Question: Can You Afford An Apartment On Minimum Wage?

How much is too much on rent?

“Generally, spending more than 30 per cent of your income on rent is considered too much and can lead to rental stress,” Finder insights manager Graham Cooke says.

“A good framework to use is the 50/30/20 budgeting rule..

How much is 50k rent?

Qualification is often based on a rule of thumb, such as the “40 times rent” rule, which says that to be able to pay a certain rent, your annual salary needs to be 40 times that amount. In this case, 40 times $1,250 is $50,000. Therefore, if you make $50,000, you qualify for $1,250 per month in rent.

How much should you spend on rent if you make 100k?

One rule of thumb involves dividing your pretax earnings by 40. This means that if you make $100,000 a year, you should be able to afford $2,500 per month in rent. Another rule of thumb is the 30% rule. If you take 30% of $100,000, you will get $30,000.

Is 12 an hour a livable wage?

If we are assuming an uneducated and unskilled worker, yes it’s a good wage. It won’t be enough to live on your own but if you share a 3 bedroom apartment with two other people, you can make it work. A couple both making $12/hour would be able to afford a place of their own.

Is 16 an hour enough to live on?

2,096 hours a year divided by 12 is about 175 working hours per month on average. So to calculate your monthly income, see below: $16 an hour multiplied by 175 hours per month is $2,800 per month income on average.

Is 16.50 an hour good?

16.50 an hour is around 34,000 a year, with taxes take home will still be in the 20’s somewhere. You can get by on that level of income but you will most likely be poor all your life, you won’t be able to retire or retire in extreme poverty.

Can you afford an apartment making 12 an hour?

The rule of thumb is no more than 30% of your income should go to rent, so do the math. Rent cost varies drastically by area. Living urban is going to be pretty much impossible for you, but if you can find a place out in the middle of nowhere then $12/hour can go a lot further.

Can you afford an apartment with a part time job?

It would depend on how much you make and what the rent is. You should pay no more than 1/3 of your monthly income for housing. If you have a low income job, it is likely you will have to live with friends or family or get a roommate.

What rent can I afford on my salary?

The general rule is that your monthly apartment rent (excluding utilities) should not exceed 30% of your gross monthly income.

Can you get an apartment making 10 an hour?

It all depends where you live! I live in Southern California where apartments are very expensive. It would be difficult to rent an apartment at $10 per hour. … As a rull of thumb, most landlords require a tenant to have an income of at least 3 times monthly rent.

Can you live off of $14 an hour?

The real answer is as little as you can. If you are asking how much a person making $14 per hour can safely afford, that is about $600 per month, assuming utilities either included or a small amount. … Many get their entire living costs (rent, utilities, food, clothing, transportation) down to 30% of their income.

Can you survive on 13 an hour?

If you are working a full-time job, you will be working 40 hours per week on average. 40 hours multiplied by 52 weeks is 2,080 working hours in a year. $13 per hour multiplied by 2,080 working hours per year is an annual income of $27,040 per year.

Can you live off of 12 an hour?

It doesn’t cover basic living expenses anywhere. $12 per hour could easily be lived on, even if you had a family. We know a couple with 2 kids who live off of $12 per hr at 20 HOURS per week working for UPS but their groceries, housing and medical is taken care of already.

How much money should you save up for an apartment?

A popular rule of thumb says your income should be around 3 times your rent. So, if you’re looking for a place that costs $1,000 per month, you may need to earn at least $3,000 per month. Many apartment complexes and landlords do follow this rule, so it makes sense to focus only on rentals you’re likely to qualify for.

How much do you need to make to afford a 1 bedroom apartment?

That means spending no more than 30% of their income on housing costs — the typical rule of thumb when budgeting for housing. NLIHC found that a worker needs to earn $17.90 an hour at a full-time job — 40 hours a week, 52 weeks a year — to afford a modest one-bedroom apartment.

Is $33 an hour good?

$33 per hour multiplied by 2,000 working hours per year is an annual income of $66,000 per year.

Is 5 hours a day part time?

Answers to Questions Regarding Part-Time Positions Many part-time positions have hours ranging anywhere from 5 to 35 hours a week. The Fair Labor Standards Act (FLSA) is a federal law that mandates issues such as a national minimum wage, overtime pay, and child labor. It does not, however, define part-time employment.

How do people afford rent and school?

10 Ways For Poor College Students to Afford RentLive at Home or With Family. … Get Roommates to Split Rent. … Stick to a Monthly Budget. … Offset Housing Costs with Work Exchange. … Use Student Loans to Pay Rent. … You May Qualify for Government Assistance. … Leverage Academic Success for More Funding. … Get an Easy Side Gig to Earn Rent Money.More items…•