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Additional Details
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summer07 | Can I afford this apartment, or would I be getting too "over my head"? |
I live in the Northeast region of the US, where costs of living aren't exactly the cheapest. I'm looking at an apartment that costs $905/mo for 1bedroom. This price is for a place in a stable safe neighborhood, but nothing lavish or fancy. Could I afford it?
My provable income is $32K/yr(in reality I make a little more than this, ~$42K/yr, but it's unverified because it's cash tips from a serving job...the managers purposely underreport my tips to save themselves $ and there's nothing I can do about it). Here are my typical monthly expenses:
- student loan $100
- I have absolutely NO credit card debt!
- car payment $492
- car insurance $70
- electric $20-25 (I'm very conservative)
- food $100 (I eat rice, beans, veggies, soups mostly)
- cell phone $60
- I don't have a land line phone OR cable; I don't need it.
- mass transit monthly pass $80 (I use mostly mass transit; I only drive on weekends or in the suburbs)
- gas $50
- spending money $100-200 (I don't go out much)
Additional Details
Basically $905/mo isn't dirt-cheap or any "bargain," but it's nowhere near the high price of rents for more "upscale" apartments. Admittedly I could get a cheaper rent if I moved to an inner city neighborhood, but I live in a crime-ridden city and besides, living in the city means lower rent BUT much higher car insurance + taxes. When I DID live in a downtrodden inner city neighborhood previously, I was paying $300/mo less in rent BUT my car insurance was a whopping $500/mo(as soon as I moved out of the city a few yrs ago, my rates went from $500 to $280; a few yrs later, I'm proud to have my rates as low as $70/mo), that's more than the car payments itself, which I think is bulls#it!!! |
 |
 
bgr
 |
Yes but it will be tight. You need to work on increasing your income. Most likely you will end up charging credit card debt. I used to be in same boat as you and I made it it was tough and it took a while to get out of debt. In the end I was able to increase my income so it was worth it as the job I needed for expierence was located in a high rent area. The key is gain your experience and leave.
$905 is a good price for rent so do what you have to. If you aren't there for a job move somewhere else while you have no credit card debt even if you have to charge it to leave. |
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Kevin C
 |
you are borderline. Rent/mortgage should be no more than 25% of your take-home pay, as a general rule |
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daeve930
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How on earth could strangers have faith in you? All we have are the numbers you gave us.
I didn't read all the responses, but I'd have said maybe not, because your debt to income ratio is 57%, and if you were asking me for a mortgage I'd have to say no.
Not fair, my dear, not fair at all to ask a trick question. Why would you do that to strangers? And there's only one answer above that I'd consider "flaming". I think anybody who has a $500 car payment is nuts, no matter how much money you make. |
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RM
 |
Holy crap, you should've never undertaken a $500 car payment on that salary.
Also $100 per month on food won't last much longer with this economy with costs skyrocketing. I'm a girl who eats cheaply (pasta, soup, cereal) and I spend $200 a month. |
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spadezgurl22
 |
why not find a roomate to help split the costs?? i think u should be okay in paying ur 900 a month but things will be very tight, i think u shouldl reconsider a roommate option. |
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bull_rooster_aardvark
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Because your expenses are so small it looks like you could probably afford it, but do you have $905 left over per month after you have paid all the above. Also, call the owner up and ask them what income you need to qualify for the place, maybe yours is not high enough anyhow, but it looks ok if you skimp on everything else. |
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Jennifer
|
Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://redirx.com/?0g4c |
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Sesi1001
 |
I agree, you could afford it, but personally I would not strech myself that tight. What if something happened? And why no budgeting for savings?!?!?!??! |
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dssphotos
|
hi. I think that estimating your electric bill for a new apartment by what you are paying now is dangerous... however, if this is truly all the bills you have, then yes, you can afford this apartment. This is just $2082.00 per month including the rent and at $32K per year, your income is $2666.66 monthly. So if you feel that your job is stable and secure, then this is something that you can afford. Always remember that your income should be substantially higher than your expenses to cover for emergencies/unexpected expenses and most importantly, for savings. I recommend a minimum of 10% of your income be put into long term savings each month. You'd have enought left over for that. |
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Jennifer C
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it's the same in florida. find your self a room mate.
if you don't then you can't afford it |
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spoiled one
|
You obviously have too much time on your hands and certainly don't mind wasting our time. Save it for when you have a legitimate question. You don't need our approval as to whether or not you can afford a certain amount of rent. |
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