Rent Affordability worksheet

1. Rent you can afford: $20,440.00 / month

1. Find the housing guideline budget: 35% of your monthly income

   $\mathrm{\$75,000.00}\times \mathrm{35\%}$$=\mathrm{\$26,250.00}$

2. Find the debt-limit budget: 28% of your income, minus the debt payments you already make

   $\mathrm{\$75,000.00}\times \mathrm{28\%}-\mathrm{\$425.00}$$=\mathrm{\$20,575.00}$

3. Use the lower of the two so you stay within both. Here the limit is set by your other debt payments

   $\text{housing budget}$$=\mathrm{\$20,575.00}$

4. Take away utilities and insurance that aren't part of the rent, since they come out of the same budget

   $\mathrm{\$20,575.00}-\mathrm{\$135.00}$$=\mathrm{\$20,440.00}$

5. Landlord check: many want your monthly income to be at least 3 times the rent, so divide it by 3

   $\frac{\mathrm{\$75,000.00}}{3}$$=\mathrm{\$25,000.00}$

2. Rent you can afford: $1,613.33 / month

1. Divide your yearly income by 12, because rent is paid monthly

   $\frac{\mathrm{\$65,000.00}}{12}$$=\mathrm{\$5,416.67}$

2. Find the housing guideline budget: 32% of your monthly income

   $\mathrm{\$5,416.67}\times \mathrm{32\%}$$=\mathrm{\$1,733.33}$

3. Find the debt-limit budget: 45% of your income, minus the debt payments you already make

   $\mathrm{\$5,416.67}\times \mathrm{45\%}-\mathrm{\$360.00}$$=\mathrm{\$2,077.50}$

4. Use the lower of the two so you stay within both. Here the limit is set by the 32% housing guideline

   $\text{housing budget}$$=\mathrm{\$1,733.33}$

5. Take away utilities and insurance that aren't part of the rent, since they come out of the same budget

   $\mathrm{\$1,733.33}-\mathrm{\$120.00}$$=\mathrm{\$1,613.33}$

6. Landlord check: many want your monthly income to be at least 3 times the rent, so divide it by 3

   $\frac{\mathrm{\$5,416.67}}{3}$$=\mathrm{\$1,805.56}$

3. Rent you can afford: $2,075.83 / month

1. Divide your yearly income by 12, because rent is paid monthly

   $\frac{\mathrm{\$72,500.00}}{12}$$=\mathrm{\$6,041.67}$

2. Find the housing guideline budget: 38% of your monthly income

   $\mathrm{\$6,041.67}\times \mathrm{38\%}$$=\mathrm{\$2,295.83}$

3. Find the debt-limit budget: 50% of your income, minus the debt payments you already make

   $\mathrm{\$6,041.67}\times \mathrm{50\%}-\mathrm{\$400.00}$$=\mathrm{\$2,620.83}$

4. Use the lower of the two so you stay within both. Here the limit is set by the 38% housing guideline

   $\text{housing budget}$$=\mathrm{\$2,295.83}$

5. Take away utilities and insurance that aren't part of the rent, since they come out of the same budget

   $\mathrm{\$2,295.83}-\mathrm{\$220.00}$$=\mathrm{\$2,075.83}$

6. Landlord check: many want your monthly income to be at least 3 times the rent, so divide it by 3

   $\frac{\mathrm{\$6,041.67}}{3}$$=\mathrm{\$2,013.89}$

4. Rent you can afford: $1,490.00 / month

1. Divide your yearly income by 12, because rent is paid monthly

   $\frac{\mathrm{\$90,000.00}}{12}$$=\mathrm{\$7,500.00}$

2. Find the housing guideline budget: 37% of your monthly income

   $\mathrm{\$7,500.00}\times \mathrm{37\%}$$=\mathrm{\$2,775.00}$

3. Find the debt-limit budget: 28% of your income, minus the debt payments you already make

   $\mathrm{\$7,500.00}\times \mathrm{28\%}-\mathrm{\$450.00}$$=\mathrm{\$1,650.00}$

4. Use the lower of the two so you stay within both. Here the limit is set by your other debt payments

   $\text{housing budget}$$=\mathrm{\$1,650.00}$

5. Take away utilities and insurance that aren't part of the rent, since they come out of the same budget

   $\mathrm{\$1,650.00}-\mathrm{\$160.00}$$=\mathrm{\$1,490.00}$

6. Landlord check: many want your monthly income to be at least 3 times the rent, so divide it by 3

   $\frac{\mathrm{\$7,500.00}}{3}$$=\mathrm{\$2,500.00}$

5. Rent you can afford: $17,370.00 / month

1. Find the housing guideline budget: 25% of your monthly income

   $\mathrm{\$70,000.00}\times \mathrm{25\%}$$=\mathrm{\$17,500.00}$

2. Find the debt-limit budget: 30% of your income, minus the debt payments you already make

   $\mathrm{\$70,000.00}\times \mathrm{30\%}-\mathrm{\$375.00}$$=\mathrm{\$20,625.00}$

