Plus, if you arent living in an expensive US city, you might actually even do well within the given salary. If you are making $40k a year, you will be making around $2,833 a month after taxes. You can afford pretty much anything in moderation. "name": "How much of your paycheck should go to rent? A 20% down payment is ideal to lower your monthly payment, avoid private mortgage insurance and increase your Taking 30 percent of that, you should be able to afford up to $2,500 per month in rent." People residing in Wichita pay around $598 on average monthly for rent. Just like rent, your mortgage payment should be a maximum of one-third of your income. The consent submitted will only be used for data processing originating from this website. Many or all of the products here are from our partners that compensate us. The hourly rate hasnt caught up with the cost of living since the late 1960s. You should consider how long you would need to commute when choosing a specific home can you take advantage of proximity?\n\nAlso, bear in mind what other payments you must deal with utilities, student loans, debt repayment, property tax besides rent alone. Zillow, Inc. holds real estate brokerage licenses in multiple states. Understanding Homeowners Insurance Premiums, Guide to Homeowners Insurance Deductibles, Best Pet Insurance for Pre-existing Conditions, What to Look for in a Pet Insurance Company, Marcus by Goldman Sachs Personal Loans Review, The Best Way to Get a Loan With Zero Credit. Check out our guide on short term rentals to decide if a limited-time arrangement is right for you. To calculate the rent thats right for you, factor in your monthly expenses and how Lets backtrack a little to find out how we got to this number. In these cases, you might need to adjust other areas of your budget to determine, How much rent can I afford?, Now that you know how to answer the question, How much rent can I afford, heres another: How long do you want to stay? And this is where choosing an affordable city or state to live in is essential. "acceptedAnswer": { If your dollars arent working for you, they are working for someone else. You can afford up to $1,200 per month on rent. You can expect to pay around $701 for monthly rent in Springfield. In a nutshell, this rule says your budget should be: 50% of your income: fixed costs, like rent, transportation, utilities, and groceries, 30% of your income: wants, like dining out, entertainment, shopping, and memberships, 20% of your income: goals, like paying down debt and saving for the future, Last months rent (depending on your lease), Any overlap in rent from your old and new leases, The rental market norm where you live will make a big difference, too.

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