Rent affordability calculator (how much rent can I afford?)

Rent affordability calculator (how much rent can I afford?): what it is for

Enter your annual or monthly gross income and see the maximum rent under the 30% rule and under the 40x rent rule that many landlords use to approve applications. Add your monthly take-home pay and your debt payments to get a budget-based rent that leaves room for the rest of your life.

You also see the income you would need to qualify for a given rent, which helps when you are comparing apartments.

How to use

1. Enter your gross income.
2. Add take-home pay and debts (optional).
3. Compare the three rent limits.

When to use it

• Apartment hunting.
• Checking if you'll pass the 40x rule.
• Moving to a new city.

Frequently asked questions

What is the 30% rule for rent?

Spend no more than 30% of your gross monthly income on rent. With $60,000 a year ($5,000 a month), that is $1,500 a month. HUD uses the 30% threshold to define a household as cost-burdened by housing.

What is the 40x rent rule?

Many landlords, especially in New York and other big cities, require your gross annual income to be at least 40 times the monthly rent. With $60,000 a year, the highest rent that passes is $1,500. Some use 3x the monthly rent in monthly income, which is about the same (36x a year).

Should I use gross or net income?

Rules of thumb use gross income, but you pay rent from your take-home pay. If you have student loans, a car payment or other debts, look at the budget-based number too: what is left after debts and the 50/30/20 split.

Is it really free?

Yes, 100% free. No sign-up, no subscription and no usage limits. All Tools123 tools are free and run right in your browser.

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