A question by : I just turned 18 years old and I am looking for my first apartment. I make 1200 a month. The apartment that I am interested in is $823 a month. Do you think that it would be a good choice? Sine, I make $1200 a month do you think I would be able to stay up to date with my rent and have money for groceries, electricity (water is free) and car insurance? (I bought my car in full and only pay $78 for car insurance) It is in a very good neighborhood and has many updated amenities. I am old enough to leave the orphanage and be on my own and I am excited for this new journey in my life.?
Answers
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No. Absolutely not. Landlords require income of 3 – 4 times the rent. For an $823 month apt, you need to be making a minimum of $2,469 and many landlords will require monthly income of $3,292. You also should have savings of $15,000. Consider sharing or finding a place no more than $300 to $400 a month. Seriously.
Vaor
“No! No! No! Your rent should be no more than one third of your monthly income. For you, that’s no more than $400. DO NOT sign any kind of rental contract for more than $400, or you will be legally locked into a place you will find out the first or second month leaves you with NO money to live on, and since you need to live, you won’t be paying the rent. That will destroy your credit and seriously hurt your chances of renting anyplace decent for at least a few years.”
curtis
“you might be able to rent a room with utilities included for no more than 600/month.
food/toilet paper etc. is 300/month. gas/electric may average 75. that is already 1200. you don’t have a phone, no cable/internet..you can’t do laundry or buy clothes, get medical care…and you are walking everywhere. Can’t even afford a bus.
orphanage? there are still orphanages for trolls?
the rent is 2/3rds your income…. you really shouldn’t spend more than 1/4rd your income on rent.”
JMITW
“Not even close. Most landlords require that your income is 3x the rent. You would need to make double what you do now. You would only have $75 a week left to cover phone, electric, internet, gas, car repairs, food, etc..”
Anonymous
“you would be paying 69% of your income for housing, no landlord would even consider letting you rent it
if you spend 1/3 of your income($400) for housing you will barely make it”
Anonymous
“Not even in the ball park. Not only will you not live comfortably, you’ll never be approved for that apartment. You can’t afford it.”
Anonymous