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How much money do I have to make to afford this rent?

The rent is $884/mo and I also have a car payment of $385/mo and all my other bills. How much money do I need to make per year to afford my own apartment?

Public Comments

1. As a genral rule of thumb, rent should never exceed 25% of your gross salary. If you exceed this, you will not be able to save so you can become a home owner. Also few lessons from successful savers, They avoid car payments and often buy used cars, they live a lifestyle well under their income, and they do not carry cardit card balances. Before getting out on your own you need an emergency fund if things go wrong. Ideally 3-6 months expenses. If all this sounds daunting I sugges you get Dave Ramsey's Total Money Makeover. It is the bestbook ion money managemetn for those who are not wealthy and who may in fact be deeply in debt. You will invaluable information there - I did!!
2. It's very simple. Your monthly rent should not exceed one week's pay to be affordable. If you go over 33% of a month's pay for rent/mortgage and utilities, you will have serious financial difficulties.
3. Add the rent, car payment and all your other current bills together then throw another $300 in it for the utilities, phone, cable and garbage bill plus another $500 for your own personal spending on food, etc.... and that is what you need to bring home as net pay per month. I would say you need at least around 45K a year gross to keep up this life style. To be on the safe side.... make it 50K gross per year.