Could I afford?

Could i afford to live in a apartement that is $1,400 per month and still live comfortably on a $50k-60k salary? I'm a single male nurse no kids

Generally speaking, you want to keep your housing expenses to 25% of your income. If you're paying $1400 monthly in rent, that's a bit high, but location is a big factor.

If you are close enough to work that you can walk, and avoid the expense of a car, it's actually cheaper than paying $700 monthly in rent and commuting from a suburb 40 miles away.

Well it would be about 1/3 of your annual income. You could - it just depends on how you spend the rest of your money. But it is completely possible.

That's about 33% of your gross monthly income @ $50,000/yr. That's about right!

things would be tight, thats a lot for rent, do you live in a big city. try looking outside the city for something a little less expensive that way you can enjoy life more instead of working to pay your rent.

If we go with a middle figure (55K), your monthly gross pay (before taxes) would be just under 4,600.

After taxes, just over 3,400. A lot is going to depend on what your other expenses entail and what, if any utilities are included in your rent (such as water and garbage).

For example:

Rent: 1,400
Utilities (Gas, electic, water, trash) 100
Phone 100
Cable (Basic channels) 50
Food 300
Clothing 100
Entertainment (got to have some fun) 100
Car Payment (going with average here) 350

The total for the items listed is $2,500. These are just rough estimates and you would have to plug in what your actual expenses are and add in any credit cards or other outstanding bills.

If you aren't going overboard on enteretainment and don't have a lot of other outstanding bills, you should have no problem affording a $1,400 rent on the salary you mentioned.

Good luck.

If your ONLY bill is rent then yes..however no one can answer this question for you without seeing the whole picture and what you pay in bills per month.

I could get you a home loan in which you would pay less per month than $1400.

Call or email me and we can go over some of your options.

Mandy
916-783-3373
mandy@greentree-lending.com