How Much Rent Can You Afford

Life, Money and Gratitude # 31 How Much Rent Can You Afford

Tired of living in your Mom’s basement? Time to show that you can stand on your own two feet, but first let's see how much you can afford.

Moving out of your parents house has a bunch of great benefits like:

• A lot of young adults with a job can live on their own

• Show your mom you have a backbone

• If you never move out you never grow up

• The power of relying on yourself

• Nothing like being the king of your castle(or small apartment)

• Be able to come and go as you please

• Not have your mom walk in on you and your partner

• Knowing you can take care of yourself

Here's some example incomes and what they can afford (using the 1/4 of income rule of thumb) :

• If you make $20,000 a year you can afford $416/mo in rent.

• If you make $30,000 a year you can afford $513/mo in rent.

• If you make $50,000 a year you can afford $1,416/mo in rent.

• If you make $100,000 a year you can afford $2,416/mo in rent.

• If you make $150,000 a year you can afford $6,416/mo in rent.

Until next time, God Bless and be well.

How Much Rent Can You Afford

M. Joseph Benric is the author of Graduation Gift ,A Step-By-Step Guide to Financial Literacy for Young Adults