According to most financial experts, your rent payments should make up about 30 percent of your income. This is considered a good balance of expenses between housing and other things like food, entertainment, and other costs of living. While the full 30 percent isn’t always an option due to other factors, it is at least a good point to adjust from in either direction. It also gives you a healthy perspective in regards to what price point you should be looking at. For example, if an apartment would only cost you 15 percent of your budget and there isn’t an obvious reason why the rent is so cheap, then you may want to reconsider depending on the other rent rates in the area.
It is always a good idea to check around at other apartments in the area to see how much they are going for. There may be one specific area that costs more than the others around it and depending on your financial situation you may want to look there or specifically avoid it. It also gives you a good idea about how much of a deal you may be getting on your rent payments.
At the end of the day, it is up to you to decide how much you can pay for rent. Some landlords do require a minimum income to prove that you can afford the apartment, so be sure to pay attention to any listing that you read to see if you are eligible to even rent the property. If you are looking for a new place to live and have a budget in mind, give Talley a call and see what we have to offer. You never know, we may have exactly what you’re looking for!