Click Yes or No below to open calculator. Total after-tax pay for a 4 week month: xx Total per 2 pay period month: xx Affordable Monthly Rent: xx Estimated Utilities: xx Maximum Affordable Housing Expense: xx Target Savings To Move Out: xx Description of the My First Apartment’s Affordable Rent Calculator: 1.) The above easy-to-use calculator uses the formulas from this post for calculating your maximum affordable rent.
(Note: If you are paid hourly, you should also check our post How Much Rent Can I Afford on My Hourly Pay?) If you have a fixed salary, the calculation is pre-tax annual salary divided by 40. If you are an hourly employee and get paid varying amounts on a weekly, every other week, or twice a month schedule, the calculator works from your after-tax take-home pay, by multiplying your monthly take-home by 0.
35 (=35%). If you are paid weekly, the calculator uses a 4-week take-home total. Since there are 52 weeks a year, this leaves 4 weeks of pay every year that is not in the calculation and we recommend that you budget those extra paychecks for savings or paying down loans. Similarly, if you are paid every two weeks, we use a 2-pay period take-home in the calculation, leaving two paycheck every year for savings or loan reduction.
2.) The calculator assumes utilities at 20% of rent. This is slightly higher than the average of 18% we found in our recent utility cost survey, but in line with costs in many areas of the country. However, keep in mind that in high-rent urban areas, utilities typically run closer to 10% of monthly rent. 3.) The third number you get is the amount you need to save before you can move out on your own.
We estimate that you’ll need at least three times your monthly rent to cover first month’s rent, one month security deposit, miscellaneous moving costs and some basic furniture. P.S. Double- check your numbers: Update: You can download our new Printable Apartment Budgeting Worksheet and use it to estimate your rent and budget for all your expenses. After you calculate your maximum affordable rent and housing costs, you should double check that you can afford that rent even after deducting from your take-home all your other fixed expenses (car loan, insurance, student loan, credit card, etc.
). We’d love to get your feedback about this calculator. Does it work for you? Any recommendations for changes. September 20, 2015MFA Editors Author My First ApartmentSee Also: 220 Volts Appliances Stores
An appliance has become the most significant investments you are going to ever make. Appliances are generally significant purchases, and so are 1 of your most crucial areas of your house. You count on appliances for almost everything from cooking to cleaning, and particularly taking into consideration the level of funds you'll be putting forth for it, it only makes sense that you would wish to ensure you take advantage of practical obtain.
Household appliances is usually a term which is applied really popularly nowadays but exactly what does it stand for? Household appliances stand for that mechanical and electrical products which might be utilized in your house to the operating of the normal family.
By: Bob Kozik | Aug 1st, 2011 Using this rent calculator is really as straight forward as it gets. Enter the amount you’d typically see on a paycheck i.e. what you get paid after taxes and other deductions, select how often you get paid, choose how many roommates you’re going to have, and finally at the bottom of that first little brown box hit the ‘calculate rent’ button. If your deductions all pile up on one paycheck than just enter what you’d typically see in any given month instead.
For best results: Use this rent calculator multiple times to find a range of what you can afford. To live fairly comfortably you could afford $0 a month for rent. Section 8 of the Housing Act of 1937 offers low-income households up to $2,200 in rent vouchers. Some in college take out the maximum in student loans to live, but since landing a job afterwards isn't a slam-dunk they pay dearly.
Unlike other more Italian long noodle-based dishes it is polite to slurp Ramen. “This rent calculator's formula is based on guidelines provided by the U.S. Department of Housing and Urban Development. They suggest an individual or household should spend no more than 30% of their gross income on rent and utilities. Unfortunately that percentage is based more on politics than realism.
We estimate most people can live fairly well spending up to 40% of their income on rent and utilities.