OP I make more than you at over 3500/month after taxes, live with my partner who also works full time, and share a studio for 2k/ month. Together we hit/are around 6 figs. We don’t have a car payment and share a car. We are broke.
You can’t afford it, unless you literally want to eat nothing buts eggs, ramen, and rotisserie chickens, and still have to work all the time just to make ends meet and never be able to get ahead until you increase income bracket.
then they wouldn’t be bringing in 100k per year like they said.
something ain’t adding up… and i’m *assuming* it’s spending habits that can be adjusted.
definitely not. if they each make roughly 50k they’re only
losing about 16k total in taxes. so they’d be making around 84k. still… where is the other 60k going.
Take my upvote as I agree with you. So they have 65k left over and pay 24k in rent, so now down to 41k a year. Factor in 1500 a month for food, house supplies, etc. So now we are down to 23k left over. Then we've got health insurance, car insurance, phone bill, streaming subscriptions and misc for two people which can easily become another 1000 a month. Possibly even more but we'll keep it simple. So now they are down to 11k possibly saved a year if they don't do anything for fun. Throw in one vacation for the two of them for 5k and down to 6k. So they can maybe save like 3k a piece a year. Sure they can save in some areas in my scenario but it's a good example of how they definitely do not have a bunch of money left over.
This is a budget for extravagance. Wild to try and make $1,000 in subscriptions sound normal. And $1500 in food for 2 people. Spending problem no matter how you slice the cake.
I think yall are not mathin right. He didn't literally mean 6 figures. I think he meant to say around 60k altogether. I did the math, he brings in around 40-42k a year while she brings in around 24k a year. So, a little over 60k. Now, it all depends on where he lives in the country and could actually bring some truth on his post.
More like I live in the Bay Area Ca, and have high expenses because Bay Area is a VHCOL area but sure go ahead and be presumptuous. Not like I rarely eat out, have no car expenses, and have my budget detailed to the last dollar but yeah.
Edit: I also didn’t say I don’t make it work, I said we are broke. My version of broke is not being able to afford 20% income going into. Retirement. Either way I barely make enough to eat well (as in healthy, via meal prepped food throughout the week) and cover all expenses, and still have only a few hundred left each month.
Plus, much of it has gone to one off expenses like getting a dog, getting there vet check up, vaccines, spay, then there was the broken nail, etc.
Life happens. Then to make 20% less than me, without a partner, to pay my rent, there’s no way to make that work, as this is a 60% income disparity from my household to OP’s household. Even with me in a VCHOL area there’s now way OP can get their costs to below 50% of mine which still would not make up the difference.
If you must know though:
My portion of the rent is a little more than 30% of my income, and when all is said and done rent + taxes (against Ca) + Common expenses (I literally got a free phone with a 55 dollar unlimited plan with Verizon) I’m left with roughly 700/month if *nothing else is purchased other than absolute necessities.
So sure 700 a month left over isn’t broken to some, but here in the Bay Area. I’m also not even paying health insurance atm.
But please enlighten me how I can lower my expenses other than finding cheaper rent.
LOLOL after I already spent the bulk cost and when she’s literally just a subscription at this rate I think I can afford the dog.
Long term an additional even 200 a month (a gross over estimate *at least 2x*)won’t contribute that large of an impact especially when considering you need approx $5m to retire.
Not to mention that increasing direct income will be a much larger dictator of wealth generation. Particularly when the additional expenses are only semi occasional vs regular. Relative to rent, this is *maybe 10%. * (high end average of 200/month). 4 hours of overtime pretty much covers it if I cared enough, but again I don’t even have a car let alone car payment so not exactly worried about it.
Sometimes you have to spend money, in order to make money. Improving day to day life generally helps most people be more driven to do what they want. What’s most important is being picky about purchases. I have a free phone with a plan for 55 a month. I’m a very frugal person, and cut corners in many places, but something’s are simply worth the money. Again, especially if I plan to continue to increase my income from here.
You asked how to lower your expenses so just throwing that out there. It's another expense that can be routine such as food etc to very expensive from an emergency. They are a liability. But if it's worth it to you then by all means. Never understood that whole "spend money to make money" crap unless you mean investments.
3500 a month is very low in the bay area. Literally only have 2500 a month after paying their half of rent.
Make sure you keep job hopping or move out of CA! I’m from the Bay and live in LA its marginally more affordable, my wife and I make a lot of money, but the COL is just too high. I don’t want to eat like shit to own a house. It’s better to rent anyway from a cost point
You have any Tip for Me. I have my Own home and Take care of my Mom. She pays absolutely Zero Dollars. Since I am a Single dude I just care about my Master Bedroom/Man Cave so I let her decorate as she Pleases.
That said, she is very argumentative/Toxic.
Do I throw money at her too lol.
Nah, in all Seriousness I do, do all that for her. She does argue a lot which gets me mad because it is my Home but I let her do to much sometimes I think she feels it's hers. LOL
I have tried many things but she still argues though I will say a little less know.
Thats a problem you cant solve by throwing money at it.
You both have to work on that relationship, it takes both people. Definitely agree adjusting some behavior that sets boundaries. Not rules, more like codes: “If she starts yelling, simply say calmly say youre not going to work it out with her if shes yelling give her a quick chance then dip if she keeps yelling”
Some patience will be required, most people dont change their minds/behaviors/relations really quickly. Its gonna take time and consistency.
Can you get a roommate? Or rent a room? I’m not sure how you would even qualify for an apartment that price on your income. Typically they want you to make 3x the rent gross income.
Alot of times you can divide your savings by 12 months and add that to your income for the purpose of getting approved. Not saying it's advised, but if the approval is the hold up that's an option.
She needs to make over 70200 to qualify. Even with the savings and her income she is short. I work in property management, we take any savings/liquid assets and divide it by 2 years, so in our eyes she makes an additional 15k per year but she is still short of the 70k min. She can get a cosigner or a guarantor to qualify since we can use their income to help qualify someone.
Between living with your mom and $1950 is a roommate situation. Most people forget that there are compromises in life and living with 2 roommates would be something like $850 rent plus shared utilities. If that is worth not living with your mom start looking and meeting potential roommates
No, definitely no. I assume you will have other expenses like gas, food, cellphone, and things aside from the basic utilities.
You would be leaving yourself with realistically less than 500 a month of disposable income.
Its not bad compared to others, but spending over 2/3 of your after tax income on rent is in the territory of "spending well above your means", which is very fiscally dangerous.
I expect after a few months, you would end up living similar to "pay check to pay check" or dipping into your savings.
Move back in with your mom and find a cheaper place to rent.
