Trulia Com Rentals (2024)

FAQs

How much should I make to afford $1500 rent? ›

The traditional rule of thumb is that you should try to spend no more than 30% of your gross income on rent. According to this rule, you should be making $5,000/month to afford a $1,500 apartment. With a 40-hour workweek, this works out to $28.85/hour. Should you follow the 30% rule blindly?

The simple answer to “How much rent can I afford?” Experts recommend renters spend no more than 25% to 30% of their monthly income on rent. So, for example, if you make $60,000 per year, your rent and renters insurance shouldn't go higher than $18,000—or $1,500 per month.

Here's an idea of the ideal rent for different salaries based on the 30% rule: If you make $30,000 a year, you can afford to spend $750 a month on rent. If you make $40,000 a year, you can afford to spend $1,000 a month on rent. If you make $50,000 a year, you can afford to spend $1,250 a month on rent.

30 Percent Rule

Following the 30% rule, your monthly gross income to rent ratio should look something like this: You must make $10,000 per month to afford a $3,000 monthly rent. You must make $6,667 per month to afford a $2,000 monthly rent. You must make $5,000 per month to afford a $1,500 monthly rent.

It's Possible To Retire on a $1,500 Monthly Budget

But with a little creativity and flexibility, you may find a new home with everything you want, including a good climate, welcoming community and affordable lifestyle.

Generally, experts recommend spending no more than 30% of monthly pre-tax income on housing. However, it's not always that simple. According to the U.S. Census Bureau, between 2017 and 2021, over 40% of renter households (19 million) spent more than 30% of their income on rent.

If you make $70,000 a year, your hourly salary would be $33.65.

For single individuals in regions with a lower cost of living, $70,000 can offer a comfortable lifestyle and savings potential. Budgeting wisely and managing expenses are essential for making a $70,000 salary work, especially in more expensive urban areas.

In many cases, yes. While the wage falls short of the median salary and the average pay in the United States, it's generally considered enough for an individual to live on. Of course, just how far a dollar can go depends largely on the cost of living in your area.

How much is 60k a year hourly? ›

If you make $60,000 a year, your hourly salary would be $28.85.

With a $60,000 annual salary, you could potentially afford a house priced between $180,000 and $250,000, depending on your financial situation, credit score, and current market conditions. However, this range can vary significantly based on several factors we'll discuss.

Frequently Asked Questions. $25 an hour is how much a year? If you make $25 an hour, your yearly salary would be $52,000.

Based on the tenants I manage and the thousands of tenant applications I've seen, I'd estimate the maximum rent you could afford on $18 an hour full-time would be about $2200 a month.

Is $50k a good salary for a single person? Generally speaking, yes. An annual salary of $50,000 is considered a middle-class income, and can be a comfortable wage for a recent graduate or a person starting a new career.

According to the 30% rule, a person earning $5,000 gross per month could reasonably afford to spend $1,500 per month on rent. However, it's important to remember that this is only a guideline.

Calculate Three Times the Rent

Multiply the monthly rent by three to find the income requirement. For example, if the monthly rent is $1,500, you would need a minimum income of $4,500 per month to meet the three times the rent rule.

According to this rule, if you make $4,000 a month, you should spend no more than $1,200 per month on rent. Sticking to the 30% rule helps ensure you have enough money left over to save or put toward other expenses.

Many apartments require you to have gross monthly income of three times the rent, To figure out how much rent you can afford, list all your other expenses, subtract those from your monthly gross income, and leave a little buffer for one-off expenses.