 How much do you pay for rent? |
I pay $1390 for a crappy 2 bed/2bath in orange county, CA-a really good deal for the area.
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caramelcamilla | Can I afford $1200 per month for rent with this salary? help me!? |
I'm looking for a 1 bedroom place in a nice area of Brooklyn or Jersey City (close to transit so I can commute to NYC for work b/c I have no car).....if I make $35,000 a month can I afford rent at $1200 per month? Also, will I get a decent apartment/community in Brooklyn for this price?
(I don't have any family to help me figure this stuff out, that's why I am asking, thanks).
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*** Sorry! If I make $35,000 PER YEAR not month, lol! |
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Tbone
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Thats cutting it close. You would really have to pinch pennies and pretty much have no social life.
From experience you would need to be in the 42-$45 grand range. Sorry I see you said no car. It would still be quite difficult month to month. |
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Dr. Deth
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Will you have any money left over after paying that much rent and all you other bills - food, utilities, auto-related or mass transit, etc. It seems like it will be a pretty high percentage of your net pay |
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NVmeInNYC
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1200 a month is 41% of your salary! I'm from SC, but live on Long Island now. When I lived in SC I was paying almost 800 a month making 33K. I wasn't struggling, but keep in mind everything is less in SC..food..gas..electricity. If you put 41% of your salary in rent alone what do you have left for the bills and living?
I think you should aim for 30-35% ($875-$1020). I know it doesn't look like alot (especially for NY) but maybe that just means you need a roomie.
But in my opinion 41% on rent alone is way to much.
Hope this helps... feel free to email me if you need any other advice. |
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tessybell83
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Afford it - yes....should you get it? NO! Assuming after taxes you make roughly 25-27 thousand a 1200 apartment would cost you more than half of your salary per year (14,400) this does not include any renters insurance and heat, electric, water, etc I am assuming. Dont forget you need money for food and SAVINGS...Your place of residence, including insurance and other bills, should cost your roughly 1/2 of what you make so you have enough money to save, eat, and do other things...cell phone, cable, internet, etc. I would suggest looking into getting a roommate to share the cost with. |
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ersof59
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Our mortgage payment is nearly the same amount. We are a family of four with one vehicle. Our family income is about 60,000 per year and its close to stay on budget. If you are only one person it may be possible, but I am guessing your take home pay is around 2,000 a month (if the 35,000 is your gross pay). I can't imagine trying to live off 800.00 a month if you also have a car. I know that in New York city that a lot of people do not but I don't know what your transportation costs for the subway are. Talk to a banker in your neighborhood so you can get a person who knows first hand the costs associated with living there are, such as taxes, utilities, etc.. (Are you going to have a cell phone, cable tv, internet service, a home phone, a credit card balance, a gym membership?) As I said already, it look like things would be very tight. I would see if perhaps a roommate situation would be a possibility. Its no fun to live in a big city and not be able to afford to enjoy anything it has to offer. |
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Byakuya
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I think you could afford it.. I own a home now and there are a lot of additional expenses.. but when I was renting, there weren't too many expenses to worry about.. electric was paid for, water was paid for, you don't have to worry about normal home maintenance stuff.. you'd be making about a thousand a month after you take out money for rent and groceries.. |
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someoneelsesproblem
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look at it this way:
35000/52=673 week
673 x .28 tax = 188
673-188=485 week take home if you have no 401k
485x4=1940-1200=740 a month or 185 a week for food, electricity, gas, water, car..etc....
