Feasible rent?

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Right now at my job I make roughly $950 every two weeks. There is a rental house I'm looking at where the rent is $859 per month not including utilities and groceries and stuff. It is less than ten minutes drive to work. Do you think that rent is feasible for me right now?

I'm not sure. Maybe make a list of all your expenses and plans for the future that might have expenses attached. It *is* almost half your income, but you have a reasonable income. Then again, you might not for what you want to do with your life; I don't know. It's up to you.

There's a general recommendation that's always been going around, that renters should pay about 35% of their income on rent. I've heard that some rental agencies even go by this when considering an applicant and their stated income, and may refuse to rent to someone for whom this percentage is going to be higher.

Your rent there is almost 50% of your income -- but I've actually lived with that percentage for most of my rental history, if not an even higher percentage, and I was okay though a bit squeezed.

I think I had to get it lower when looking for an apartment, just to meet the leaser's criteria, but then once living there my income slipped down again and I still managed. I've never been late with rent or unable to pay, even when it was more than 50% of my income.

It all depends on what your other expenses are. If you have other payments -- car payments, credit card payments and other mandatory outgoings, this too will factor into how manageable that percentage of rent will be.

If you have no other outgoings other than just buying food and paying the household bills such as energy if they don't include it, paying that percentage of rent-to-income won't hurt as much.

Figure out what bills there will be on you other than rent (electricity, water, gas, internet?).

Then figure out what you can reasonably spend for food per week/month -- basic meals etc.

Figure out other expenses.

Add these all up and see what they come to per month.

If they fit within what would be left after rent, you can do it. If there is a squeeze and an overspill, no room for savings, and you would have to scrimp by, you might have to either think again or see if you can cut your budget or increase your income.

Are you able to get a roommate? That could help with rent and utilities cost.

I live on a yacht in the marina that my company owns, rental slip with power and live aboard fee is less then $400. That’s what I call feasible rent and it’s only 15-20 mins to work! Just an example of alternative lifestyles that many don’t think about. It can be affordable.

At your income, I think you should consider something cheaper. But that location is hard to beat, is it possible to share the cost with roommates? Alone would be a tight budget and not something I would feel comfortable with.