Rent Affordability Calculator: How Much Can You Afford?

How much rent can you afford?

On the defaults — a $72,000.00 salary, no other income, the 30% rule, and a $2,000.00 target rent — the monthly gross is $6,000.00 ($72,000.00 ÷ 12), the max affordable rent is $1,800.00 ($6,000.00 × 30%), the target rent is 33.33% of the monthly gross, and the rent is $200.00 over the max. The annual rent at the target is $24,000.00, the annual rent at the max is $21,600.00, the move-in cost is $4,000.00, the first-year total is $26,000.00, and the salary needed for this rent at 30% is $80,000.00.

Five things about the model are worth stating plainly. First, the monthly gross is the annual salary divided by 12 plus any other monthly income — $72,000.00 ÷ 12 + $0.00 = $6,000.00. Second, the max rent is the monthly gross times the rule — $6,000.00 × 30% = $1,800.00. Third, the target’s share is the target rent divided by the monthly gross times 100 — $2,000.00 ÷ $6,000.00 × 100 = 33.33%. Fourth, under/over is the max minus the target — $1,800.00 − $2,000.00 = −$200.00, so the rent is $200.00 over. And fifth, the move-in cost is two months of rent — first month plus deposit — and the first year is thirteen months; all listed in Accuracy & limitations.

The worked example, line by line

Setup: $72,000.00 salary, $0.00 other monthly income, 30% rule, $2,000.00 target rent.

Line 1 — the monthly gross. The monthly gross is $72,000.00 ÷ 12 + $0.00 = $6,000.00.

Line 2 — the max rent. The max rent is $6,000.00 × 30% = $1,800.00.

Line 3 — the share. The target rent’s share is $2,000.00 ÷ $6,000.00 × 100 = 33.33%.

Line 4 — under or over. Under/over is $1,800.00 − $2,000.00 = −$200.00 — the rent is $200.00 over the max.

Line 5 — move-in and the first year. The move-in cost is 2 × $2,000.00 = $4,000.00 and the first-year total is 13 × $2,000.00 = $26,000.00.

Line 6 — the salary needed. The salary needed for this rent at 30% is ($2,000.00 ÷ 30%) × 12 = $80,000.00.

Every branch, checked

$96,000 salary: Salary $96,000.00, other income $0.00/month, rule 30%, target rent $2,000.00: monthly gross $8,000.00, max rent $2,400.00, target share 25.00%, $400.00 under max, annual rent $24,000.00, annual rent at max $28,800.00, move-in $4,000.00, first year $26,000.00, salary needed $80,000.00 — $96,000 of salary gives $8,000.00 a month — the $2,000.00 rent is only 25.00% of it, $400.00 under the max.

Rule 25% (conservative): Salary $72,000.00, other income $0.00/month, rule 25%, target rent $2,000.00: monthly gross $6,000.00, max rent $1,500.00, target share 33.33%, $500.00 over max, annual rent $24,000.00, annual rent at max $18,000.00, move-in $4,000.00, first year $26,000.00, salary needed $96,000.00 — At a 25% rule the max is only $1,500.00 — the same $2,000.00 rent is $500.00 over, and the salary needed jumps to $96,000.00.

Rule 40% (stretch): Salary $72,000.00, other income $0.00/month, rule 40%, target rent $2,000.00: monthly gross $6,000.00, max rent $2,400.00, target share 33.33%, $400.00 under max, annual rent $24,000.00, annual rent at max $28,800.00, move-in $4,000.00, first year $26,000.00, salary needed $60,000.00 — At a 40% rule the max is $2,400.00 — the $2,000.00 rent is $400.00 under, and the salary needed falls to $60,000.00.

Other income $500.00/month: Salary $72,000.00, other income $500.00/month, rule 30%, target rent $2,000.00: monthly gross $6,500.00, max rent $1,950.00, target share 30.77%, $50.00 over max, annual rent $24,000.00, annual rent at max $23,400.00, move-in $4,000.00, first year $26,000.00, salary needed $74,000.00 — $500.00 of other monthly income lifts the monthly gross to $6,500.00 — the max is $1,950.00 and the rent is only $50.00 over.

