Rent Affordability Calculator
Calculate how much rent you can afford based on your income and existing debts. Follow the 30% rule and make informed rental decisions.
Calculate how much rent you can afford based on your income and debts
Include car loans, student loans, credit cards, and other monthly debt payments
Understanding Rent Affordability
The 30% Rule
The widely-accepted 30% rule suggests that you should spend no more than 30% of your gross monthly income on rent. This ensures you have enough money left for other essential expenses and savings.
- • Conservative: 25% of gross income
- • Standard: 30% of gross income
- • Maximum: 35% of gross income
Factors to Consider
- • Existing debt payments: Student loans, car payments, credit cards
- • Emergency fund: 3-6 months of expenses saved
- • Additional housing costs: Utilities, insurance, parking
- • Future goals: Saving for a home purchase or other goals
How to Use This Calculator
Enter Your Income
Input your gross monthly or annual income before taxes and deductions.
Add Monthly Debts
Include all recurring monthly debt payments like loans and credit cards.
Get Your Budget
See your recommended rent range and detailed budget breakdown.
Frequently Asked Questions
Should I use gross or net income for rent calculations?
The 30% rule traditionally uses gross income (before taxes), which is what our calculator uses. However, you should also consider your net income and actual take-home pay when making decisions.
What if I have high student loan debt?
If you have significant debt payments, you may need to spend less than 30% on rent. Our calculator factors in your debt-to-income ratio to provide more realistic recommendations.
Does this include utilities and other housing costs?
No, this calculation is for rent only. You'll need to budget separately for utilities, renter's insurance, internet, parking, and other housing-related expenses, which typically add 10-20% to your housing costs.
Can I afford to spend more than 30% on rent?
While possible, spending more than 30% on rent can strain your budget and limit your ability to save. Consider your other financial goals and the cost of living in your area before exceeding this guideline.