Rent Affordability Calculator
Calculate how much rent you can afford based on your income
About This Calculator
The Rent Affordability Calculator determines how much rent you can afford based on your income and monthly debts. It uses the 30% rule as a guideline for housing affordability.
How It Works
- 1
Enter your annual gross income before taxes.
- 2
Input your total monthly debt payments (credit cards, loans, etc.).
- 3
The calculator shows affordable rent using the 30% rule and after accounting for debts.
Formula Explanation
Max Rent (30% Rule) = (Annual Income ÷ 12) × 0.30The 30% rule suggests spending no more than 30% of gross monthly income on rent.
Affordable Rent = ((Monthly Income - Monthly Debts) × 0.30)After accounting for monthly debts, calculate 30% of remaining income for affordable rent.
Tips
The 30% rule is a guideline - adjust based on your financial situation.
Consider all housing costs: rent, utilities, insurance, and parking.
Lower debt payments increase your affordable rent amount.
Factor in savings goals when determining your rent budget.