How Much Rent Can You Afford? A Simple Budget Guide

One of the first questions renters ask is, "How much should I spend on rent?" Here's an easy way to figure out a number you'll be comfortable with month after month.

Start with the 30% guideline

A common rule of thumb is to keep rent at or below about 30% of your gross (before-tax) monthly income. To find your number:

Monthly income × 0.30 = target rent

For example, at $2,400 a month, 30% is $720. At $2,800 a month, it's $840.

Many landlords use a similar test and look for monthly income of around three times the rent, so this guideline also helps you know where you'll qualify.

Don't forget the extras

Rent is only part of housing cost. Add up:

• Utilities (electric, water, gas, trash, if not included)
• Internet and streaming
• Renter's insurance
• Parking or transportation to work
• Laundry

A slightly cheaper apartment that's closer to work can save you more than you'd expect in gas and time.

Build in a cushion

Try to keep some breathing room for savings and surprises. A good budget leaves money for an emergency fund, not just bills.

Ways to lower your housing cost

• Get a roommate. A two-bedroom split two ways is usually the cheapest way to rent.
• Right-size your space. Pay only for the room you'll actually use.
• Ask about move-in specials and what's included in the rent.

Affordable apartments in Wichita

At Eagle Trace, one-bedroom apartments start at $700/month and two-bedrooms at $800/month. Call us to ask about availability and what's included.