Asked by: Annis Benaches
personal finance retirement planning

How much money should you have saved before renting an apartment?

Last Updated: 9th March, 2020

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A popular rule of thumb says your income should bearound 3 times your rent. So, if you're looking for a place thatcosts $1,000 per month, you may need to earn at least$3,000 per month. Many apartment complexes and landlords dofollow this rule, so it makes sense to focus only on rentals you'relikely to qualify for.

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Moreover, how much money should you save before having a baby?

Baby experts recommend saving up between$5,000 and $10,000 before giving birth to help offset someof those upfront costs, including child care, healthinsurance, and diapers.

Additionally, how much should you make to afford 1500 rent? A slightly more realistic guideline suggests spending30% of your take-home pay on rent. This rule allowsfor taxes, retirement, and other deductions before arriving at arent figure. On your $50,000 salary, if your monthlytake-home pay is $3,500, for example, your monthly rentshould not exceed $1,050.

In this regard, what do you need to rent an apartment for the first time?

Here's a checklist of the things you will most commonlyhave to pay for when renting an apartment:

  1. Rent.
  2. Your deposit (often the cost of one month's worth of rent)
  3. Utilities, often referred to as bills such as water, sewer,gas, trash, and electricity.
  4. Parking spots (usually only in large cities)

How much money should I save before moving to a new city?

The numbers can vary considerably depending on yourparticular circumstances, but $4,000 should be enough whenyou're moving locally. And $10,000 is a good amount ofmoney to have saved up before moving out ofstate.

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Can someone live with you without being on the lease?

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