3. Use the lower of the two so you stay within both. Here the limit is set by the 25% housing guideline

   $\text{housing budget}$$=\mathrm{\$17,500.00}$

4. Take away utilities and insurance that aren't part of the rent, since they come out of the same budget

   $\mathrm{\$17,500.00}-\mathrm{\$130.00}$$=\mathrm{\$17,370.00}$

5. Landlord check: many want your monthly income to be at least 3 times the rent, so divide it by 3

   $\frac{\mathrm{\$70,000.00}}{3}$$=\mathrm{\$23,333.33}$

6. Rent you can afford: $34,900.00 / month

1. Find the housing guideline budget: 35% of your monthly income

   $\mathrm{\$100,000.00}\times \mathrm{35\%}$$=\mathrm{\$35,000.00}$

2. Find the debt-limit budget: 40% of your income, minus the debt payments you already make

   $\mathrm{\$100,000.00}\times \mathrm{40\%}-\mathrm{\$225.00}$$=\mathrm{\$39,775.00}$

3. Use the lower of the two so you stay within both. Here the limit is set by the 35% housing guideline

   $\text{housing budget}$$=\mathrm{\$35,000.00}$

4. Take away utilities and insurance that aren't part of the rent, since they come out of the same budget

   $\mathrm{\$35,000.00}-\mathrm{\$100.00}$$=\mathrm{\$34,900.00}$

5. Landlord check: many want your monthly income to be at least 3 times the rent, so divide it by 3

   $\frac{\mathrm{\$100,000.00}}{3}$$=\mathrm{\$33,333.33}$

7. Rent you can afford: $17,880.00 / month

1. Find the housing guideline budget: 24% of your monthly income

   $\mathrm{\$75,000.00}\times \mathrm{24\%}$$=\mathrm{\$18,000.00}$

2. Find the debt-limit budget: 44% of your income, minus the debt payments you already make

   $\mathrm{\$75,000.00}\times \mathrm{44\%}-\mathrm{\$500.00}$$=\mathrm{\$32,500.00}$

3. Use the lower of the two so you stay within both. Here the limit is set by the 24% housing guideline

   $\text{housing budget}$$=\mathrm{\$18,000.00}$

4. Take away utilities and insurance that aren't part of the rent, since they come out of the same budget

   $\mathrm{\$18,000.00}-\mathrm{\$120.00}$$=\mathrm{\$17,880.00}$

5. Landlord check: many want your monthly income to be at least 3 times the rent, so divide it by 3

   $\frac{\mathrm{\$75,000.00}}{3}$$=\mathrm{\$25,000.00}$

8. Rent you can afford: $1,098.33 / month

1. Divide your yearly income by 12, because rent is paid monthly

   $\frac{\mathrm{\$70,000.00}}{12}$$=\mathrm{\$5,833.33}$

2. Find the housing guideline budget: 30% of your monthly income

   $\mathrm{\$5,833.33}\times \mathrm{30\%}$$=\mathrm{\$1,750.00}$

3. Find the debt-limit budget: 28% of your income, minus the debt payments you already make

   $\mathrm{\$5,833.33}\times \mathrm{28\%}-\mathrm{\$425.00}$$=\mathrm{\$1,208.33}$

4. Use the lower of the two so you stay within both. Here the limit is set by your other debt payments

   $\text{housing budget}$$=\mathrm{\$1,208.33}$

5. Take away utilities and insurance that aren't part of the rent, since they come out of the same budget

   $\mathrm{\$1,208.33}-\mathrm{\$110.00}$$=\mathrm{\$1,098.33}$

6. Landlord check: many want your monthly income to be at least 3 times the rent, so divide it by 3

   $\frac{\mathrm{\$5,833.33}}{3}$$=\mathrm{\$1,944.44}$

9. Rent you can afford: $17,348.00 / month

1. Find the housing guideline budget: 25% of your monthly income

   $\mathrm{\$70,000.00}\times \mathrm{25\%}$$=\mathrm{\$17,500.00}$

2. Find the debt-limit budget: 38% of your income, minus the debt payments you already make

   $\mathrm{\$70,000.00}\times \mathrm{38\%}-\mathrm{\$500.00}$$=\mathrm{\$26,100.00}$

3. Use the lower of the two so you stay within both. Here the limit is set by the 25% housing guideline

   $\text{housing budget}$$=\mathrm{\$17,500.00}$

4. Take away utilities and insurance that aren't part of the rent, since they come out of the same budget

   $\mathrm{\$17,500.00}-\mathrm{\$152.00}$$=\mathrm{\$17,348.00}$

5. Landlord check: many want your monthly income to be at least 3 times the rent, so divide it by 3

   $\frac{\mathrm{\$70,000.00}}{3}$$=\mathrm{\$23,333.33}$

10. Rent you can afford: $1,620.00 / month

1. Divide your yearly income by 12, because rent is paid monthly

   $\frac{\mathrm{\$70,000.00}}{12}$$=\mathrm{\$5,833.33}$

2. Find the housing guideline budget: 34% of your monthly income

   $\mathrm{\$5,833.33}\times \mathrm{34\%}$$=\mathrm{\$1,983.33}$

3. Find the debt-limit budget: 36% of your income, minus the debt payments you already make

   $\mathrm{\$5,833.33}\times \mathrm{36\%}-\mathrm{\$350.00}$$=\mathrm{\$1,750.00}$

4. Use the lower of the two so you stay within both. Here the limit is set by your other debt payments

   $\text{housing budget}$$=\mathrm{\$1,750.00}$

5. Take away utilities and insurance that aren't part of the rent, since they come out of the same budget

   $\mathrm{\$1,750.00}-\mathrm{\$130.00}$$=\mathrm{\$1,620.00}$

6. Landlord check: many want your monthly income to be at least 3 times the rent, so divide it by 3

   $\frac{\mathrm{\$5,833.33}}{3}$$=\mathrm{\$1,944.44}$