Can i afford an apartment?

Question

can i afford an apartment with another person split, if i make 1600 a month after taxes

Answer 1

Yes, depending on the price.

Answer 2

And you're living...where?

In some cities, $1600/mo won't even get you a closet.  In others, it'll get you a 3 bedroom, 2000 sq. ft. condo.

Answer 3

Think of it this way - can you afford the rent by yourself?  If your roommate falls off the face of the planet, you're still responsible for the full rent.  If you can afford all of the rent, utilities and your personal expenses, then go for it.

$1600 - 1200 = $400 for everything else.  That's a pretty tight margin.

Answer 4

yes. only poor people can't. you must be poor

Answer 5

As long as you are commited you can afford anything

Answer 6

It depends on how much the rent would be!

Answer 7

It all depends on how much your rent would be? Look for places that are in the suburbs, they are usually cheaper and just as nice. Best Wishes and Happy Moving!

Answer 8

Sure, one can typically afford about 30-40% of their take home pay, so you could afford about 480-640 for your half of the rent by this formula.  

However, the actual amount varies depending on your actual situation so go run through all your expenses and see how much is left after you pay everything ie make up a budget.  Be honest and don't say I spend $500 on stuff each month now, but could only spend $200 if I wanted - chance are you will not change so you'd better budget for spending $500 after you move.