How much rent can I afford?
the usual norm is that you want your rent to be no more than 25% to 30% of your monthly net income. so calculating your income: 10.40 x 40 = 416 – $50.00 for taxes = $366.00 * 52 weeks = 19032 / 12 months = 1586 per month net income rent range $400.00 to 475.00 per month would put you into that 25% – 30% range. 1586 – $475.00 = $1111.00 – (216 monthly gas + 100 creditcard + $55 phone bill total = 371.66) = 739.34 a month for misc. expenses which gives you 170.62 a week to spend on food and entertainment. based on that calculation you can see if that is comfortable for you or if you need to spend less. Also you have to take into account rent utility bills (are they included or separate.) if you are fine with having $150.00 a week to spend then you can increase your your monthly rent budget 86.00 per month which would put you at the $540.00 rent payment.