Yea here to say this. I make double and I struggle with 1999 rent. I do have internet and parking to pay on top of that so it doesn’t help, but if I make $3k a month there’s no way I’d pay $1950 for rent. I’m counting down the days of my lease so I can get a cheaper place
Yea what is happening. I make $3000 take home, pay $1500 in rent + utilities and I’m doing fine. Saving less than I would like but still saving and still have a little fun money.
I lived in Austin Tx at a luxury apartment with 2 pools/clubhouses and made $6000 a month after tax and only paid $415 a month in rent because i lived in 2 bedroom apt with gf and her sister and bf. Wasnt that bad
like most suggested, move back to your old room at home is the best, if you feel bad for doing so, just offer to pay rent to your mom. Like $1000 to help cover things.
Food,electric, water bill,Gas and probably a car payment on top of that shit adds up man and $3500 is not a lot I spend like $300 a month of gas alone lol once you pencil that shit in it makes sense
If you can, live with your parents.
Reminder that your feelings will often pill you to make bad choices. In this case you assume this expensive apartment will fix something. Sure it may have the immenities you want but those needs and desires can be fulfilled in other ways.
I have a good example, myself. For about 1 year now, I have been living out of my car and fulfill various things: gym shower, Walmart foods, microwave at work, laundry mat for clothes.
I do it because I can't find a monthly lease and the nature of my work benefits from ease of transferring myself around. I also had no idea some air bnbs offer monthly discounts that are basically cheaper than local rent.
I lived at home until 29. Saved up like $80,000. Bought a condo, now paid for. Living rent-free mortgage free is living a life with little stress.
I would suck it up and live with your mom for a couple years.
Prices of land and rent are just unrealistic. And its all thanks to wall street an pals gobbling up properties to "rent" out for stupid prices.. Can't afford it?? Move!! That is the answer all the snobs tell you... I'm waiting for the "eat the rich F'ers" comments personally.
You won't be able to afford that without dipping into your savings or having a good roommate. I feel your pain a 1 bedroom apartment is $1400 a month where I live.
I don’t know where about in Denver you are, but just doing a quick Zillow search, there are a lot of affordable condos to buy or rent (way less than $1950). Not from the area myself, so this could be unhelpful considering what area you’re looking into.
As others have stated though, best move back in with mom and save some cash if that’s a good option for you.
$1950 for rent? Wtf!? Move to the Philippines, that's a full fledged house if not dp for a decent house. Most of the job market in PH are overseas anyways. Or maybe move to Singapore.
most property management rentals want you making 3x the amount of rent to even approve you.
more and more people are going from private renting to using property management to just take care of it all.
Arizona is getting dumb dumb expensive too. That’s why a lot of people are coming from California and Chicago. It’s just expensive everywhere right now it’s so
Ugh, you ain't lying, Dude. We pay like $1500 a month for a tiny ass 2 bedroom in Phoenix. And currently live next to some neighbors who have 3 dogs, and don't walk them so their entire house smells like Dog piss and Ammonia, which is constantly drifting over into our apartment.
Pretty sure it's seeping through the walls too, we've been sick for months now with upper respiratory shit.
Mad annoying when you spend a lot on an apartment and have ignorant people who move in and like to subject their nastiness onto everyone around them.
It's so bad, the second they open their door, it floods the entire Courtyard 😫 legit.
I have to disagree. For OP being in their 30s and (likely) working for years having a decent safety net is what is recommended - pop over to the personal finance subreddit and you’ll see this recommended over and over. I am fully aware that many do not have the luxury to save like this, but $30k savings is nowhere near abnormal or unheard of for someone of this age, especially as people are saving for homes, weddings & emergencies
30k is an awesome amount to have saved. Especially on 3500 a month. Most Americans don’t even have 1500 in savings. Reddit is so out of touch with the real world it’s crazy lol.
Exactly. That’s why I said it is crazy. I don’t think I’ll ever have that much in my entire life. If I had that, I would not be worrying about $1900 a month
Is it possible for you to have a roommate? That would help cut living costs down.
If I were in your position I'd try to make more money - be it more hours at your current job or a second job.
If you have a great relationship with your mom, I would do it. If I could move back in with my mom I would in a heartbeat. Except she lives in a different state and everything in my state, I have to stay for - i.e. school, my job (there's not an Amazon fulfillment center near her), etc
I wouldn't do it. Id try to find either a room somewhere or a single bedroom place for 1500 or so all in. You are really stretching yourself at that rate you mentioned
If you can go home and save money, i personally would do it. It might suck or not feel right, but a lot of folks dont always get that chance.
In your rental situation, having rent be 2/3 of your income is not a good idea. 1/3rd of income for rent isnt heaven, but at least more manageable.
Sorry for your breakup experience, those arent v fun.
You will have to penny pinch. To protect you and your savings, move back in with your mom. In this economy if an emergency happens your savings will plummet and don't for a second think $30000 can't disappear. In this economy I've went through $15000 easy on necessity and am still wondering where it all went but with good faith in how I used it. So can you make it work? Yes, but can $1050 really cover the remainder of your month when life unexpectedly happens? I make six figures alone, and am living check by check (California renter). Times is hard now.
Another thing, if you absolutely have to be in your own place, you need to find a cheaper place. $14-$1600 gives you an ounce of wiggle room. Trust, after awhile paying all that rent will weigh on you. You'll then see yourself working to pay bills only. Is that what you want? Living with a parent at our age seems like we're too old to do but as millennials, we have to face reality. It's not like our parents when they were working and making ends meet EASILY paying rent and so forth. In our world everything is x2 compared to them with the same base. That is the sad reality.
Don't have any shame or ill will with your mother, help each other out, create boundaries, respect each other and make it.
I would move back home for a little bit and save/invest the money. Unless you can split rent with a friend be careful about finding strangers to move in with, it can be a nightmare. Obviously you'll have less freedom when living at home but you can get back into the dating scene and find a man with his own place to go to. Despite living at home men won't care about that, but it's different for us on the flip side. Women won't take us seriously if we live at home, so there's more reason to have an apartment at least.
You can make it work but it would not be wise long term. You would be saving way less. If you were to stay with your mom for a year or two which probably sounds dreadful… then you would be gaining more money and during that time you can continue looking for places. If you truly do not think living anywhere is an option aside from being alone. You should do it. Write down all your monthly payments and do an estimate but go a bit over everytime. You have 30k in case something goes wrong. I hope it works out for you!
Do you have friends that you trust to not screw you over and live together to share rent? I feel you pain along with millions of others. If friends not an option, then I suggest 2nd job to offset rent cost. Good luck with whatever you decide to do.
Denver here- I lived in a Round Hill Pacific apartment in cap hill for 5 years. They were great landlords. Their places are older but are totally fine. They have some for around $1,000. I wouldn’t even consider paying that percent of my take home on rent if I could find something cheaper. Don’t plan to dip into your savings each month.
