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What Should I Pay for Rent?

Connecticut real estate agent Martha Mullins

Figuring out how much rent to pay can be painful.  Making a mistake by assuming too high a monthly rent can significantly impact your lifestyle.  

In general, the basic rule is to spend no more than 30% of your after tax take home pay. To figure that out, take your annual salary and deduct taxes. Divide that figure by twelve. Subtract your monthly necessary expenses, such as car payment, car taxes, health insurance, loans, groceries, etc. Multiply that number by .3 and you’ll know what you can afford to pay. This isn’t what you should pay, though.  

If you like dining out, events, activities outside work and home, then spend less and direct the additional funds to your social life. If you prefer to stay home maybe spend up to that 30% mark. Remember to inquire about all expenses: utilities, lawn mowing, snow removal, association fees, etc. when asking about rent.  

Enjoy what you pay for!

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