According to most financial experts, your rent payments should be about 30 percent of your income. This is often a good balance of expenses between housing and other necessities such as food, entertainment, and other costs of living. While the full 30 percent isn’t always an option, it is a good jumping off point so that you can adjust your numbers until you have something you're happy with. It also gives you a healthy glance at what price point you should be looking into. For example, if you really like an apartment that would cost 40 percent of your income, you may need to reevaluate what exactly it is that you need.
It is always a good idea to check around other apartments in the area to see how much they are listed 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 either look there or avoid it. It also gives you a good idea about how much of a deal you may be getting on your rent payments and if something seems too good to be true.
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 the listing and make sure that you are eligible to rent the property at all. 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 might just have exactly what you’re looking for!