What Apartment Can I Afford?

Are you willing to have your own home? Do you want a place where you and your family can live safely?  Do you want an apartment that costs low? If yes, then you have come to the right place. We will tell you all about apartments and recommend somewhere you can live comfortably.

We will help you know how you can buy your apartment or how much minimum rent you should give to an apartment. You can get apartments of different sizes. For example, you can get a one-bedroom apartment, two rooms apartment or more. So, getting a suitable apartment is not a problem nowadays. Here you will find the solution to your every problem.

How Much Should I Spend On Rent?

It is the rule of thumb that you should spend approximately 30% of your gross income on rent. It would be best if you spend one-third of your monthly earning on wages. So, if your monthly salary is $3,000 after taxes, you should budget $1000 for rent. This rule is just a solid guideline as it does not fit in all situations.

The 50/30/20 rule for budgeting is an alternative to the 30% rule of thumb for rent. According to the rule, you should spend up to 50% of your after-tax income on necessities and obligations that you must fulfil. The remaining half should divide into 20 per cent savings and debt repayment and 30 per cent for whatever else you desire.

What Kind Of Apartment Can I Afford?

The minimum wage is the legal minimum wage that a company can pay its employees. The federal minimum wage of the US is $7.25, which isn’t a living wage for the majority of people in the United States, is still in effect in many major cities. So as a result, you can live comfortably and affordably on minimum wage.

The Minimum wage allows you to live alone because $7.25/hour equals 56 hours to pay rent. This wage is before taxes, but I don’t expect you to be taxed more since you’ll be in the lowest tax bracket.

Many countries have a significantly lower minimum wage, which is not enough to survive. Moreover, in many developing or underdeveloped countries, laborers’ get less than the government’s minimum wage. So, as a result, people must learn new skills to earn more money.

There are different types of apartments you can get according to your need.  Some of them are as below.

Studio Apartment

A studio apartment is a one-room apartment with a kitchen and a full bathroom. An alcove studio or a convertible studio are examples of studio variations.

In an alcove studio, the living room usually has an L partition, just like a regular studio. This partition gives the impression of more space and is particularly suitable for use as a sleeping area.

Convertible Studio is a studio large enough to add a wall to turn it into a bedroom.

Garden Apartment

A garden apartment has access to a courtyard and is almost always on the ground floor, though it can also be on the basement level. Garden apartments can also be a security issue, and they are more likely to have pests.

Railroad Apartments

Railroad Apartments are named for their straight floor plan and can found in relatively small and older buildings. Three or four rooms are usually connected without a hallway, forming a long and thin rectangle. Bedrooms can be positioned on either side or in the middle of the room.

Duplex or Triplex

Apartments with two or three levels are known as duplexes or triplexes. On the second and third floors, there are only sleeping quarters.

Loft

The loft is an ample, open space with high ceilings. These have recognized in commercial buildings that have converted to residential apartments.

Convertible (Flex)

An apartment with the potential to be converted into a bedroom is known as flex. For instance, a large one-bedroom apartment with enough space to be divided into two bedrooms could advertise as a convertible two-bedroom flex.

What Apartment Can I Afford On Minimum Wage?

There is a Rent Affordability Calculator. This calculator will show you which rents are within your budget. The amount you want to spend on rent each month may influence by your savings, debt, and other expenses. When you enter your net income (after-tax income), the calculator will show you rental options up to 40% of your estimated gross income.

As property managers typically qualify applicants based on gross income, the tool assumes that your net income taxed at a rate of 25%. The actual tax rates differ. So, you can decide by using this calculator which rent is suitable for your budget and can see an apartment in that budget.

What Apartment Can I Afford To Buy?

A lender will tell you the maximum amount you can borrow when you buy an apartment. What you can afford depends on how much cash you have on hand, whether you can approve for a home loan, and of course, how comfortable you are with monthly payments. You can figure out how much you can afford to buy an apartment after using various Home Affordability Calculators.

Similarly, you can buy apartments at an affordable rate if you want a 1 Bedroom Apartment, but you might have to increase your budget for a 2 Bedroom Apartment and 3 Bedroom Apartment.

Final Words

According to experts, you should not spend more than 25%- 30% of your monthly income on rent. You can find many different apartments at low prices in many cities and places. You can also get apartments on rent following per hour.

You can also read the followings:

What Is A Floor Polisher? Use, Benefits, Alternatives

Important Facts To Consider Before Air Conditioning Installation

 

Leave a Reply