-6 months. I know people say you shouldn't spend more than 30% of your income on housing but with it being so expensive in this area i was wondering do people always follow that guideline.

Expense List:

Monthly Net Income: $3,558.94 (W/O any side gig income)

Rent: $1419
Electric: $70
Water: $20
Trash: $15
Cable/Internet: $50 (Must have high speed internet, if i can get cable too for 50 i'll take it but it isn't a must)

Phone Bill: $81

Car Payment: $190
Insurance: On parents policy
Gas: $100 (This is generous i don't plan on driving much esp over 800 miles per month)
Public Transit: $100

Health & Dental Insurance: $80
Gym membership: $50

Food: $250 (May seem low to some but I cook everyday and never eat out, this is deff accurate for me)

Misc Expenses: $100
Clothes: $50

Total: 2,575

If this is correct that will leave me with a guaranteed $983.95 left for saving/leisure. If i save no less than $300 per month that will leave me with $683.95 to live life with, which is still a generous figure. Not even including any income i'd be making from my side gig, which would automatically go to savings.

I have lived by myself for the last 3 years paying rent/utilities/and all of the above. However, I never really created a budget and i don't even know how much money i actually require to just "live and have fun" after bills. Now i have graduated college and it's time to prepare a little better.

Does this sound doable or am i stretching too much?

[etsmaca]

The guidance of not spending more than 30% does not work in the DC area. I would ditch the cable unless absolutely necessary. The building also doesn't have a fitness center? Your public transport will also likely be higher, unless your employer has a transit subsidy. A 1 bedroom for $1400 is on the low end pricewise.

[dave1906]

Originally Posted by etsmaca

The guidance of not spending more than 30% does not work in the DC area. I would ditch the cable unless absolutely necessary. The building also doesn't have a fitness center? Your public transport will also likely be higher, unless your employer has a transit subsidy. A 1 bedroom for $1400 is on the low end pricewise.

I figured a $100 was sufficient. Do you know how much it would cost to run the metro to/from pentagon city to L'Enfant 5 days a week?

[etsmaca]

ah actually you should be fine with $100.

[acgood]

Seems like you have yourself organized and should be able to handle the budget. Free parking?

[blindside]

Get a roommate for the summer. I'm sure a sublet is available until your GF comes and helps you out with a 1BR. 40% of take home is very uncomfortable.

DC has a large nightlife that caters to singles or dating people like yourself. Unless you already come from a place with a large nightlife, I imagine you'll be eating out a lot more often. Plus you didn't leave anything in there for retirement. Yes, retirement!

If your employers offers a pretax transit account, take it.