Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 1 month ago

How much rent can I afford?

I get about £1,210 every month. How much rent/ utility bills etc can I afford?

8 Answers

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  • G R
    Lv 7
    4 weeks ago

    You need to call around the area you are hoping to live in and or look online, in the paper to see what apartments and or rooms rent for and what is included, how much of a deposit is required and is water and trash pick up included....  Call the various utilities (power, gas...) ask to speak to someone in billing, tell them you are moving out for the first time and ask it they could give you an approximation on how much a monthly bill would run and is there a deposit required.  Sometimes they require you to put a deposit down for utilities if you are a first time customer... Look up first time budgeting samples and templates online and start filling in the blanks so you can get an idea of what you might be able to afford.

  • 1 month ago

    You should try to stay below 30% of your GROSS PAY for housing alone--just the rent. An additional 8-10% for utilities. Try to stay under that amount as much as possible. 

    So if you make 1210 per month, that's only about 363 pounds per month for rent--I'm wondering if you'll find anything that low. If you are bringing HOME 1210, figure the amount based on your gross pay--before taxes and deductions. Take your monthly GROSS, multiply by 12 for your yearly, then multiply by .30 (30 percent) and divide that number by 12 to get what you can afford per month. Do the same for utilities. 

    There's a good rule for budgeting:  50-30-20. You should spend no more than 50 percent of your gross pay for needs, 30 percent for wants, and 20 percent for savings.   If you can keep to that rule, you'll do fine. 

  • 1 month ago

    Assuming you have decent credit and no other debts or income, then about 1/3rd of you income ie about $400.  

  • 1 month ago

    we don't know your budget, in theory, about 400

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  • Anonymous
    1 month ago

    In my area, many apartments have a limit of 28% of your gross monthly income. They will not rent to you if your rent would be more than that.

  • 1 month ago

    I disagree with the other answers, it's not a third of the income in rent that you can afford, it's a third after all your bills are paid including your rent. Try housing associations or councils first with that wage.

  • Maxi
    Lv 7
    1 month ago

    No more than £400 per month rent, which will give you enough to pay your bills, eat, travel to work

  • Anonymous
    1 month ago

    Assuming that is take home pay. So rent no more than about £400 a month, with your bills on top

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