How much rent can you afford on 50k a year?

+1 vote
asked Nov 13, 2018 in Real Estate - Renting by Brrdj (210 points)
How much rent can you afford on 50k a year?

1 Answer

0 votes
answered Nov 14, 2018 by Dorashall (280 points)
In order to be able to afford the monthly rent payment you need to be making 40 times your monthly income.

So if you make $50,000.00 per year the maximum amount of rent per month you can afford is $1,250.00

But you also need to factor in your other expenses and see what you'd have left after spending the $1,250.00 per month.

If possible it's best to rent an apartment or home with a little less per month than what you can actually afford if possible.

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