Guides / Afford it
How much rent can I afford?
Two rules of thumb, and why your budget matters more.
You'll hear two numbers: rent of about 30% of your gross income, and landlords asking for income of 40 times the monthly rent (about 2.5 to 3 times rent each month). They're starting points, not rules.
The rules of thumb
- 30% rule: rent of no more than about 30% of your monthly income before tax
- Landlord screening: many want yearly income of about 40 times the monthly rent
- Both ignore debt payments, car costs and where you live
A better check
Build your monthly budget from take-home pay: rent, utilities, food, transport, debt, savings. If rent squeezes out savings entirely, it's probably too high.
Try your numbers
Our rent and move-in cost calculator shows both rules and your move-in cash.
General educational information. Tenant laws vary by state and city. Smart Penny Path isn't paid by any landlord, listing site, mover or insurer.