FIGURE YOUR GROSS MONTHLY INCOME
("Gross" means before taxes are deducted)
Wages ($__ per hour) X (__ hours per week) X (4 weeks)
+ Overtime
+ Child Support
+ Social Security Disability
+ Other
= Gross monthly income |
|
GROSS MONTHLY INCOME
(when the landlord asks "How much do you make?" give this figure) | $_______ |
AMOUNT AVAILABLE FOR RENT (Gross Monthly Income ÷ 3.)
Ideally, you should pay no more than one-third of your income for rent. Many landlords use this formula. Apartment complexes may require that you earn as much as 4 times the rent per month. | $_______ |
MONTHLY HOUSING COSTS =
Rent + Electric + Phone + Water + Gas |
|
| TOTAL HOUSING COSTS (This should be no more than 40 to 45% of your gross monthly income; in other words, less than half of what you earn. | $_______ |
MOVE-IN EXPENSES:
First month's rent + Damage deposit + EPB deposit ($50 and two IDs for everyone) + Water deposit ($15 turn-on fee. $25 deposit if record isn't clear) + Truck rental + Drapes, rug, etc. + Renter's Insurance (about $150 per year) |
|
| TOTAL MOVE-IN EXPENSES (PLUS an extra month's rent saved for emergencies!) | $_______ |