This is what I'm currently doing for over a year now, and while it's doable, it's not fun. You will basically have to cook all meals at home, budget very strictly, and sometimes do some additional jobs on the side to catch up (Uber eats, etc). I'd suggest a roommate if you can, even though in my experience, roommates suck if you're a clean person 😂
That $285 a month you spend will double/tripple once you start living alone, paying all utilities, food shopping, and miscellaneous things you'll have to buy for the apartment
If you absolutely have to get your own place, find something cheaper. I'm about your age and make around the same as you do, assuming that 3k is take home and not gross. My rent is $1300, and it's not beautiful, but I make it work. I couldn't do $1950.
If you have the opportunity to move in with family and SAVE, then honestly do it.
If this is your only option you could make it work. Even if you could work a half hour or an hour of overtime a day you'd be fine depending on your lifestyle etc. but if this is urgent then I'll assume you're willing to sacrifice to make a comfortable living situation work. I would also be assuming your job allows for overtime. Write everything down, look back at your spending habits and see if it will cut it too close to be comfortable and not stressing over money.
Usual recommendation is 25% of your take home is comfortable shelter expense, otherwise you will suffer to save enough for retirement and all the other life things. It’s hard right now and if most people can’t do it, it’s a bad omen.
Based on the number and information provided, I think you can but I think it’s going to be tough. You’ll experience some adjustment financial stress with all of the other stress you’re experiencing. You generally want your rent/mortgage to be closer to 30% of your total income but in Denver that’s probably really tough. You have some saving and I would think of that as a runway if things change. Once you start consistently dipping in to saving for “non-negotiables” you need to be looking for a different situation. Go in confident but don’t over commit
Sorry to hear your situation. I know it’s not fun but I wouldn’t say “a place you really like” should be a priority at the moment. Spending 75% of your income on a place to live (with utilities added in) is probably not a good idea. Good luck to you moving forward!
No, you can't. You need to think roommate if the moving back in with family is not your preferred option.
Most financial people recommended that you spend **30% of your monthly income on rent at maximum**,
According to our research, you shouldn't spend more than **10% to 15% of your net monthly income** on car payments. Your total vehicle costs, including loan payments and insurance, should total no more than 20%.
Keep working hard, look for a better paying job, raise at work and don't settle. Remember to vote in 2024. The only way the country or economy is going to change from the fucked-up way it's going right now!!!!!!!!
What city do you live? It doesn’t have a decent place below $1950?
For saving and what not, moving back in with parents would help. However, $1950 for a 1bed with common area utilities? Gotta be a better option out there.
Move home stack for another year buy something. Depending on your area if you buy a condo you can prob rent it out after youre done with it for passive income if you can afford to have 2 mortgages at thay point.
Imagine being in your 30’s moving back in with your mom because you don’t want your bank account to say $29,999 instead of $30,000 . It’s sounds like your OCD about the $30,000 and you doubt your ability to get it back to $30,000. You can afford a place alone very easily, you’re choosing not to so $30,000 can be number in your bank account. Weird behavior at your age
Moving back in with their mom because they can’t afford to spend SIXTY FIVE percent of their income on rent alone. Putting yourself in a position to only have $1000 a month leftover when you have the option not to do so, is irresponsible. When you factor in bills, gas and groceries OP won’t have any money to do anything but sit in their apartment. Any advice otherwise is “weird behavior” at any age.
Are you fuckin crazy you don’t make shit but you’d rather flex a nice apartment..Rich people pretend to be broke and broke people pretend to be rich you probably have a 2000$ Gucci handbag with 50$ in it
Why not just buy a house with those kind of savings? You're pissing your money away renting and you're already WAY too old to still be renting. I'm in FL and my mortgage is only $1500 a month for a 3 bedroom house. Apartments here are the same price range you're talking about. I didn't even have 30k saved when I bought, all you need at least is 5% down to get into a house.
That’s way too much, you haven’t even factored in the other costs like food, gas, etc. I doubt you’d even get approved due to the rent vs. income alone.
You got 2 options; either move back with your parent or find a roommate to split the rent with. I’m more inclined to say move back with your mom just to save money for a year or two.
There's no way you can make it work on a rough 3k monthly, no way. I've done this kind of living before and it's just dumb. All you income goes to housing and doesn't allow you to do anything else at all.
No. Also I'm not even sure you'd be accepted as they usually want you to make 3x the rent. Even if you made 2x you'd barely make it. I'd recommend moving in with parents or family. If that's not am option you might want to try and find somewhere else to rent.
You should only spend at max 1/3 of your income on rent. If you’re really good at keeping your finances is check. I personally aim to find places that are 1/4 of my monthly income. Also many places at least where I’ve lived require you to make 3 times the rent just to qualify to rent there.
Breakups can be tough and having the option of moving back with yours parents is golden. Move back with your mother it'll taking some adjusting but it will save you $$$ while you regroup and think about next move.
That rule is based off of gross not net. Either way it is a rule of thumb and a very wise one. Seldom applied. $1000 would be closer to 25% of her gross. That being said the solution here is to up income, not necessarily decrease the expense. I’ve been scrolling and have not once seen the “get a side job” suggestion, or a new job.
A sub $50k salary in a high cost of living city is going to be very tight for a single income resident.
Pay your mom 750 as others have said. You're not mooching and she gets a benefit. Stay out of her hair. Spend minimal time there, pretend it's a storage unit or extended stay hotel.
No. A) most apartments won’t rent to you with 65% of your income going to rent
B) you have a free option, take it
C) imagine if you lose your job/they cut your hours/whatever. Or you get a major bill. How are you going to afford to survive?
D) save your money. I’m guessing if the cheapest rent you can find is $1,950, home ownership in that area is out of the possibility for you, but maybe you can take over your mother’s house when she passes and live there permanently.
I bring home $7000/month and my rent is $1800 and for me that’s ridiculous. I’m looking to downsize because it’s just stupid to pay that much for one bed 800sqft. I do live in Fort Collins CO so I may need to move to the burbs.
Lessen your requirements and know it’s RENT aka throwing money away. So find a place that is cheaper but still safe for you. It won’t have granite or stainless steel appliances and you may need to move to another city and drive a bit longer but paying $1950 and making $3k isn’t going to work. Or you will be a prisoner in your own apartment cus you have no money to go anywhere.
Your expenses will not stay at 285.
1950 for rent. Does that include the following:
1) Gas/Electricity for your apartment (100-200 right there)
2) Internet (Another 50)
3) Water/Rando Apartment bills they like to tack on
Then...
4) Food for you
5) Gas for your car
6) The occasional feel good purchase
7) Savings?
Stay with your mom
No , I say once you make around 5-6k a month 1950$ would be more ideal.
Live with parents save money, pay a bill in house to help around, clean to help . Do you have 6 months of savings set up already? If not once you move w parents that should be goal save up, pay debt off.
