Rent Affordability Calculator
Calculate how much rent you can afford based on your income, debts, savings goals, and location. Our calculator uses multiple affordability methods to give you a comprehensive view of your housing budget. Remember that your ideal rent amount depends on your complete financial picture and personal goals. Explore more tools on free calculators on CalculatorBolt.
Calculate Affordable Rent
How It Works
Our calculator uses three proven affordability methods. The 30% rule suggests spending no more than 30% of your gross income on rent. The 40x rule states your annual income should be at least 40 times your monthly rent. The 50/30/20 method allocates 50% of your income to needs (including rent), 30% to wants, and 20% to savings and debt repayment.
Inputs Explained
- Monthly Gross Income: Your total income before taxes and deductions
- Monthly Debt Payments: Minimum payments on loans, credit cards, etc.
- Desired Savings Rate: Percentage of income you want to save monthly
- Other Housing Costs: Estimated utilities, insurance, and maintenance
- Location Multiplier: Adjustment factor for high-cost or low-cost areas
Example
For someone earning $5,000 monthly with $400 in debt payments: The 30% Rule suggests max rent of $1,500. The 40x Rule suggests max rent of $1,500. The 50/30/20 Method (with 20% savings goal) suggests max rent of $1,450 after accounting for debts and other housing costs.
Tips & Notes
- Your ideal rent amount depends on your complete financial picture
- In high-cost areas, you may need to adjust expectations or find roommates
- Always budget for additional housing costs (utilities, insurance, etc.)
- Consider future income changes when making long-term housing decisions