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Old 04-03-2014, 03:24 PM
 
3 posts, read 3,051 times
Reputation: 10

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Hi everyone,

I make about $68k a year. This is an average after I ran some numbers over the past few years. The only debt I have is my $400 car payment. I am wondering based off everyone's opinion here how much I can afford in rent in the city. This doesn't include utilities just the rent. It seems where my price range is for like $100 bucks more I can get something I really want. The place I'm looking at is $1200 bucks plus gas, heat, electric etc..All thoughts and help is appreciated.

P.S. $68k before taxes...

Thanks
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Old 04-03-2014, 03:37 PM
 
Location: Philadelphia, PA
2,377 posts, read 2,695,391 times
Reputation: 1492
The experience can change slightly to dramatically depending on where you live in the city. You should probably prioritize the neighborhoods you want to live in and then determine what trade offs you are willing to make to live in certain ones.
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Old 04-03-2014, 03:52 PM
 
Location: Midwest
1,283 posts, read 1,881,190 times
Reputation: 970
Your rent should realistically be not more than 40% of your pay before taxes, and I've always been more comfortable closer to 30%.
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Old 04-03-2014, 05:52 PM
 
Location: Midwest
1,283 posts, read 1,881,190 times
Reputation: 970
Quote:
Originally Posted by FamousBlueRaincoat View Post
Your rent should realistically be not more than 40% of your pay before taxes, and I've always been more comfortable closer to 30%.

Actually this was bad typing/math. I meant to say 30 and 20. It's too late to edit, but if a mod wants to, that would be pretty good, since it's a bad advice.
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Old 04-03-2014, 06:18 PM
 
Location: Mount Laurel
4,177 posts, read 9,640,419 times
Reputation: 3486
Don't forget to factor in parking for that car if you want to be in the city with a car. Parking could be $200+ a month unless you have access to street parking and in certain zip code, you need street parking permit.
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Old 04-03-2014, 07:13 PM
 
3 posts, read 3,051 times
Reputation: 10
Quote:
Originally Posted by sj08054 View Post
Don't forget to factor in parking for that car if you want to be in the city with a car. Parking could be $200+ a month unless you have access to street parking and in certain zip code, you need street parking permit.
Yea I already took that into account. There is street parking what I am looking at and parking permit is only $35 a year which is nothing. I did my due diligence on everything. I just wanted to know with the money I make can I swing $1200 for rent. Or what my max might be. Just picking your guys brain kind of thing.
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Old 04-03-2014, 07:44 PM
 
Location: Capitol Hill - Washington, DC
3,168 posts, read 4,802,934 times
Reputation: 3400
Quote:
Originally Posted by Jjs5587 View Post
Yea I already took that into account. There is street parking what I am looking at and parking permit is only $35 a year which is nothing. I did my due diligence on everything. I just wanted to know with the money I make can I swing $1200 for rent. Or what my max might be. Just picking your guys brain kind of thing.
I make around $70, have a ton of debt, and can afford a place for $1k. You'll be fine.
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Old 04-03-2014, 07:44 PM
 
Location: Bella Vista
2,472 posts, read 3,486,213 times
Reputation: 2202
Quote:
Originally Posted by FamousBlueRaincoat View Post
Actually this was bad typing/math. I meant to say 30 and 20. It's too late to edit, but if a mod wants to, that would be pretty good, since it's a bad advice.
Yea I was about to say, 40% is wildly high. I honestly wouldn't even go above 20%.
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