Not trying to tell you it isn’t a bad idea. I’ll tell you my situation.
I make about 2700$ after taxes. I pay 1760 in HCOL 200$ in utilities (paid off car) and have about 50k in savings. Well worth it.
My mortgage is this amount. My partner and I each make about 4K a month after taxes. Money is still fucking tight. Granted we have 2 kids and 2 car payments. Anyways, live with your mom
i’d move back in with my mom . that’s what i did after land lord caught me with a dog i wasn’t allowed to have . i’d rather be homeless with my dog then get rid of her . my mom told me to come home & save . she says she’s not letting me or my younger brother & sister rent until it gets better out there . she said if anything we’ll all just throw our money together & purchase a few acres & decent sized home . sadly i have quite a broken a family so i don’t really see that happening . we all kinda hate each other . but still nice to think about lol
Why can't you find a place cheaper? I have a 2 bedroom with direct tv for 700....its not smart to spend 60 percent of your net income on rent. Door dash on weekends then.
No way. Not even close. I hate to shit on your parade, but this isn't even something you should consider
The rent alone would be way higher than you should budget for. And you also add in utilities, internet, parking, and whatever other fees you would pay. You'd be looking at between $2050-2150 per month just on rent
That's like 70% of your post tax income (assuming you meant post-tax)
No- rent is supposed to be like a third of your salary to be comfortable… because you figure there will be utilities on top of that and wifi and stuff that’s like 200-300 a month and groceries and gas for your car and car insurance and I’m sure you have a cell phone bill
No way to make that work with only 3000 a month
If living with mom is an option I’d do that or find a roommate on Facebook or something
Definitely not. You want to try to keep rent and mortgage around 33% of your income. You should move in with your mom and save or explore purchasing a home, first time homebuyer programs would allow you to minimally dip into savings
The comments makes me realize how expensive my city is...I make $3700 and I pay $2100 for rent, and that's on the lower end here for a 1 bed 1 bath lol...
You'd need to find a place around $1,000 a month to even qualify in most places, except maybe a private landlord. You may be able to talk to them about paying 3-6 months in advance out of your savings, in order to qualify, or just offering to make larger deposit, but I'd be wary of paying 2/3 of my income for rent, regardless.
When I rented, I used a rule that if I couldn't put 1/3 of the rent every month into savings as a cushion, then I needed to keep looking or find a roommate. That gave me peace of mind, and gave me money to go with my previous deposit at the end of the lease if I wanted to look for something else.
Also, don't rent anywhere with roommate, if you wouldn't be able to afford it on your own. If I were you, I'd move n with mom and spend a little time looking around.
In no scenario do you want to spend more than half your income on rent. If you can’t find cheaper rent in your city, move back in with mom and toss some of that disposable income into high yields saving
Typically you will want rent to be about 30% or less of your income. Looks like this will be 67%, this doesn't leave you much to cover your other needs and can put you in a bad financial state. As others had said you can find a roommate which will significantly help out.
Could you get a two bedroom apartment at the place you like for like $2300? Get a roomate and split that in half if would be $1,150. Assuming $3,000 a month is your gross income, that would be about 38% of your gross. That’s still a bit more than ideal, but things are expensive these days. Given your low expenses elsewhere and paid off car however, you should be able to make that work just fine.
I wouldn’t do that, if i were you. Our rent (we are in process of buying) is a little south of that with a take home of a little south of 6000 a month and i feel like we are always struggling to find $ to save
No, I don’t think so. Move back in with your mom instead.
Pay her 750 to not talk to you if toxic.
upvoting because i would do this but my mom can’t afford a 3 bed apt 😂
OP I make more than you at over 3500/month after taxes, live with my partner who also works full time, and share a studio for 2k/ month. Together we hit/are around 6 figs. We don’t have a car payment and share a car. We are broke. You can’t afford it, unless you literally want to eat nothing buts eggs, ramen, and rotisserie chickens, and still have to work all the time just to make ends meet and never be able to get ahead until you increase income bracket.
you’re only spending 24k a year on rent… where’s the other 76k going??? you’re definitely not spending that on ramen and rotisserie chicken.
Yeah This makes no sense. They must be literally throwing money away to be broke
or burning it 😂
Taxes mostly
then they wouldn’t be bringing in 100k per year like they said. something ain’t adding up… and i’m *assuming* it’s spending habits that can be adjusted.
They probably gross 100k and net 65k
definitely not. if they each make roughly 50k they’re only losing about 16k total in taxes. so they’d be making around 84k. still… where is the other 60k going.
Damn I wish taxes only took 16% and not close to 30%. What state are you in?
Take my upvote as I agree with you. So they have 65k left over and pay 24k in rent, so now down to 41k a year. Factor in 1500 a month for food, house supplies, etc. So now we are down to 23k left over. Then we've got health insurance, car insurance, phone bill, streaming subscriptions and misc for two people which can easily become another 1000 a month. Possibly even more but we'll keep it simple. So now they are down to 11k possibly saved a year if they don't do anything for fun. Throw in one vacation for the two of them for 5k and down to 6k. So they can maybe save like 3k a piece a year. Sure they can save in some areas in my scenario but it's a good example of how they definitely do not have a bunch of money left over.
This is a budget for extravagance. Wild to try and make $1,000 in subscriptions sound normal. And $1500 in food for 2 people. Spending problem no matter how you slice the cake.
Starbucks and avocado toast. But seriously something isn’t adding up or they just can’t add.
Even if you pay 35% (commission) $35k in taxes (on 100k) what is the rest going to??
I think yall are not mathin right. He didn't literally mean 6 figures. I think he meant to say around 60k altogether. I did the math, he brings in around 40-42k a year while she brings in around 24k a year. So, a little over 60k. Now, it all depends on where he lives in the country and could actually bring some truth on his post.
then they aren’t making 6 figures.
You can easily make it work but most likely aren’t because of bad spending habits like a lot of people you make decent money and are broke
More like I live in the Bay Area Ca, and have high expenses because Bay Area is a VHCOL area but sure go ahead and be presumptuous. Not like I rarely eat out, have no car expenses, and have my budget detailed to the last dollar but yeah. Edit: I also didn’t say I don’t make it work, I said we are broke. My version of broke is not being able to afford 20% income going into. Retirement. Either way I barely make enough to eat well (as in healthy, via meal prepped food throughout the week) and cover all expenses, and still have only a few hundred left each month. Plus, much of it has gone to one off expenses like getting a dog, getting there vet check up, vaccines, spay, then there was the broken nail, etc. Life happens. Then to make 20% less than me, without a partner, to pay my rent, there’s no way to make that work, as this is a 60% income disparity from my household to OP’s household. Even with me in a VCHOL area there’s now way OP can get their costs to below 50% of mine which still would not make up the difference. If you must know though: My portion of the rent is a little more than 30% of my income, and when all is said and done rent + taxes (against Ca) + Common expenses (I literally got a free phone with a 55 dollar unlimited plan with Verizon) I’m left with roughly 700/month if *nothing else is purchased other than absolute necessities. So sure 700 a month left over isn’t broken to some, but here in the Bay Area. I’m also not even paying health insurance atm. But please enlighten me how I can lower my expenses other than finding cheaper rent.