Target rent $1,500.00: Salary $72,000.00, other income $0.00/month, rule 30%, target rent $1,500.00: monthly gross $6,000.00, max rent $1,800.00, target share 25.00%, $300.00 under max, annual rent $18,000.00, annual rent at max $21,600.00, move-in $3,000.00, first year $19,500.00, salary needed $60,000.00 — A $1,500.00 rent is 25.00% of the $6,000.00 monthly gross — $300.00 under the max, with a $3,000.00 move-in and a $19,500.00 first year.

$48,000 salary: Salary $48,000.00, other income $0.00/month, rule 30%, target rent $2,000.00: monthly gross $4,000.00, max rent $1,200.00, target share 50.00%, $800.00 over max, annual rent $24,000.00, annual rent at max $14,400.00, move-in $4,000.00, first year $26,000.00, salary needed $80,000.00 — At $48,000 of salary the monthly gross is $4,000.00 — the $2,000.00 rent takes half of it, $800.00 over the max.

$120,000 salary: Salary $120,000.00, other income $0.00/month, rule 30%, target rent $2,000.00: monthly gross $10,000.00, max rent $3,000.00, target share 20.00%, $1,000.00 under max, annual rent $24,000.00, annual rent at max $36,000.00, move-in $4,000.00, first year $26,000.00, salary needed $80,000.00 — At $120,000 of salary the monthly gross is $10,000.00 — the $2,000.00 rent is only 20.00% of it, $1,000.00 under the max.

The reverses, worked backwards

Salary for a max rent of exactly $2,000.00 (30% rule, no other income): $80,000.00 — the exact salary is 80000.0000. At the displayed $80,000.00 the monthly gross is $6,666.67, the max rent is $2,000.00, the share is 30.00%, and the rent is exactly at the line (diff $0.00). The star is DOLLARS.

Rent rule where a $2,000.00 rent is exactly affordable on $6,000.00/month: 33.33% — the exact rule is 33.3333%. At the displayed 33.33% the max rent is $1,999.80 — $0.20 short of the $2,000.00 target. 33.34% gives a max rent of $2,000.40, so 33.34% is the first rule that actually covers the rent. The star is PERCENT.

Target rent for a share of exactly 25.00% on $6,000.00/month: $1,500.00 — the exact rent is 1500.0000. At the displayed $1,500.00 the share is 25.00%, $300.00 under the max, the annual rent is $18,000.00, and the move-in is $3,000.00. The star is DOLLARS.

Salary where the $2,000.00 target is exactly 40.00% of monthly gross: $60,000.00 — the exact salary is 60000.0000. At the displayed $60,000.00 the monthly gross is $5,000.00, the share is 40.00%, the max rent is $1,500.00, and the target is $500.00 over the max. The star is DOLLARS.

Other monthly income for a max rent of exactly $2,000.00 ($72,000 salary, 30%): $666.67 — the exact other income is 666.6667. At the displayed $666.67 the monthly gross is $6,666.67, the max rent is $2,000.00, the share is 30.00%, and the rent is exactly at the line. $666.66 also rounds to a $2,000.00 max rent (unrounded $1,999.998) — $666.67 is the smallest cent amount whose unrounded max rent reaches $2,000.00. The star is DOLLARS.

Target rent where the move-in cost is exactly $5,000.00: $2,500.00 — the exact rent is 2500.0000. At the displayed $2,500.00 the move-in is $5,000.00, the first year is $32,500.00, the share is 41.67%, $700.00 over the max, and the salary needed is $100,000.00. The star is DOLLARS.

