Rent Calculator | How much rent can I afford? | Roost

How much rent can I afford?

Don’t guess. Find out how much rent you can afford before you sign a new lease.

How much rent can you afford? Our rent calculator helps you figure that out, based on your income, location, debt and savings. Ready to make smart rent choices? Enter your information into the rent calculator and find out what you can afford right now.

Rent Affordability Calculator

This calculator shows rentals that fit your budget. Savings, debt, and other expenses could impact the amount you want to spend on rent each month. Input your net (after tax) income and the calculator will display rentals up to 40% of our estimated gross income.

?
x

Your after tax (job + side gig) take home pay

?
x

Payments to credit cards, loans, auto, etc.

?
x

The amount you set aside

?
x

Rent, utilities, food, clothes, etc.

You can afford: ?

Based on your income, a rental at this price should fit comfortably within your budget.

You will have ?/mo left to spend.

10%
40%

How does the rent calculator work?

Our rent affordability calculator takes a few factors into account and lets you know how much you can afford to pay for your monthly rent in your city. If you are thinking about moving to another city, you can test out different locations to see if a new area may be more affordable. The goal is to find an amount you can pay for rent while still managing to put money towards savings, emergencies and out-of-budget expenses.

Here are the data points we considered while creating the rent calculator:

  • Monthly net income: Your after-tax (job + side gigs) take-home pay
  • Monthly debt: Payments to credit cards, loans, auto, etc.
  • Rental location: City and state where you plan to live
  • Monthly savings: Amount contributed to saving, retirement and emergency funds
  • Monthly expenses: Utilities, food, transportation, phone, etc. 

After you enter your information, use the slider to set what percent of your income you’re willing to spend on rent (see below for some advice on that). The rent calculator will tell you the amount of unbudgeted money you’ll have leftover each month. We recommend that you do not bring that number down to zero. Life happens. And, you want to be able to avoid financial strains if possible.

Do you live in a high-cost-of-living area? See, Estimate how much rent you can comfortably pay, even in HCOL areas.

How much should I spend on rent?

Great question! The simplest answer is between 20 and 40 percent of your income. Many people take 30 percent of their income as a starting point, but with rising rents, you may find this doesn’t work for you. According to a report published by ATTOM Data Solutions, in many parts of the country, rent is edging up to 40 percent of gross income. In high-cost-of-living cities like San Francisco, LA, New York or Miami, it’s creeping up to 50 percent — and often, that’s with roommates!

Try to set a realistic rent target for yourself. Move to a different area if you have to. With remote work becoming increasingly supported, you may be able to move to a lower cost of living location. If you can’t pay your rent, it can affect your credit score, and you may find yourself facing an eviction.

Let’s break the whole thing down a bit.

20 percent

If you choose to spend at this level, chances are, you’ve got a goal in mind. Maybe you’re working on paying off debts or retiring early. Or perhaps you like to have a little extra spending money for fun or travel. Keep in mind that this level means you’ll be sacrificing something in your apartment. Maybe it’ll be a bit smaller or in a slightly sketchy part of town. Or, perhaps you’ll need to find a roommate so you can swing it.

30 percent

Thirty percent is a pretty comfortable level for most people. It gives you the chance to balance rent and other expenses. Spending at this level means that you want to have some money for discretionary spending or savings, but you still want a decent apartment. In most areas, this can get you a nice place that can make a home while giving you room in your budget to have spending money, too.

Roost Tip!   Apartments/houses backed by a federal loan or federal subsidized housing programs have a requirement that rent cannot exceed 30 percent of your adjusted income. Be ready to show proof. There may also be a waiting list.

40 percent plus

This level represents a budget warning for most people, as it can make the rest of your budget tight or unmanageable — especially in the event of an emergency. Still, in some cities or some circumstances, this may be unavoidable. The extra money might mean more space, a better location, or the chance to live without a roommate. The extra money you’ll spend on rent each month could mean you’ll need to make sacrifices in other areas, like savings or hobbies. Keep all of this in mind when making budget calculations

Now that you know how much rent you can afford, what’s next?

Once you’ve calculated how much rent you can afford you can adjust your budget. Knowing how much you can feasibly spend, you can narrow your search to find the best new apartment. Now that you know how much you can afford, check out our other resources to help you find the best apartment, including how to find a cheap apartment, how to find an apartment if you don’t have credit, or the best apartment listing sites.

A quick note! Our goal is to gather and share info that’s up-to-date and helps you make great decisions as a renter. That said, the information you get directly from a provider could be a little different. Make sure to review their terms and conditions directly; and, if you see anything here that needs to be updated, please let us know! Advertising disclosure
Last Updated: October 18th, 2020