Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 8 months ago

Can I afford to move out (details below)?

So I make about $1300 a month.

Rent for this apartment I'm looking at would be $535

Car and renter's insurance is $110

Internet and electric would be about $150

Food/gas $200

I have $52,000 in savings in case anything came up and based off my math, I'll still be able to save a little each month.

The only downside is it's 9 miles away from my job. But my car is good on gas.

Update:

I'm 28 and living at home and I just really want to be on my own finally and this is the first apartment I've seen in years that is in my range.

Update 2:

I don't need an entertainment/dating budget because I don't go anywhere or do anything.  Just work and watch TV/internet

Update 3:

Well this ruined my day but you guys are right. ☹️

11 Answers

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  • 8 months ago

    It will be difficult, although you may find yourself digging into your savings a little on a monthly basis.

  • 8 months ago

    Probably not. The usually rule of thumb is that you shouldn't spend more than about 1/3 of your income on housing.

  • 8 months ago

    WOW, so you make 1,300 a month and have $52,000 in savings????   WOW, that is a tad odd. But not a bad place to be.

    $1,300 is pretty low, is that after taxes.

    What part of the country do you live in?  can you buy a house for under $200,000? If so maybe yo should go that route? and if you get in a pinch where you cant make the payments you could rent the house out.

    If you really do have $52,000, Man you would know that there is NO WAY you could make a go of it with such little income out there.,

    Good luck

  • 8 months ago

    With 52k in savings, sure you can afford it.  Landlords usually want income to be 3 times rent so you may have trouble getting approved, but if you offered to pay the first 3 months in advance they might let it go.

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  • 8 months ago

    No you cannot afford it on that low of income. "this is the first apartment I've seen in years that is in my range." Wrong. It is still not in your price range.

     Rent should never be more than 1/3 of your gross monthly income & most landlords will require that to qualify.  Unless you can find something in your area for under $430/ mo then you cannot afford to move out until you get a better job or a 2nd job. 

    $52k saved is good but it will not be counted towards qualifying.  Some landlords will take a bigger deposit or prepaid rent when you do not qualify but many will not. 

  • R P
    Lv 7
    8 months ago

    At $1300 per month, the most you can qualify for is around $435 per month rent. Landlords generally want to see at least 3x the rent for monthly income.

  • 8 months ago

    Honestly, if I were you, I would keep saving and saving and use that as a downpayment on a house. You may have to suffer your parents a little longer, but with what you make and with what you have saved, you may as well keep going and skip the apartment. You will end up slowly, but surely eating into your savings and have nothing left but a crappy apartment to show for it. 

  • 8 months ago

    not a chance...you would have to use savings.

    food and other necessities like toilet paper you need to plan on 300/month to be safe...and if not frugal can be much more.

     electric.. minimum 50/month if you don't use much AC or a space heater.

    cooking gas about $15 for light cooking

    car gas?  actually expenses likely about 1150 already..

    laundry can easily be $50/month, what about a clothing allowance, car repairs, medical?  is 1300 take home?

  • P
    Lv 7
    8 months ago

    If that's all the rent is it would probably be doable, but I would just wait on seeing it in person since anything that low may have some serious issues.    You certainly have enough in savings where you will be fine, but I wouldn't count on saving anything extra unless you are the type of person who just doesn't ever leave the house.    With that much in savings I would start looking at buying a small\cheap place or just continue to save until you can.  Once you leave the nest you won't be able to save much and it's not fun being stuck under the thumb of a landlord when your options are that limited. 

  • Anonymous
    8 months ago

    No.   You won't be approved and even if you were, you wouldn't be able to afford it.    Life involves many expenses that you haven't put into your budget.

    How are you only making $300/week?

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