What the defaults assume

The defaults are a $72,000.00 salary, $0.00 other monthly income, a 30% rule, and a $2,000.00 target rent — monthly gross $6,000.00, max rent $1,800.00, share 33.33%, $200.00 over the max, move-in $4,000.00, first year $26,000.00. With a $96,000 salary, Salary $96,000.00, other income $0.00/month, rule 30%, target rent $2,000.00: monthly gross $8,000.00, max rent $2,400.00, target share 25.00%, $400.00 under max, annual rent $24,000.00, annual rent at max $28,800.00, move-in $4,000.00, first year $26,000.00, salary needed $80,000.00 — $96,000 of salary gives $8,000.00 a month — the $2,000.00 rent is only 25.00% of it, $400.00 under the max. With a 25% rule, Salary $72,000.00, other income $0.00/month, rule 25%, target rent $2,000.00: monthly gross $6,000.00, max rent $1,500.00, target share 33.33%, $500.00 over max, annual rent $24,000.00, annual rent at max $18,000.00, move-in $4,000.00, first year $26,000.00, salary needed $96,000.00 — At a 25% rule the max is only $1,500.00 — the same $2,000.00 rent is $500.00 over, and the salary needed jumps to $96,000.00. With a 40% rule, Salary $72,000.00, other income $0.00/month, rule 40%, target rent $2,000.00: monthly gross $6,000.00, max rent $2,400.00, target share 33.33%, $400.00 under max, annual rent $24,000.00, annual rent at max $28,800.00, move-in $4,000.00, first year $26,000.00, salary needed $60,000.00 — At a 40% rule the max is $2,400.00 — the $2,000.00 rent is $400.00 under, and the salary needed falls to $60,000.00. With $500.00 of other monthly income, Salary $72,000.00, other income $500.00/month, rule 30%, target rent $2,000.00: monthly gross $6,500.00, max rent $1,950.00, target share 30.77%, $50.00 over max, annual rent $24,000.00, annual rent at max $23,400.00, move-in $4,000.00, first year $26,000.00, salary needed $74,000.00 — $500.00 of other monthly income lifts the monthly gross to $6,500.00 — the max is $1,950.00 and the rent is only $50.00 over. With a $1,500.00 target rent, Salary $72,000.00, other income $0.00/month, rule 30%, target rent $1,500.00: monthly gross $6,000.00, max rent $1,800.00, target share 25.00%, $300.00 under max, annual rent $18,000.00, annual rent at max $21,600.00, move-in $3,000.00, first year $19,500.00, salary needed $60,000.00 — A $1,500.00 rent is 25.00% of the $6,000.00 monthly gross — $300.00 under the max, with a $3,000.00 move-in and a $19,500.00 first year. With a $48,000 salary, Salary $48,000.00, other income $0.00/month, rule 30%, target rent $2,000.00: monthly gross $4,000.00, max rent $1,200.00, target share 50.00%, $800.00 over max, annual rent $24,000.00, annual rent at max $14,400.00, move-in $4,000.00, first year $26,000.00, salary needed $80,000.00 — At $48,000 of salary the monthly gross is $4,000.00 — the $2,000.00 rent takes half of it, $800.00 over the max. With a $120,000 salary, Salary $120,000.00, other income $0.00/month, rule 30%, target rent $2,000.00: monthly gross $10,000.00, max rent $3,000.00, target share 20.00%, $1,000.00 under max, annual rent $24,000.00, annual rent at max $36,000.00, move-in $4,000.00, first year $26,000.00, salary needed $80,000.00 — At $120,000 of salary the monthly gross is $10,000.00 — the $2,000.00 rent is only 20.00% of it, $1,000.00 under the max. With a $0 salary, Salary $0.00, other income $0.00/month, rule 30%, target rent $2,000.00: monthly gross $0.00, max rent $0.00, target share —, $2,000.00 over max, annual rent $24,000.00, annual rent at max $0.00, move-in $4,000.00, first year $26,000.00, salary needed $80,000.00 — the max rent is $0.00 and the share is undefined. With a $0.00 target rent, Salary $72,000.00, other income $0.00/month, rule 30%, target rent $0.00: monthly gross $6,000.00, max rent $1,800.00, target share 0.00%, $1,800.00 under max, annual rent $0.00, annual rent at max $21,600.00, move-in $0.00, first year $0.00, salary needed $0.00 — the share is 0.00% and the move-in is $0.00. With a $240,000 salary, Salary $240,000.00, other income $0.00/month, rule 30%, target rent $2,000.00: monthly gross $20,000.00, max rent $6,000.00, target share 10.00%, $4,000.00 under max, annual rent $24,000.00, annual rent at max $72,000.00, move-in $4,000.00, first year $26,000.00, salary needed $80,000.00 — the $2,000.00 rent is only 10.00% of the monthly gross. With a 50% rule, Salary $72,000.00, other income $0.00/month, rule 50%, target rent $2,000.00: monthly gross $6,000.00, max rent $3,000.00, target share 33.33%, $1,000.00 under max, annual rent $24,000.00, annual rent at max $36,000.00, move-in $4,000.00, first year $26,000.00, salary needed $48,000.00 — the salary needed falls to $48,000.00. With $2,000.00 of other monthly income, Salary $72,000.00, other income $2,000.00/month, rule 30%, target rent $2,000.00: monthly gross $8,000.00, max rent $2,400.00, target share 25.00%, $400.00 under max, annual rent $24,000.00, annual rent at max $28,800.00, move-in $4,000.00, first year $26,000.00, salary needed $56,000.00 — the salary needed falls to $56,000.00. With a $36,000 salary, Salary $36,000.00, other income $0.00/month, rule 30%, target rent $2,000.00: monthly gross $3,000.00, max rent $900.00, target share 66.67%, $1,100.00 over max, annual rent $24,000.00, annual rent at max $10,800.00, move-in $4,000.00, first year $26,000.00, salary needed $80,000.00 — the $2,000.00 rent takes 66.67% of the monthly gross. With an annual salary of -$5,000.00, the calculator shows an error — enter an annual salary of $0 or more — not a rent figure.

