What should I be paying for rent?

Question

I'm moving out! FINALLY...and I need to know what I should expect to pay for rent. I make about 3100/month. I'm only looking for a studio. What's the max I SHOULD pay for rent?

Answer 1

Depends where you live, but in my town it runs form 800-1000 for a studio. Look on your local craigslist to get a feel of the field.

Answer 2

Rule of thumb is that your rent or mortgage should be about 28 percent of your income. A more realistic guideline is that it should be no more than 1/3.

Answer 3

I hear 35% of your income should go towards rent

Answer 4

That's entirely dependent on where you live.

Economies vary between countries, states/provinces, even individual cities.

An accepted rule by professionals is that the cost of shelter should not exceed 33% of a person's income. If it is higher than that, and there is no cheaper rent to be found, there is a problem with the economy.

So in your case, $1000-$1050 per month would be deemed livable.

IF that kind of price is available where you live.

Answer 5

It all depends on where you live. Without that information no one can tell you what rent should be. I live in Rochester NY and paid $750 for a 1750 sq house, I have a friend in Orange county California who told me you couldn't get the same house under $3000 a month.  

Answer 6

RTFM's answer is good. Frankly, it doesn't matter at all where you live. It depends on how much you can afford, usually measured as a percentage of income.

However, the best way to find your answer is to construct a budget. Figure out what you'll pay per month for your expenses: groceries, loan repayment (student loans, car loans), transportation, entertainment, and so on. Add 10% for savings. (Good for your boybriend who wants to build up some savings.) Then bump that number up by 15%. What's left is the absolute maximum you should spend for housing (rent, utilities, and so on).

Once you have that number, then you can look for housing in your affordability range.

Hope that helps.

Answer 7

it all depends where you live? In Plymouth you would expect to pay no more than £500 but else where it could be double.

On you affordability I reccommend you spent no more than £1100 per month