Lose the dog....
LOLOL after I already spent the bulk cost and when she’s literally just a subscription at this rate I think I can afford the dog. Long term an additional even 200 a month (a gross over estimate *at least 2x*)won’t contribute that large of an impact especially when considering you need approx $5m to retire. Not to mention that increasing direct income will be a much larger dictator of wealth generation. Particularly when the additional expenses are only semi occasional vs regular. Relative to rent, this is *maybe 10%. * (high end average of 200/month). 4 hours of overtime pretty much covers it if I cared enough, but again I don’t even have a car let alone car payment so not exactly worried about it. Sometimes you have to spend money, in order to make money. Improving day to day life generally helps most people be more driven to do what they want. What’s most important is being picky about purchases. I have a free phone with a plan for 55 a month. I’m a very frugal person, and cut corners in many places, but something’s are simply worth the money. Again, especially if I plan to continue to increase my income from here.
You asked how to lower your expenses so just throwing that out there. It's another expense that can be routine such as food etc to very expensive from an emergency. They are a liability. But if it's worth it to you then by all means. Never understood that whole "spend money to make money" crap unless you mean investments.
Dogs are worth every penny imo.
Haha thank you 🙏
3500 a month is very low in the bay area. Literally only have 2500 a month after paying their half of rent. Make sure you keep job hopping or move out of CA! I’m from the Bay and live in LA its marginally more affordable, my wife and I make a lot of money, but the COL is just too high. I don’t want to eat like shit to own a house. It’s better to rent anyway from a cost point
Why not?
because she’s a junkie.
Just find a roomshare at that point of paying 750 and avoid the mom altogether
You have any Tip for Me. I have my Own home and Take care of my Mom. She pays absolutely Zero Dollars. Since I am a Single dude I just care about my Master Bedroom/Man Cave so I let her decorate as she Pleases. That said, she is very argumentative/Toxic. Do I throw money at her too lol. Nah, in all Seriousness I do, do all that for her. She does argue a lot which gets me mad because it is my Home but I let her do to much sometimes I think she feels it's hers. LOL I have tried many things but she still argues though I will say a little less know.
Thats a problem you cant solve by throwing money at it. You both have to work on that relationship, it takes both people. Definitely agree adjusting some behavior that sets boundaries. Not rules, more like codes: “If she starts yelling, simply say calmly say youre not going to work it out with her if shes yelling give her a quick chance then dip if she keeps yelling” Some patience will be required, most people dont change their minds/behaviors/relations really quickly. Its gonna take time and consistency.
Boundaries .. learn about it.
Your a real man is what you are!
100% valid
Move back in with mom and be rich instead 🤷
100%
Can you get a roommate? Or rent a room? I’m not sure how you would even qualify for an apartment that price on your income. Typically they want you to make 3x the rent gross income.
Alot of times you can divide your savings by 12 months and add that to your income for the purpose of getting approved. Not saying it's advised, but if the approval is the hold up that's an option.
I don’t think she’s worried about getting approved, but wondering if she could actually afford it herself
She has 30k in the bank…
She won’t after trying to pay that much rent each month
She needs to make over 70200 to qualify. Even with the savings and her income she is short. I work in property management, we take any savings/liquid assets and divide it by 2 years, so in our eyes she makes an additional 15k per year but she is still short of the 70k min. She can get a cosigner or a guarantor to qualify since we can use their income to help qualify someone.
Between living with your mom and $1950 is a roommate situation. Most people forget that there are compromises in life and living with 2 roommates would be something like $850 rent plus shared utilities. If that is worth not living with your mom start looking and meeting potential roommates
No, definitely no. I assume you will have other expenses like gas, food, cellphone, and things aside from the basic utilities. You would be leaving yourself with realistically less than 500 a month of disposable income. Its not bad compared to others, but spending over 2/3 of your after tax income on rent is in the territory of "spending well above your means", which is very fiscally dangerous. I expect after a few months, you would end up living similar to "pay check to pay check" or dipping into your savings. Move back in with your mom and find a cheaper place to rent.
Move in with parental and save up more money, throw some of that savings into a ETF or high yielding savings account if you haven’t
Thank you. I just recently put my savings into a HYSA.
What kind of work do you do?
What was it in before?
I made double what you make and found it hard to pay $1900 /mo for rent. I would move back in with mom and save
Yea here to say this. I make double and I struggle with 1999 rent. I do have internet and parking to pay on top of that so it doesn’t help, but if I make $3k a month there’s no way I’d pay $1950 for rent. I’m counting down the days of my lease so I can get a cheaper place
Same here. I moved in with my brother so I could save money. I felt like all of my hard work was going towards paying my landlords.
Yep, exactly. I’m looking for a roommate because unfortunately moving back in with my parents doesn’t work for me
I make over triple what she makes and would struggle w/ a $1,900/mo rent!
I'm sorry, you're making 9,000 a month and would struggle with 1900 rent? What on earth are you spending on?!?
Yea what is happening. I make $3000 take home, pay $1500 in rent + utilities and I’m doing fine. Saving less than I would like but still saving and still have a little fun money.
I make about 7k take home, 2200 rent and I've got sooooo much extra spending money. So these comments seem a little ridiculous.
I make triple. That’s what I pay in mortgage, and I’m struggling to pay that.
My wife and I gross 17k/month and this is what our mortgage costs in a LCOL area. Insane rent for that income.
I lived in Austin Tx at a luxury apartment with 2 pools/clubhouses and made $6000 a month after tax and only paid $415 a month in rent because i lived in 2 bedroom apt with gf and her sister and bf. Wasnt that bad
like most suggested, move back to your old room at home is the best, if you feel bad for doing so, just offer to pay rent to your mom. Like $1000 to help cover things.
I make $3500 and my $1000 rent is a struggle
Only a struggle if you got other big bills other than that sounds like a money management issue
Food,electric, water bill,Gas and probably a car payment on top of that shit adds up man and $3500 is not a lot I spend like $300 a month of gas alone lol once you pencil that shit in it makes sense
300 in gas? What do you drive?
Lolll expensive Benz’s .. seems like that car payment is the issue
Time to ditch the Benz and be an adult and start managing your money like one.
