First thing’s first: Start crunching some numbers to get a feel for your price range. The typical rule of thumb for rent is spending 30% of your income (before taxes). So if you make, say, $30,000 a year, conventional wisdom would be to put down no more than $750 per month on your rent.
This also ties into the 50/30/20 rule, which suggests the following allocation of income:
50% on fixed needs – think rent, utilities, and transportation 30% on daily expenses, such as eating out, shopping, and other miscellaneous habits 20% on long-term financial goals, e.g., debt and retirement
But if you’re moving within or to a big city, finding housing within a limited price range is anything but easy. You might need to tweak the above formula to find a ratio that works for you. Luckily, urban areas typically offer tons of free or inexpensive events for locals, so your daily expenses might be adjustable. And a budgeting app like Dollarbird or Mint will help you pinpoint unnecessary expenses. For the first month, you’ll need to factor in a moving budget, too.
Either way, definitely settle on budget before you go apartment hunting. Call ahead to check whether utilities exceed your price range, parking is or isn’t included, and any other potential deal breakers. This will prevent you from going to see a place and falling head over lease in love with it – only to have your heart smashed when you realize it’s way past budget.
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