How much should i spend to rent an apartment?

Question

I accepted and offer as a MechE in a big company. My gross monthly salary $5000.... after all deductions, contributions to 401(k) and so forth! I get about $3000 a month. how much should I spend on a rent?

Answer 1

Generally, the LL or property manager request your gross income have to be at least 3x of the rent.

Like your situation $5000 gross per month will qualify an apartment of $1660 per month or less.

Answer 2

It does not matter where you live ... actually; the rule of thumb is that you do not spend more than 1/4 of your net pay on housing ......  

Answer 3

YOu may want to rent a room in the most expensive part of town until you learn your way around.  THen you will make a good decision.  Some of the areas are getting much better and you would miss a great opportunity because someone tells you "it's a bad area". /

Answer 4

It depends where you live..In Iowa where I live the average rent for people is around 550-650 a month..but if you live in a bigger city you can expect to spend more than that..