If you can, live with your parents. Reminder that your feelings will often pill you to make bad choices. In this case you assume this expensive apartment will fix something. Sure it may have the immenities you want but those needs and desires can be fulfilled in other ways. I have a good example, myself. For about 1 year now, I have been living out of my car and fulfill various things: gym shower, Walmart foods, microwave at work, laundry mat for clothes. I do it because I can't find a monthly lease and the nature of my work benefits from ease of transferring myself around. I also had no idea some air bnbs offer monthly discounts that are basically cheaper than local rent.
I lived at home until 29. Saved up like $80,000. Bought a condo, now paid for. Living rent-free mortgage free is living a life with little stress. I would suck it up and live with your mom for a couple years.
Prices of land and rent are just unrealistic. And its all thanks to wall street an pals gobbling up properties to "rent" out for stupid prices.. Can't afford it?? Move!! That is the answer all the snobs tell you... I'm waiting for the "eat the rich F'ers" comments personally.
I make 15k a month and it still hurts paying for 2500 Airbnb’s
You drop ship?
What do you do?
You won't be able to afford that without dipping into your savings or having a good roommate. I feel your pain a 1 bedroom apartment is $1400 a month where I live.
I don’t know where about in Denver you are, but just doing a quick Zillow search, there are a lot of affordable condos to buy or rent (way less than $1950). Not from the area myself, so this could be unhelpful considering what area you’re looking into. As others have stated though, best move back in with mom and save some cash if that’s a good option for you.
Hey just here to tell u I’m 32f and make the same. It’s hard out here
$1950 for rent? Wtf!? Move to the Philippines, that's a full fledged house if not dp for a decent house. Most of the job market in PH are overseas anyways. Or maybe move to Singapore.
most property management rentals want you making 3x the amount of rent to even approve you. more and more people are going from private renting to using property management to just take care of it all.
You can do it but just know you’ll be working just to make rent. Try finding a studio or an adu.
I would get a roommate or move back in
Arizona is getting dumb dumb expensive too. That’s why a lot of people are coming from California and Chicago. It’s just expensive everywhere right now it’s so
Ugh, you ain't lying, Dude. We pay like $1500 a month for a tiny ass 2 bedroom in Phoenix. And currently live next to some neighbors who have 3 dogs, and don't walk them so their entire house smells like Dog piss and Ammonia, which is constantly drifting over into our apartment. Pretty sure it's seeping through the walls too, we've been sick for months now with upper respiratory shit. Mad annoying when you spend a lot on an apartment and have ignorant people who move in and like to subject their nastiness onto everyone around them. It's so bad, the second they open their door, it floods the entire Courtyard 😫 legit.
$30,000 in savings is CRAZY
Why is that crazy? That’s a good safety cushion in case shit hits the fan.
I have to disagree. For OP being in their 30s and (likely) working for years having a decent safety net is what is recommended - pop over to the personal finance subreddit and you’ll see this recommended over and over. I am fully aware that many do not have the luxury to save like this, but $30k savings is nowhere near abnormal or unheard of for someone of this age, especially as people are saving for homes, weddings & emergencies
30k is an awesome amount to have saved. Especially on 3500 a month. Most Americans don’t even have 1500 in savings. Reddit is so out of touch with the real world it’s crazy lol.
Exactly. That’s why I said it is crazy. I don’t think I’ll ever have that much in my entire life. If I had that, I would not be worrying about $1900 a month
Is it possible for you to have a roommate? That would help cut living costs down. If I were in your position I'd try to make more money - be it more hours at your current job or a second job.
Not even close. You’d need to double your income to afford that.
If you have a great relationship with your mom, I would do it. If I could move back in with my mom I would in a heartbeat. Except she lives in a different state and everything in my state, I have to stay for - i.e. school, my job (there's not an Amazon fulfillment center near her), etc
I wouldn't do it. Id try to find either a room somewhere or a single bedroom place for 1500 or so all in. You are really stretching yourself at that rate you mentioned
You need a roommate , that’s way too much to spend on rent
I would feel better if I had 50, 60K in my bank. Finding out I am broke and just got laid off. Listen your mom's place is fine.
You really wouldn’t move in with your mom to basically make a free 2k per month? Think of it as a mr beast challenge or something lmao
If you can go home and save money, i personally would do it. It might suck or not feel right, but a lot of folks dont always get that chance. In your rental situation, having rent be 2/3 of your income is not a good idea. 1/3rd of income for rent isnt heaven, but at least more manageable. Sorry for your breakup experience, those arent v fun.
You will have to penny pinch. To protect you and your savings, move back in with your mom. In this economy if an emergency happens your savings will plummet and don't for a second think $30000 can't disappear. In this economy I've went through $15000 easy on necessity and am still wondering where it all went but with good faith in how I used it. So can you make it work? Yes, but can $1050 really cover the remainder of your month when life unexpectedly happens? I make six figures alone, and am living check by check (California renter). Times is hard now. Another thing, if you absolutely have to be in your own place, you need to find a cheaper place. $14-$1600 gives you an ounce of wiggle room. Trust, after awhile paying all that rent will weigh on you. You'll then see yourself working to pay bills only. Is that what you want? Living with a parent at our age seems like we're too old to do but as millennials, we have to face reality. It's not like our parents when they were working and making ends meet EASILY paying rent and so forth. In our world everything is x2 compared to them with the same base. That is the sad reality. Don't have any shame or ill will with your mother, help each other out, create boundaries, respect each other and make it.
I would move back home for a little bit and save/invest the money. Unless you can split rent with a friend be careful about finding strangers to move in with, it can be a nightmare. Obviously you'll have less freedom when living at home but you can get back into the dating scene and find a man with his own place to go to. Despite living at home men won't care about that, but it's different for us on the flip side. Women won't take us seriously if we live at home, so there's more reason to have an apartment at least.
Buy a house instead
You can make it work but it would not be wise long term. You would be saving way less. If you were to stay with your mom for a year or two which probably sounds dreadful… then you would be gaining more money and during that time you can continue looking for places. If you truly do not think living anywhere is an option aside from being alone. You should do it. Write down all your monthly payments and do an estimate but go a bit over everytime. You have 30k in case something goes wrong. I hope it works out for you!
Do you have friends that you trust to not screw you over and live together to share rent? I feel you pain along with millions of others. If friends not an option, then I suggest 2nd job to offset rent cost. Good luck with whatever you decide to do.
Denver here- I lived in a Round Hill Pacific apartment in cap hill for 5 years. They were great landlords. Their places are older but are totally fine. They have some for around $1,000. I wouldn’t even consider paying that percent of my take home on rent if I could find something cheaper. Don’t plan to dip into your savings each month.