i know my bills average 300 month in michigan. i heard ny is a lot more expensive. if you dont have a car payment, you should be able to make it ok. You might want to get a roomie to split the rent. |
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Michelle F
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It is hard to give an accurate answer because of factors like taxes and health insurance but you can figure that it gives you about 3000.00 a month before taxes so if you minus 1200.00 that leaves you 1800.00 to pay taxes, utilities, insurance, and groceries, among other things. It also depends on your standard of living too. My opinion is that since you are single, it can be done, but it will be sort of tight |
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godiva
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Your rent should account for no more than 30 percent of your monthly income, so really you should look for a place at less than 1000 per month, but considering it's location, the extra 200 shouldn't cause you any major problems. In brooklyn the space you get for that amount will actually be small, but if you're single without children it'll be fine. |
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KathyS
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That's going to be tough. Remember that you will have more expenses then just rent. You will have utilities, transportation, food and any other bills and expenses you might have. |
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artistagent116
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A good formula for figuring how much you can afford to pay for rent/mortgage has always been - (we learned this in accounting class in high school) Rent/Mortgage = 1 week's pay....so, if you make $35,000 per year, then no. Unless...............your rent includes utilities (heat, electric, water, etc.) Then that is different, and you could probably handle that. Also, remember, that $35,000 is your GROSS salary, you will bring home about only 75% of that to pay bills with. |
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momo
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it is possible but it will be hard. Money will be tight and you won't be able to go shopping or spurge on luxury things. But if you know how to manage your money, you can do it. It would be better if you could find a compatible room-mate to split living expenses. I don't know how much apartments are going for in Brooklyn but i wish you the best of luck. |
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PKRWUD
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Depends, do you eat out or cook for yourself? Go out much or stay at home? Nice outfits or jeans and a t-shirt?
There's really no way to answer this question without knowing your expenses, but I'll share with you a general rule of thumb that has always worked for me living in Southern California, where the cost of living has always been high...
If you make enough money in one week to pay one months rent, you've got it made, and can live like a king (or queen in your case). If it takes two weeks worth of work to pay a months rent, you can live comfortably, but not extravagantly. If it takes you three weeks worth pf paychecks to pay the rent for one month, it can be done, but I wouldn't recommend it. If you don't make enough money in three weeks to pay the rent, get a roommate.
:) |
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kittycarial
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I was gonna say $35,000 a month? That must be a joke!
Okay, If you have $35,000 per year (and I'm assuming that's gross income) depending on how many dependents you claim, that would be approximately $27,650 net. That would give you $2,304 per month.
So, $2,304
- $1,200
leaves you with:
$1,104
If it's a one bedroom, electricity should average $50 to $60 per month. So that leaves you with $1,044. If you have to pay for heat and hot water, you can average $70 per month, leaving you with $974. Minus groceries, t.v., phone, internet (if you choose to have them) car insurance if you have a car, and money for miscellaneous items and you'll probably make out okay.
Now, if you have a car payment or any other large monthly debt, then you may not be able to do it.
I wish you the best of luck! |
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Tim
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I think you are very intelligent for asking advice on financial matters. Many people jump into major financial obligations without knowing the future consequences of them. I suggest sitting down with a pad and pen and writing down all your expenses and income. Then figure put how much money you have left over and this will give you a good idea of how much money you are working with. |
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doggonegood
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In to days world, if you spend half on rent you are looking at a life with out much extra $. After taxes you are looking at M/L $50.00 per day for everything else. Food, transportation,clothes,insurances,home furnishings and on and on. Figure out your budget and see if there is any left for enjoyment like movies and what ever else that gives you joy.
$50.00 per day isn't much and it goes quick.
Your the boss of your life. |
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Rick B
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So after taxes you will be bringing home about $27K and you will be paying $14K in rent. That will leave you with a little over a thousand a month for lights, water, food, clothing, transportation, insurance and medical bills, retirement savings? etc.
That seems unlikely to me. That seems like a really low salary for that area. Can you get a roomate or a second income?
But, I live in Texas where we can get a two-bedroom 1,000 square foot apartment for about $600. |
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googleplex
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you'll be getting around 2900 a month. into that you will have to figure out fed taxes, state taxes, city taxes, health insurance, food, transportation costs. entertainment (cable, movies, etc.) unfortunatly living in new hamster, i have no idea of the costs or rental rates are there. good luck and i hope this gives you a little idea what your up against. |
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errrika
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Here's a quick ballpark budget...
