Rent Affordability Calculator - How Much Rent Can I Afford

Your Income

Annual Income (before taxes)

$/year

Expected Monthly Rent

$/month

Security Deposit (typically 1-2 months)

Your Rent Budget

$1,500

Maximum Recommended Rent

Based on the 30% rule

Comfortable (25%)

$1,250

—

Maximum (30%)

$1,500

Your Rent-to-Income Ratio

25%

30%

0% 50%

Monthly Income

$5,000

After Rent

$3,500

💰 Estimated Move-In Costs

First Month’s Rent $1,500

Security Deposit $3,000

Total Move-In Cost $4,500

50-30-20 Budget Breakdown

50%

30%

20%

Needs (50%) $2,500

Rent portion $1,500 of $2,500

Wants (30%) $1,500

Savings (20%) $1,000

Rent vs Buy Quick Comparison

Home Price

Down Payment

Mortgage Rate

Mortgage Term

Renting Smart

📊 The 30% Rule

Financial experts recommend spending no more than 30% of your gross (pre-tax) monthly income on rent. This leaves enough for savings, bills, food, and emergencies.

If you can keep it under 25%, even better — that’s considered “comfortable” and gives you more financial flexibility.

💵 Move-In Costs

First month’s rent (due at signing)
Security deposit: 1-2 months’ rent
Last month’s rent (some landlords)
Application fee: $25-75
Pet deposit: $200-500 if applicable
Broker fee (NYC, Boston): up to 15% annual rent

📋 What Landlords Check

Most landlords require income of 2.5-3× the monthly rent. They’ll verify employment, run credit checks (650+ preferred), and contact previous landlords.

If you don’t meet income requirements, you may need a co-signer or offer a larger security deposit.

⚠️ Hidden Rental Costs

Rent isn’t your only housing expense. Budget for utilities ($100-200/month), renter’s insurance (~$15/month), parking, laundry, and potential rent increases at renewal.

In expensive cities like NYC, SF, or LA, the 30% rule may be unrealistic — many residents spend 40-50% on housing.