Rent Calculator
Determine how much rent you can afford based on your monthly income and expenses.
How much rent can I afford?
The common rule is to spend no more than 30% of gross monthly income on rent. Conservative guidelines suggest 28% for a comfortable budget. This leaves room for savings, debt payments, and unexpected expenses while maintaining financial health.
Does the 30% rule include utilities?
Typically, the 30% rule refers to rent only. Budget separately for utilities (electric, gas, water, internet), which can add 10-20% to housing costs. Some apartments include utilities, which affects the calculation.
What if I have student loans or car payments?
Include all monthly debt obligations. Your total housing and debt shouldn't exceed 40-50% of gross income for financial stability. The 50/30/20 rule suggests 50% for needs (including rent and debts), 30% for wants, and 20% for savings.
Should I use gross or net income?
Use gross (pre-tax) income for the 30% rule, as this is the standard lenders and landlords use. However, also check that rent fits comfortably in your net (take-home) pay budget after taxes and deductions.