$1200 is a lot money every month and you can get a decent place but it will be quite small (400 to 600 sq ft range, I would say). Here's the break down - You make $35000. If you're single with no dependents, taxes are about 25% of that so you are down to $26250. I use 25% because NY State and NYC taxes are a big hit. Also, if you live in Jersey City and commute to NYC, you are subject to both NJ (as a resident) and NY (as a commuter) State taxes. Rent is $14400 (that's 1200 x 12 months). After taxes and rent, you are down to $11850. That equates to about $980 a month for EVERYTHING else you need. If you live in NYC, you probably don't have or need a car. But stuff is more expensive in NY. You'll have to commute which is about $90 a month (I forget how much monthly metrocards are). That leaves you with $810. You have to pay for electricity and heat which is about $30 a month. We're down to $740. You have a cell phone which even on the lowest plan costs $35 a month. That's $705 left over.
So basically, you'll have about $700 left for food, clothing, entertainment, insurance, emergencies, etc. This number can change a lot if you are involved in a company 401K plan or something. If not, whatever you have left is your savings.
One more thing - Jersey City does work out a bit cheaper in terms of overall cost of living but commuting to NYC means slightly higher costs (due to having to take the PATH trains). You also have to pay a NYC commuter tax for working but not living in NYC (I believe Mayor Bloomberg reinstated it. If not, great!). |
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Luv2Answer
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Your gross income is $2,916 per month. I would guess that after taxes you can't make more than $2,100. $1,200 on rent seems like a lot since it's more than 50% of your take home. It might be possible if you have some savings and scrimp on some things and aren't the kind of person who has to go shopping for personal things all of the time. Too bad you can't get a roommate but I guess with a 1 bedroom it would be hard. Good Luck. |
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Real Estate Guy
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I would recommend you create a budget for your typical monthly expenses. Everyone has there own spending habits. I assume you bring home less after taxes. When you make your budget you should consider leaving room for extras because you never know what's going to come up.
In terms of rents, I believe it should be possible to find $1,200/Month rent in Brooklyn. I don't think you can find it in Park Slope for that price but there are areas that are convenient to the subway that you can find. |
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Namom
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to be honest no- it will turn out to be like 60 percent of your total income after taxes. you want your housing to consume less than 30% of your income |
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richp
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'OK, you make $820.00 per week, I assume before taxes. The old rule of rent was your rent should not exceed one week's salary, so in theory the answer is no, you can't afford it. Now, if your clear of Student Loans, Car payments, Credit Card bills I think you'll be able to do it, but you must live to a budget. Each week you have to take a set amount of money out for electric, gas, food, insurance, clothes, beauty shop, entertainment, etc etc...follow those rules, you should be OK. |
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Emily
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I don't know how much apartments are in that area but that would really be cutting it close. get out a pencil and pad and write down how much you actually bring home and then write down rent, phone, cable, internet, water, ...all utilities. If you don't know you can call the companies and find out an approx-or you can also call the apartment manager and ask what utilities usually run. THen add food, how much you need for transit, lunches at work, clothes, movies, entertainment...etc. It adds up so fast! It could probably be done but your budget would be tight!! I don't think you would have much if any left for shopping and things like that. WHere are you living now? Could you stay there and save money or move in with a roommate? |
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Etta P
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To determine what your housing ratio is take the $1200 month and divid it into the gross monthly income (35,000 divided by 12). Then ask the landlord what ratio is acceptable to approve the rental application. The website below is a great tool to help you calculate your ratio. Every landlord is diffeent as to what debt ratio they will accept, so just ask.
Hope it helps! |
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amnkeefe
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Yes you can afford it. Especially since you have no car payment, insurance, or gas to pay for. You should have no problem making your rent.
Good luck with everything |
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