How Much Rent Can I Afford?
The classic guideline is to spend no more than 30% of gross income on rent. Enter your income and debts to see a rent range that leaves room for everything else.
How it's calculated
30% rule: gross monthly income × 0.30. 28/36 rule: housing should be at most 28% of gross monthly income, and housing plus all other debt payments (car, student loans, cards) at most 36%. So rent ≤ the lower of 28% of income and (36% of income − your debts). The 28/36 rule comes from mortgage lending, but it is a useful stricter check for renters. Many landlords separately require income of about 3× the monthly rent (≈ 33%).
Questions & answers
Is the 30% rule based on gross or net income?
Gross — income before taxes. If your take-home pay is much lower (high taxes, big 401(k) contributions), aim lower than the 30% figure.
What income do landlords require?
Many landlords and property managers ask for gross income of about 3 times the monthly rent. The last line above shows the income needed for your rent under the 30% rule.
Should utilities count toward the 30%?
The U.S. Department of Housing and Urban Development defines housing cost burden as rent plus utilities above 30% of income, so it is safer to include utilities in the rent figure you test.
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