What kind of housing can you rent in the USA with your salary

The basic rental cost formula that a landlord uses is the previous year's income divided by 40. If you earn a regular salary, this figure is easy to calculate. But if you're paid hourly, calculating the maximum available rent can be complicated, requiring both the number of hours and the pay per hour to be taken into account. How can I make my task easier?

Фото: Depositphotos

My first apartment have developed a simple table in which different options for the rental cost have already been calculated, taking into account the number of hours you work per week and the corresponding hourly wage. The table is based on the same formula that landlords use: annual income for the previous period divided by 40 (note: this table uses the year consisting of 50, not 52 weeks, to leave a small margin of safety).

The cells marked in yellow are an example of how to use the tablet for a person who runs 35 hours per week and earns 20 dollars per hour. You can also use a table to quickly calculate the rent if you are looking for a neighbor to live together, which works during other hours and for other money. Just add the numbers of each.

Photo: myfirstapartment.com

When you calculate your actual expenses, do not forget that you will also have to spend money on utilities (about 20% of the rental cost, but if you live in expensive cities - New York, Chicago, Los Angeles, San Francisco, as a rule, the cost of services is about 10% of the rent). You will also spend money on life - insurance and a loan for a car, university tuition, payment for a mobile phone, food, clothing, entertainment, and so on.

In addition, before entering a new home, you will need to save a sum of money equal to at least three rents per month to pay for the first month of your stay, leave a deposit for the last month, and also spend money on expenses related to moving, buying furniture and accessories.

Read also on ForumDaily:

In which states is it best to live for people with low income

A to Z: Everything you need to know about renting a property in New York

How are apartment lotteries in New York and who can participate in them

How does the US system evict tenants for non-payment?

Do you want more important and interesting news about life in the USA and immigration to America? — support us donate! Also subscribe to our page Facebook. Select the “Priority in display” option and read us first. Also, don't forget to subscribe to our РєР ° РЅР ° Р »РІ Telegram  and Instagram- there is a lot of interesting things there. And join thousands of readers ForumDaily New York — there you will find a lot of interesting and positive information about life in the metropolis.