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Additional Details
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Neha B | Would someone making $80 000 a year be able to afford an apartment for $3985 rent?? |
Would someone making $80 000 a year be able to afford an apartment for $3985 rent?? My sister has just started a job making that much, would she be able to afford that?? |
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Trillian
 |
no
i make half that amount, my house payment are less than $1000 a month, and i'm just barely getting by. |
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soarlikeaneagle
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No,that really would not make sense.Buying a place would be a much better option.That's the income we have and pay like 1000.00 a month and it's still a little tough. |
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estielmo
 |
Is she insane? That 60% of her income. Add another 30% for various income taxes. Another 10% for utilities.
Can she feed and clothe herself... pay utilities... buy gas... on $0 per day? |
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ibu guru
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Absolutely not! As a single, more than half your income goes to Social Security/Medicare, federal and state taxes.
That's nearly $47,820 a year rent, or well over half her gross income. Her NET income as a single will be less than her annual rent bill.
She can afford about $1500/month including utilities, assuming she has no student loans to repay or other large debts, just a car loan on a MODEST car. That would be $1000 to 1200/month rent.
How is your sister earning $80K when she is not even able to do the simplest math or calculate even a simple beginner budget? |
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offline256
 |
Would that be $80k a year before or after taxes? And does that $3985 include other bills, like electricity, cable/dsl, etc? On the nearly $4k alone, that would be $48k a year....
Sounds like alot to pay for an apartment....why not just spend that much and buy a condo or house? The housing market now is in a slump, and that means its a great time to be buying, more so than renting :)
hope that helps |
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100% Organic Snark™
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If she can afford that much a month, she should just go ahead and buy a house or condo. Her payments won't be NEAR that much and it'll be HERS. |
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cat
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No, she doesn't make enough money. |
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WINO
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80K per yr = $6,666/month before taxes...so just a guess, subtract $1400 for tax/month. That would leave her w/$5266 after taxes w/out withholding Med Insurance / 401K etc..
Your sister would only have $1281 left over to pay her car, cable, electric, food etc.
She'll be stretched thin if she has any unexpected bills. Just my .02 |
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backitupwithfacts
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When lenders qualify a buyer, they usually will not let the payment exceed 28% of their GROSS monthly income. Total revolving debt can't exceed 36%. FHA and other programs allow up to 41% generally. Since you're making roughly $6,800 a month, you should be able to figure out what professional lenders feel is acceptable. Your own tolerance depends on lifestyle, commute, and affordability in the area you're required to live in. I hope that helps. |
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gunther
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according to my calculator she would be paying $47.820 for an apartment which as you can see is more than half her income.. but again we go to the calculator and that leaves her $32.000 so i would have to say yes. i know i could. :) |
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