Do you know how much you can afford to spend on rent, or how much you ought to spend? Many Chicago apartment searches begin with a desire to move to a particular neighborhood, or a search for an apartment with a specific feature—like a great view or outdoor space. But what about rent?
Recent studies indicate that one in three Chicago apartment renters (and one in four renters nationally) spends more than half of their income on rent and utilities. Chicago apartment hunting is all about finding a good deal, so everyone's asking: "How much should I spend on rent?"
The general rule is that your monthly rental payments (excluding utilities) should not exceed 30% of your monthly income. So, to help you budget effectively, we created this handy rent calculator. Use the formulas in this rent calculator to come up with an effective plan to help you budget for your next Chicago apartment.