Rent Calculator

Calculate rent affordability, move-in costs, and total monthly housing expenses. See if your rent fits within the 30% rule.

Rent Summary

Total Monthly Housing

$1,670

Rent + utilities + insurance

Move-In Costs

$3,050

Deposit + first month + fees

Rent % of Income30.0%
Max Affordable$1,500
Annual Housing Cost$20,040

Rent & Income

$1,500
5005,000
$5,000
2,00020,000

Affordability Check

Rent as % of Income

30.0%

Within budget

Max Affordable (30% rule)

$1,500

$0 under budget

Money Left After Rent

$3,330

For other expenses

Move-In Costs

Security Deposit$1,500
First Month$1,500
Application Fee$50
Total Move-In Costs$3,050

Monthly Expenses

Monthly Housing Cost Breakdown

Future Rent Projections

3%
010
YearMonthly RentAnnual Rent
Year 1$1,500$18,000
Year 2$1,545$18,540
Year 3$1,591$19,096
Year 4$1,639$19,669
Year 5$1,688$20,259

Rent Summary

Total Monthly Housing

$1,670

Rent + utilities + insurance

Move-In Costs

$3,050

Deposit + first month + fees

Rent % of Income30.0%
Max Affordable$1,500
Annual Housing Cost$20,040

Quick Answer

The 30% rule suggests spending no more than 30% of gross income on rent. If you earn $60,000/year ($5,000/month), affordable rent is $1,500. Include utilities in this calculation for accurate budgeting.

Key Facts

  • 30% rule: rent should be ≤30% of gross income
  • 50/30/20 rule: 50% needs, 30% wants, 20% savings
  • Include utilities in housing budget
  • Many landlords require 3x rent as income
  • Consider location, commute, and lifestyle
  • Renter insurance typically $15-30/month

Frequently Asked Questions

The traditional rule is to spend no more than 30% of your gross monthly income on rent. Some experts suggest 25% for more financial flexibility. If you earn $5,000/month, aim for $1,250-$1,500 rent. Consider total housing costs including utilities and insurance.
Move-in costs typically include: first month's rent, security deposit (usually 1-2 months rent), last month's rent (sometimes), application fees ($25-75), and potentially pet deposits or fees. Total move-in costs can be 2-4 times monthly rent.
A security deposit is a refundable payment held by the landlord to cover potential damages beyond normal wear and tear or unpaid rent. It's typically 1-2 months rent and is returned (minus deductions) when you move out if the property is in good condition.
Utility costs vary by location, apartment size, and usage. Average monthly costs: electricity $50-150, gas $30-100, water/sewer $20-50, internet $50-100, trash $15-40. For a 1-bedroom apartment, budget $150-300/month total for utilities.
Renters insurance is highly recommended and often required by landlords. It covers your personal belongings against theft, fire, and other disasters. It also provides liability protection if someone is injured in your apartment. Cost is typically $15-30/month.