Apartment question

[tiffy482]

I'm looking for an apartment right now. I heard somewhere, probably in college about a guideline for how much to pay for an apartment. I thought I heard like a 1/3 of your salary. Is that too much? Anyone have any ideas?

[pisces2473]

Hmmm, I just did some math...I spend about 1/4 my salary on rent...but it depends where you live (not just state, but also city vs. town), what amenties are offered, etc...

[wordsmith]

My rule of thumb for budgeting has always been that if I can't pay it with one week's pay, the rent is too high for me. So, 1/4.

[tiffy482]

Well, I'm looking in South Dakota in a smaller town, so the rent is considerably less than most places. I found an apartment that bases rent on 1/3 of your income and utilities are included. I don't have car payments (thanks to mom and dad) so the other major expense would be student loan payoffs. While I've been living with my sister, I've saved up quite a bit of money. I don't think I'll be able to find an apartment 1/4 my income, cuz I'm entry level supervisor/management which isn't the highest paying job around, but it's a good starting spot.

Thanks!

[wordsmith]

Don't despair, Tiffy...I live in a rural, lower cost of living area, too...and I work one of the most ill-paid professional jobs there is...and I still managed to find a (nice!) place that rents for actually $40 less than I make in a week. Wheeling and dealing can be done, with enough networking.

Wait, I just reread your last post, and your apt. doesn't have fixed rent? That seems kinda discriminatory to me.

[tiffy482]

Yeah, I'm not quite sure what is up with the rent. I'll have to ask when I look at it. I don't see how they could know exactly what you make a month. A girl my younger sister graduated high school with lives there I think. Hopefully, she'll email me back soon.

[MissK8]

I heard it supposed to be 1/3....

But for me, without a roommate, near the city of Philadelphia, I am going to be paying over 1/3 (but *under* 1/2) of my monthly income - but I still have money left over to save so I guess it's all ok! I guess it's because of being near a big city, where the cost of living is high and the salary just doesn't seem to match (my field is educational/library).

[winneythepooh7]

I live in NYC and was lucky to inherit an apartment from a friend that only is 1/4 of my monthly salary. There are some things I don't like about the apartment (ie. basement apartment with minimal lighting and only 1 window) but I can have my pets, it is close to public transportation and only 10 minutes from Manhattan. I know people who can barely make ends meet and have to share with gazillions of roommates. I can't believe how costly rent is and it is not only in NYC! Good luck to you all looking for new apartments. I would personally love to move but when I think about the cost of moving I decide I am better off just staying put.