Rent Affordability Calculator

How Much Rent Can I Afford?

Wondering how much rent you can afford? Use the rent calculator below to figure out how much you could spend on rent while keeping your finances in check.
Rent Affordability Calculator

20% Model

If you spend around 20% of your earnings on rent, you could generally spend more on non-essentials or save more. However, spending about 20% on housing when you’re earning a regular income means you’ll have to keep your distance from sleeker apartments, especially in pricier metros. But if you’re the type of person who doesn’t mind making a compromise or two to save some money on rent, 20% can be a good option for you.

30% Model

Spending around 30% of your income on rent is the golden rule when you’re trying to figure out how much you can afford to pay. Spending 30% of your income on rent can help you reach a healthy balance between comfort and affordability. On a median income, 30% should get you an apartment you can truly call home. At the same time, you should have money left to keep up with any debt you may have and contribute to your savings.

40% Model

It can be very tempting to spend more on rent, especially if you think you’ve found the perfect home. If you earn an above-average income, allocating 40% of it for an apartment should get you a rental in a better location or more living space. But keep in mind that shelling out 10% extra each month comes with its risks. It’s always smart to keep an eye on your spending habits, set and track budgets for day-to-day expenses.

Disclaimer: The results the calculator provides are just a suggestion. You should evaluate your finances carefully before signing a lease on a new apartment.

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