Rent Calculator
With more than 213,247 apartment listings across the Greater Boston Area, Boston Pads is sure to have a home for everyone. Among all the things to consider when shopping for an apartment, price is probably the most important factor for most people. That’s why Boston Pads proudly offers this handy rent calculator, along with some helpful tips for determining how much you can spend.
Rent Calculator
How much do you (or your cosigner) earn each year before taxes?
Price Ranges
High Range – 35% of Gross Income
You enjoy the finer things in life but may need to compromise.
Having a nice home is very important to you. You might even be willing to live on a steady diet of ramen noodles to live in a sweet place. Keep in mind that some landlords will not even consider you as a potential tenant if your rent is more than 35% of your gross income. You might even consider getting a roommate. This calculation does not take into account any other debts or expenses you may have and is just a suggestion.
Mid Range – 25% of Gross Income
You’re in a safe range but your cost of living may have you breaking even.
You don’t want to be cramped but still want the flexibility of having money left over for other expenses each month. A range of 25-30% is usually the recommended amount of gross income to spend on rent. Remember that this does not take into account any other debts or expenses you may have and is just a suggestion.
Low Range – 15% of Gross Income
You like to save and probably live more outside of your apartment than in it.
At your income, this is a below average amount to spend on rent. That means you may save more money or have more cash for going out. You may spend enough time out where you’re not interested in paying a premium rent. This calculation does not take into account any other debts you may have and is just a suggestion.
Rental Costs
The One-Third Rule: Most economic experts suggest that no more than 1/3 of your monthly income should go to housing expenses. A quick way to determine the maximum you should pay is dividing your annual income by 36.
Consider All Your Expenses: This figure not only includes your rent, but should also cover your utilities, transportation costs, and any other expenses of your particular apartment or rental home. Find out whether the rent covers the water or gas bill, and whether you’ll be spending more on commuting to work from your new location when comparing prices.
Do Your Research: Avoid surprises by asking about average heating and cooling costs in the area you’re interested in. Find out if your landlord has installed energy-efficient windows and appliances, which could significantly lower your utility bills over time.
Consider Your Lifestyle: If you’re the type of person who spends most of their time outside your home, renting a smaller apartment below your maximum will leave extra room in your budget for the activities you enjoy. However, if you’re home a lot, it may make more sense to dedicate as much as your income allows on getting the nicest, biggest place you can afford.
Once you’ve used the rental calculator to find your maximum rental amount, Boston Pads will help you find an apartment you’ve always wanted. This database, updated daily by real estate professionals across the city, boasts powerful search functions that will help you easily find your next apartment, so do the math and start browsing Boston Pads today!