How much rent can I afford?

Our rent calculator will tell you how much you should spend on rent. Try our rent calculator.
How much do you earn each year before taxes?
$

Low Range
~15% of Income

 

You live more outside of your apartment than inside of it. Your budget may favor having enough cash for concerts, socializing and dining out...frequently. Spending 15% of your gross income on rent could allow you to save some money. This is a below average amount of your income to spend on rent. This doesn’t take into account any other debts you may have. This is just a suggestion.
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Mid Range
~25% of Income

 

You want an apartment with enough space to spread out and you want some money left over every month. You like to strike a balance between spending time at home and going out for meals and entertainment. Spending 25% of your gross income on rent could give you this kind of balance. This doesn’t take into account any other debts you may have. This is just a suggestion.
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High Range
~35% of Income

 

Having a nice apartment to call home is very important to you. You’re willing to make a few sacrifices on things such as groceries and travel to live in a sweet place. Keep in mind that if your rent is more than 35% of your gross income, some landlords won’t consider your application to lease an apartment. This doesn’t take into account any other debts you may have. This is just a suggestion.
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How Much Can I Afford For Rent?

Do you know how much you can afford for rent for your next apartment, or how much you ought to spend? Many apartment searches begin with a desire to move to a particular area, or a search for an apartment with a specific feature—like a great view or outdoor space. But how much apartment can you afford?

Recent studies indicate that one in four renters nationally spends more than half of their income on rent and utilities. 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 apartment rent (excluding utilities) should not exceed 30% of your gross monthly income. So, to help you budget effectively, we created this handy rent affordabilty calculator. Use the formulas in this rent calculator to come up with an effective plan to see how much to spend on rent for your next apartment.

Wondering if you should rent vs. buy? This calculator may act as a guiding beacon as a rent vs buy calculator. Domu arrives at the rental ranges above using a basic formula that produces a lower rental range, a middle range and higher range. The ranges in this rental calculator don’t factor in any other debts that renters have.

How Apartment Landlords Can Use Our Rent Calculator

Landlords searching for a way to double-check an income range to match their apartment’s listing price can use this rent affordability calculator. Before investing time and effort into the tenant screening process, this can be a good preliminary check on how much rent tenants can afford. 

Landlords who are in the process of setting up their apartment for rent can benefit from this simple tool. Landlords may even look at this as a “How Much Rent to Charge?” calculator.