DON'T MISS A NEW LISTING AGAIN!

Register Now
Already registered? Login

FREE AUTOMATED EMAIL UPDATES
Sign in to take advantage of all this site has to offer. Save your favorite listings and searches – also receive email updates when listings you like come on the market for free!
*Contact Information is NOT Shared*

Fraser Bolwell

INI Realty Investments, Inc.
Jacksonville, FL 32257
Real Estate Agent
904-333-0798
Contact Me

Quick Search


view all


Any

Any

No Min.

No Max.

Rent to Income: How Much Can I Afford For Rent?

Before you start searching for your next apartment, you should know how much rent you can afford, or the income needed to get approved by a landlord.

Rent to Income

Landlords typically require that your annual income is at least 40 times the monthly rent. For example, if you and your roommate are looking at a $3,000 per month apartment, the landlord would require a combined income of $3,000 × 40, which equals $120,000. To determine how much rent you (and your potential roommates) can afford, simply divide your combined annual incomes by 40.

How Much Rent is Affordable?

You might have also heard that you should spend no more than 30% of your annual income on rent.  Spending 30% of your yearly income on rent is widely believed to be an affordable amount, leaving enough money for all your other expenses.

What’s the difference between 30% and 40 times the monthly rent? Absolutely nothing, they’re just two different ways of deriving the same number.  The 40x trick is just easier to calculate.

For example, let’s take $120,000 of income.

  1. 30% of $120,000 = $36,000.
  2. $36,000 ÷ 12 months = $3,000 per month.

But to make the calculation easier, just divide $120,000 by 40.

  1. $120,000 ÷ 40 = $3,000  per month.  Voila! Math Magic!

Again, to determine how much rent you (and your potential roommates) can afford, simply divide your combined annual incomes by 40. Don’t have a calculator handy?  Use the following table to look up your maximum rent.

Combined Annual Income Maximum Monthly Rent
$32,000 $800
$36,000 $900
$40,000 $1,000
$44,000 $1,100
$48,000 $1,200
$52,000 $1,300
$56,000 $1,400
$60,000 $1,500
$64,000 $1,600
$68,000 $1,700
$72,000 $1,800
$76,000 $1,900
$80,000 $2,000
$84,000 $2,100
$88,000 $2,200
$92,000 $2,300
$96,000 $2,400
$100,000 $2,500
$104,000 $2,600
$108,000 $2,700
$112,000 $2,800
$116,000 $2,900
$120,000 $3,000
$124,000 $3,100
$128,000 $3,200
$132,000 $3,300
$136,000 $3,400
$140,000 $3,500
$144,000 $3,600
$148,000 $3,700
$152,000 $3,800
$156,000 $3,900
$160,000 $4,000
$164,000 $4,100
$168,000 $4,200
$172,000 $4,300
$176,000 $4,400
$180,000 $4,500
$184,000 $4,600
$188,000 $4,700
$192,000 $4,800
$196,000 $4,900
$200,000 $5,000
$204,000 $5,100
$208,000 $5,200
$212,000 $5,300
$216,000 $5,400
$220,000 $5,500
$224,000 $5,600
$228,000 $5,700
$232,000 $5,800
$236,000 $5,900
$240,000 $6,000
$244,000 $6,100
$248,000 $6,200
$252,000 $6,300
$256,000 $6,400
$260,000 $6,500
$264,000 $6,600
$268,000 $6,700
$272,000 $6,800
$276,000 $6,900
$280,000 $7,000
$284,000 $7,100
$288,000 $7,200
$292,000 $7,300
$296,000 $7,400
$300,000 $7,500



Fraser Bolwell | 904-333-0798 | Contact Me
3603 Cardinal Point Drive - Jacksonville, FL 32257
Copyright © , All Rights Reserved

Real Estate Websites by iHOUSEweb iconiHOUSEweb | Admin Menu