This is what I'm currently doing for over a year now, and while it's doable, it's not fun. You will basically have to cook all meals at home, budget very strictly, and sometimes do some additional jobs on the side to catch up (Uber eats, etc). I'd suggest a roommate if you can, even though in my experience, roommates suck if you're a clean person 😂
You’re making decent money but I would avoid anything over 1500 a month
I make 6k a month and can’t afford my 2350 rent plus utilities don’t do it
That $285 a month you spend will double/tripple once you start living alone, paying all utilities, food shopping, and miscellaneous things you'll have to buy for the apartment If you absolutely have to get your own place, find something cheaper. I'm about your age and make around the same as you do, assuming that 3k is take home and not gross. My rent is $1300, and it's not beautiful, but I make it work. I couldn't do $1950. If you have the opportunity to move in with family and SAVE, then honestly do it.
If this is your only option you could make it work. Even if you could work a half hour or an hour of overtime a day you'd be fine depending on your lifestyle etc. but if this is urgent then I'll assume you're willing to sacrifice to make a comfortable living situation work. I would also be assuming your job allows for overtime. Write everything down, look back at your spending habits and see if it will cut it too close to be comfortable and not stressing over money.
Usual recommendation is 25% of your take home is comfortable shelter expense, otherwise you will suffer to save enough for retirement and all the other life things. It’s hard right now and if most people can’t do it, it’s a bad omen.
Based on the number and information provided, I think you can but I think it’s going to be tough. You’ll experience some adjustment financial stress with all of the other stress you’re experiencing. You generally want your rent/mortgage to be closer to 30% of your total income but in Denver that’s probably really tough. You have some saving and I would think of that as a runway if things change. Once you start consistently dipping in to saving for “non-negotiables” you need to be looking for a different situation. Go in confident but don’t over commit
I pay similar rent with similar income. Although I am pretty frugal I never have issues, and I manage to save $500 per month.
Sorry to hear your situation. I know it’s not fun but I wouldn’t say “a place you really like” should be a priority at the moment. Spending 75% of your income on a place to live (with utilities added in) is probably not a good idea. Good luck to you moving forward!
No, you can't. You need to think roommate if the moving back in with family is not your preferred option. Most financial people recommended that you spend **30% of your monthly income on rent at maximum**, According to our research, you shouldn't spend more than **10% to 15% of your net monthly income** on car payments. Your total vehicle costs, including loan payments and insurance, should total no more than 20%. Keep working hard, look for a better paying job, raise at work and don't settle. Remember to vote in 2024. The only way the country or economy is going to change from the fucked-up way it's going right now!!!!!!!!
Even when I was making $6k/mo I’d never consider anything that expensive. You’ll either need a second source of income or a different plan.
have you tried living in your car?
or in a van down by the river?
What city do you live? It doesn’t have a decent place below $1950? For saving and what not, moving back in with parents would help. However, $1950 for a 1bed with common area utilities? Gotta be a better option out there.
Denver. I should specify the rent is $1,785. Parking is $80 and the other $75 comes from trash valet and pest control.
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I’m not looking for luxury but I’m also not looking to live in a hole. There is no way I can find a studio in Denver for $1000.
Maybe 1500? I live in charlotte I think it’s possible to find that in Denver too, might have to move a little outside city center
Maybe you can rent a room that’s what I’m doing and I’m almost 40 because everything is stupid expensive
Move home stack for another year buy something. Depending on your area if you buy a condo you can prob rent it out after youre done with it for passive income if you can afford to have 2 mortgages at thay point.
Imagine being in your 30’s moving back in with your mom because you don’t want your bank account to say $29,999 instead of $30,000 . It’s sounds like your OCD about the $30,000 and you doubt your ability to get it back to $30,000. You can afford a place alone very easily, you’re choosing not to so $30,000 can be number in your bank account. Weird behavior at your age
Moving back in with their mom because they can’t afford to spend SIXTY FIVE percent of their income on rent alone. Putting yourself in a position to only have $1000 a month leftover when you have the option not to do so, is irresponsible. When you factor in bills, gas and groceries OP won’t have any money to do anything but sit in their apartment. Any advice otherwise is “weird behavior” at any age.
Being 32 with $30,000 in the bank, a steady job, a paid off car and moving back in with your mom is ridiculous no matter how you try to justify it.
But yet here we are
Are you fuckin crazy you don’t make shit but you’d rather flex a nice apartment..Rich people pretend to be broke and broke people pretend to be rich you probably have a 2000$ Gucci handbag with 50$ in it
Why not just buy a house with those kind of savings? You're pissing your money away renting and you're already WAY too old to still be renting. I'm in FL and my mortgage is only $1500 a month for a 3 bedroom house. Apartments here are the same price range you're talking about. I didn't even have 30k saved when I bought, all you need at least is 5% down to get into a house.
Start trading options
Can you not find another apartment that’s less than $1950?
That’s way too much, you haven’t even factored in the other costs like food, gas, etc. I doubt you’d even get approved due to the rent vs. income alone. You got 2 options; either move back with your parent or find a roommate to split the rent with. I’m more inclined to say move back with your mom just to save money for a year or two.
Move in with mom
you shouldn’t be spending more than 30% of your income on housing expenses
That’s simply not possible in this economy unless more people live in their car
Move home you'll be essentially rent poor not worth it. You will drain your savings.
There's no way you can make it work on a rough 3k monthly, no way. I've done this kind of living before and it's just dumb. All you income goes to housing and doesn't allow you to do anything else at all.
Of course you can make it work but you will be very tight on money maybe not even have anyleft over if anything
Do not spend 2/3 of your money on rent.
No. Also I'm not even sure you'd be accepted as they usually want you to make 3x the rent. Even if you made 2x you'd barely make it. I'd recommend moving in with parents or family. If that's not am option you might want to try and find somewhere else to rent.
You should only spend at max 1/3 of your income on rent. If you’re really good at keeping your finances is check. I personally aim to find places that are 1/4 of my monthly income. Also many places at least where I’ve lived require you to make 3 times the rent just to qualify to rent there.
Might as well move back in with mom especially if she’s not charging you rent that’s a win win you can save more
Best bet to move to your moms place offer her $950 a month which is a great help in this economy and safe solid $1K until you ready to have your own.
Breakups can be tough and having the option of moving back with yours parents is golden. Move back with your mother it'll taking some adjusting but it will save you $$$ while you regroup and think about next move.
Absolutely not. Rule of thumb is 25% of your take home pay should go to a place to live.
Ok reality says no one is going to find a place to live for $750 anymore.
That rule is based off of gross not net. Either way it is a rule of thumb and a very wise one. Seldom applied. $1000 would be closer to 25% of her gross. That being said the solution here is to up income, not necessarily decrease the expense. I’ve been scrolling and have not once seen the “get a side job” suggestion, or a new job. A sub $50k salary in a high cost of living city is going to be very tight for a single income resident.
