Question
can i afford an apartment?
I have 1,000 saved in a savings account and i make roughly 350 every two weeks i have a cell phone bill of 70.00 a month i dont own a car so to get around id have to walk or ride the bus or car pool.
3 weeks ago - 4 answers
Best Answer
Chosen by Asker
No you cannot afford an apartment. You are unlikely to pass the credit check for renting an apartment. You may be able to rent a room somewhere but an apartment is out of your price range. Here are some rough guidelines you can use when you start planning the move to your first apartment. In addition to your monthly rent payment, you will have to pay for food, utilities, renter's insurance, cable, etc. It all adds up quick. If you lose your job you cannot simply walk away from your lease. They expect you to pay even if you become unemployed through no fault of your own. If you have to break your lease you generally need to give them 60 days written notice while you continue paying rent. You then need to pay 2-3 months rent plus an administrative fee ($250) in one lump sum as penalty for breaking the lease early. Monthly Rent = annual salary divided by 12 Security Deposit = one month’s rent Furniture = one to two months’ rent Starter Equipment = $250-$500 (Check Amazon for great prices on top brands.) Starter Pantry & Staples $75-$100 Example @$20,000 starting salary: First Month’s Rent $500 Security Deposit $500 Furniture $500 Starter Equipment $ 250 Starter Pantry & Staples $ 75 Total Initial Cash $1,825
Source(s)
by Heather
3 weeks ago
Asker's Rating: 
Other Answers
it depends on how much rent is in your area but i would say the cheapest rent i have seen is 700 a month and that all you are making no cellphone no food not a good idea however you should be able to rent a room with college students or young working people. but try not to spend your savings they will come in handy when you go to buy your first house.
by zinerhat- 3 weeks ago
Consider the following: You make $700/month. With that you will need to pay - Rent (good luck finding something better than an unfurnished studio next to a crack house) - Electric - Heating (sometimes comes with the apartment but then expect the rent to be higher) - transportation - furniture And lets not forget food. Also, the landlord will require at least one, perhaps two months rent as a deposit so say goodbye to your savings.
by lunatic- 3 weeks ago
Ideally, you should not spend more than 25% of your income on housing. In your case, that's about $175/month. I don't think you're going to find an apartment - or even a room - for that kind of money.
by RoofingPrincess- 3 weeks ago