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Hey all! I hope this is allowed.
Hey all! I hope this is allowed.
+15
votes
asked
Apr 30, 2020
by
scrape63
(
300
points)
Hey all! I hope this is allowed.Hey all! I hope this is allowed. I am 23 and still relatively new to the budgeting world. I wanted to see if I could get some friendly input on rent. Any advice or tips are welcome! I live in the northeast Columbus, OH area. I currently rent a 1 br apartment for $864/ month. My current lease is up in August and I am wanting to move into a 2 br apartment so I have more storage space. I am crowded in my ~760 sq ft. 1 br apt. I am not sure what my max rent price should be! I hope I can reveal income on here. I am a registered nurse. I work 12 hour shifts, 36 hours/ week. I make $28. 50/hr base pay and then $5/hr for half the shift and $5. 50 for the other half as a shift diff. for working nights. I want to find a decent 2 bedroom apartment but don’t want to be “house poor” or whatever people call it. Does anyone have any advice? Im just unsure of how to go about setting a proper rent budget. I appreciate any and all kind feedback/ help/ advice!
income
rent
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11
Answers
+2
votes
answered
Apr 30, 2020
by
habitual
(
2.3k
points)
Best answer
Definitely stick w/your rent/utilities being 30% (or below) your take home pay. By the way, for you to be 23 years old, budgeting && being financially stable is great
commented
Apr 30, 2020
by
scrape63
(
300
points)
@
habitual
thank you for the help and compliment! ☺️
commented
Apr 30, 2020
by
habitual
(
2.3k
points)
@
scrape63
you’re so welcome ☺️ best of wishes on your journey!
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+12
votes
answered
Apr 30, 2020
by
renunciation
(
2.7k
points)
Me personally for me in my family I stick to the idea of no more than 30% of my take home pay for rent and utilities but my utilities does not include myself own it includes brands water sewer garbage gas and electric and Internet cable but that's just me and a it has worked out really well
commented
Apr 30, 2020
by
scrape63
(
300
points)
@
renunciation
thank you!
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+1
vote
answered
Apr 30, 2020
by
potage9
(
6.9k
points)
I think typical rule of thumb for rent is 25-30% or less of your income
commented
Apr 30, 2020
by
scrape63
(
300
points)
@
potage9
thank you for the help!
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+12
votes
answered
Apr 30, 2020
by
skull
(
650
points)
I'm not a lot of help on the question but I also live in East Columbus! Blakclick!
commented
Apr 30, 2020
by
scrape63
(
300
points)
@
skull
hey! I’m in Gahanna! ☺️
commented
Apr 30, 2020
by
skull
(
650
points)
@
scrape63
right around the corner practically ! That's aweosme! If you ever want a local friend to talk budgeting with feel free to reach out!
commented
Apr 30, 2020
by
nobel8006
(
1.4k
points)
@
skull
I'm in Canal Winchester now, but I'm from Pataskala
commented
Apr 30, 2020
by
scrape63
(
300
points)
@
skull
awe definitely, thank you!
commented
Apr 30, 2020
by
scrape63
(
300
points)
@
nobel8006
you aren’t far at all!
commented
Apr 30, 2020
by
nobel8006
(
1.4k
points)
@
scrape63
nope! We love Gahanna!
commented
Apr 30, 2020
by
skull
(
650
points)
@
nobel8006
I've looked at a couple houses in Canal Haha. Not far at all!
commented
Apr 30, 2020
by
nobel8006
(
1.4k
points)
@
skull
it's a great little town
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0
votes
answered
Apr 30, 2020
by
fredericksburg
(
10.1k
points)
A 2 bedroom is not your only option. You could consider a larger 1 bedroom, especially if it comes with extra storage space or a garage. A 1 bedroom with a den is less expensive than a 2 bedroom.
commented
Apr 30, 2020
by
scrape63
(
300
points)
@
fredericksburg
I’m definitely open to one bedroom apartments. Most in my area though are not more than 600-850 sq ft which is crowded. Not many one bedrooms here come with a garage included the typical price I’ve seen is an extra $50-$100/month. The 2 bedrooms here have most of my desired features!
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+10
votes
answered
Apr 30, 2020
by
provencher
(
1.1k
points)
I miss OH! We use to live up north right outside of Akron but my husband is originally from Baltimore OH and Columbus was always a blast. Anywho, i agree with the whole staying under 30% of your income for rent/utilities. The other thing you can do is track everything for a month then you can see how the going price for a 2 bedroom would affect things and try it for a month? So if you currently pay 800/month and the 2 bed is 1000/month then put 200 away during your trial run. I hope that makes sense
commented
Apr 30, 2020
by
habitual
(
2.3k
points)
@
provencher
great tip!
commented
May 1, 2020
by
scrape63
(
300
points)
@
provencher
thanks for this suggestion! Several of my coworkers are from the Baltimore area!
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+6
votes
answered
Apr 30, 2020
by
vick
(
14.3k
points)
I am about 40 minutes east of Columbus and rent a 3 bedroom for 700 (It is below market value. Actual would be between 900 and 1000). If you are not opposed to a commute you get get more space cheaper.
commented
May 1, 2020
by
scrape63
(
300
points)
@
vick
I will have to look into that! I’m not sure if I want a 40 minute commute but maybe a little farther from the city is a possibility!
commented
May 1, 2020
by
respectful2
(
170
points)
I agree. I'm in Cincinnati. I'm in the process of moving 40 mins from work. $50 less, extra bedroom, front and back yard, garage, and so much more. I find the drive gives me time to get my mind ready for the day. Definitely consider it.
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+7
votes
answered
May 1, 2020
by
vespertilionine
(
8k
points)
I’d look into moving to a cheaper area (as suggested above) or maybe get rid of stuff so you don’t need the storage space? Generally, everyone says no more than 30% of income on housing costs, but anything you can do to lower that is beneficial. My housing costs are only about 10% and it means I can pay off debt quicker and invest more into my future. Just a thought!
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+12
votes
answered
May 1, 2020
by
randell1
(
900
points)
We live in CT and housing is very expensive. We do not go beyond 20% of our income.
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+3
votes
answered
May 1, 2020
by
stalwart
(
3.8k
points)
How much are 2 bedrooms in your area 1100 would only be about 20%-25% of your income which is decent.
commented
May 1, 2020
by
scrape63
(
300
points)
@
stalwart
most 2 bed apartments here are $1100-$1300!
commented
May 1, 2020
by
stalwart
(
3.8k
points)
@
scrape63
that seems crazy since my mortgage isn't that much but I get cost of living differs by state. I don't think 1300 would make you "house poor" that would fall in the salary % that is normal.
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+11
votes
answered
May 1, 2020
by
guy15
(
1.1k
points)
I've heard different options of either 1/3 or 1/4 of your budget. For me, I'd see how much my other bills equal out to, to see which one I'd do.
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