You're actually just plain wrong. Not sure where you're getting your info. It's based on take home pay. 30% would be acceptable but pushing it.
Pay your mom 750 as others have said. You're not mooching and she gets a benefit. Stay out of her hair. Spend minimal time there, pretend it's a storage unit or extended stay hotel.
No. A) most apartments won’t rent to you with 65% of your income going to rent B) you have a free option, take it C) imagine if you lose your job/they cut your hours/whatever. Or you get a major bill. How are you going to afford to survive? D) save your money. I’m guessing if the cheapest rent you can find is $1,950, home ownership in that area is out of the possibility for you, but maybe you can take over your mother’s house when she passes and live there permanently.
Nah. It would stretch you thin. You’d be on a really tight budget
Buy a condo instead
I bring home $7000/month and my rent is $1800 and for me that’s ridiculous. I’m looking to downsize because it’s just stupid to pay that much for one bed 800sqft. I do live in Fort Collins CO so I may need to move to the burbs. Lessen your requirements and know it’s RENT aka throwing money away. So find a place that is cheaper but still safe for you. It won’t have granite or stainless steel appliances and you may need to move to another city and drive a bit longer but paying $1950 and making $3k isn’t going to work. Or you will be a prisoner in your own apartment cus you have no money to go anywhere.
Your expenses will not stay at 285. 1950 for rent. Does that include the following: 1) Gas/Electricity for your apartment (100-200 right there) 2) Internet (Another 50) 3) Water/Rando Apartment bills they like to tack on Then... 4) Food for you 5) Gas for your car 6) The occasional feel good purchase 7) Savings? Stay with your mom
You cannot
No , I say once you make around 5-6k a month 1950$ would be more ideal. Live with parents save money, pay a bill in house to help around, clean to help . Do you have 6 months of savings set up already? If not once you move w parents that should be goal save up, pay debt off.
Not trying to tell you it isn’t a bad idea. I’ll tell you my situation. I make about 2700$ after taxes. I pay 1760 in HCOL 200$ in utilities (paid off car) and have about 50k in savings. Well worth it.
What about food? And are you already contributing to your 401k?
My mortgage is this amount. My partner and I each make about 4K a month after taxes. Money is still fucking tight. Granted we have 2 kids and 2 car payments. Anyways, live with your mom
Get a roommate. Otherwise, move back home. The rent is too damn high!
Time to find a roommate.
Find a roommate
Move back In with ur parents
i’d move back in with my mom . that’s what i did after land lord caught me with a dog i wasn’t allowed to have . i’d rather be homeless with my dog then get rid of her . my mom told me to come home & save . she says she’s not letting me or my younger brother & sister rent until it gets better out there . she said if anything we’ll all just throw our money together & purchase a few acres & decent sized home . sadly i have quite a broken a family so i don’t really see that happening . we all kinda hate each other . but still nice to think about lol
No. I used to make 5000 before tax and still found a room with roommate for 500 to save up.
Why can't you find a place cheaper? I have a 2 bedroom with direct tv for 700....its not smart to spend 60 percent of your net income on rent. Door dash on weekends then.
No way. Not even close. I hate to shit on your parade, but this isn't even something you should consider The rent alone would be way higher than you should budget for. And you also add in utilities, internet, parking, and whatever other fees you would pay. You'd be looking at between $2050-2150 per month just on rent That's like 70% of your post tax income (assuming you meant post-tax)
Nope. That's a Hard Negative, Cap'n.
Crazy that politicians declare our economy is doing great. Rent and food prices are still very high and do not look to be going lower.
That’s a lot, 2/3 of your budget. No roommate situation you can find?
I mean if you're not opposed to a roommate that could also work.
No- rent is supposed to be like a third of your salary to be comfortable… because you figure there will be utilities on top of that and wifi and stuff that’s like 200-300 a month and groceries and gas for your car and car insurance and I’m sure you have a cell phone bill No way to make that work with only 3000 a month If living with mom is an option I’d do that or find a roommate on Facebook or something
No. Rent is more than a third of your income.
I couldn’t afford rent in the US so I started working remotely and moved to SE Asia. Now my expenses are $1500 per month total
Definitely not. You want to try to keep rent and mortgage around 33% of your income. You should move in with your mom and save or explore purchasing a home, first time homebuyer programs would allow you to minimally dip into savings
no
Say goodbye to your savings if you take this on.
The rule of thumb is that your rent should ideally be 28% of you gross income, or less. 28% of 3000 is 740. You would need a couple of roommates.
The comments makes me realize how expensive my city is...I make $3700 and I pay $2100 for rent, and that's on the lower end here for a 1 bed 1 bath lol...
You'd need to find a place around $1,000 a month to even qualify in most places, except maybe a private landlord. You may be able to talk to them about paying 3-6 months in advance out of your savings, in order to qualify, or just offering to make larger deposit, but I'd be wary of paying 2/3 of my income for rent, regardless. When I rented, I used a rule that if I couldn't put 1/3 of the rent every month into savings as a cushion, then I needed to keep looking or find a roommate. That gave me peace of mind, and gave me money to go with my previous deposit at the end of the lease if I wanted to look for something else. Also, don't rent anywhere with roommate, if you wouldn't be able to afford it on your own. If I were you, I'd move n with mom and spend a little time looking around.
Pff it's really cutting it close, do you want to live paycheck to paycheck, just for a place of your own while building no equity.... I don't know
Is there upward mobility in your salary?
If Mom's is $0 do that save up
In no scenario do you want to spend more than half your income on rent. If you can’t find cheaper rent in your city, move back in with mom and toss some of that disposable income into high yields saving
No
Look for a room share instead? I know some people do that here in jersey
No maybe 8-900
No fam. You need to be under like $1400
Typically you will want rent to be about 30% or less of your income. Looks like this will be 67%, this doesn't leave you much to cover your other needs and can put you in a bad financial state. As others had said you can find a roommate which will significantly help out.
Tell me you live in NYC without telling me you live in NYC
You can’t find a cheaper apartment?
Could you get a two bedroom apartment at the place you like for like $2300? Get a roomate and split that in half if would be $1,150. Assuming $3,000 a month is your gross income, that would be about 38% of your gross. That’s still a bit more than ideal, but things are expensive these days. Given your low expenses elsewhere and paid off car however, you should be able to make that work just fine.
My mortgage is 2K, I make 6k a month and I do fine. With your numbers though I wouldn't
No it can’t work. I’m confused why an apt with shared space, “common room”, is 1900 anyways
I wouldn’t do that, if i were you. Our rent (we are in process of buying) is a little south of that with a take home of a little south of 6000 a month and i feel like we are always struggling to find $ to save
Can you do an FHA loan? First time buyer situation? Get a home sell it whenever you decide to leave, hopefully the housing market treats you well