Output · formula · meaning

Who uses this

• The renter apartment-hunting on $72,000: they learn their max rent is $1,800.00 at the 30% rule — and they check the $80,000.00 reverse to see the salary where a $2,000.00 apartment is exactly affordable.
• The renter checking a stretch rent: they learn a $2,000.00 apartment is $200.00 over their max — and they check the 33.33% reverse to see the rule where it exactly fits, and the 33.34% that actually covers it.
• The renter with a side income: they learn $500.00 of other monthly income lifts the max to $1,950.00 — and they check the $666.67 reverse to see the other income that makes a $2,000.00 rent exactly affordable.
• The renter counting the move-in: they learn a $2,000.00 rent needs $4,000.00 upfront and $26,000.00 in the first year — and they check the $2,500.00 reverse to see the rent where the move-in is exactly $5,000.00.

Accuracy & limitations

The math is first-principles: the monthly gross is the annual salary divided by 12 plus other monthly income, the max rent is the monthly gross times the rule divided by 100, the target’s share is the target divided by the monthly gross times 100, under/over is the max minus the target, the move-in is two months of rent, the first year is thirteen months, and the required salary is (target ÷ (rule ÷ 100) − other income) × 12 — each rounded to cents half-up. What the model cannot do is approve your application: the 30% rule is a RULE OF THUMB, not a law — landlords often require gross income of 3× the rent (33.33%) or 2.5× (40%); the rule uses GROSS pay, so after tax, retirement and health deductions the same rent takes a bigger bite of what actually lands in your account; it ignores your other debts, so a rent that passes the 30% test can still squeeze you if you carry card or loan payments; it ignores utilities, parking, renters insurance and moving costs, which the move-in figure here also excludes except the deposit; a roommate’s income counts only if both names are on the lease; and a $0 salary gives a $0.00 max rent with an undefined share, not a percentage. Use it to find your max rent and your move-in cost — then check the listing’s real fees and your real take-home pay before you sign.

Frequently asked questions