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?
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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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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.