Rent Affordability Calculator
Determine how much rent you can afford based on your income. Use the standard 30% rule or customize the percentage to find your ideal rental budget.
Enter Your Income
Standard recommendation is 30% of gross income
Understanding Rent Affordability
The general rule of thumb is that your monthly rent should not exceed 30% of your gross monthly income. However, this can vary based on:
- Location: High-cost areas may require a higher percentage
- Debt: If you have significant debt, consider using less than 30%
- Savings Goals: Lower rent allows more room for savings and investments
- Lifestyle: Your spending habits and financial priorities
Tip: Remember to factor in additional costs like utilities, renter's insurance, and parking fees when budgeting for your rental.