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averysillyman t1_j07gkoc wrote

The basic rule of thumb that a lot of people/landlords use is that your rent should be no more than 30% of your gross income. So if you're looking to rent an apartment that costs $3000/mo, you would ideally want to make $120k or more.

You can adjust this number upwards or downwards depending on your personal situation, but it's a good starting point. For example, if you have student loans you need to pay off you might want to adjust the maximum you are allowed to spend on rent downwards. Likewise, if you don't have many other expenses you might be willing to spend a bit more on rent than is generally recommended.

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fulanita_de_tal t1_j0a176j wrote

30% of gross if you’re more chill about it, 30% net if you wanna play it on the safer side.

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tollyda t1_j095n9b wrote

IMHO - That's typically what a mortgage underwriter does. I don't think that's typical to landlords.

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objectimpermanence t1_j09wfa9 wrote

True, but OP asked what it takes to live comfortably.

Personally, I wouldn’t consider spending 30% of your income on rent to be a comfortable lifestyle, but that’s subjective.

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meywd t1_j0bcx0k wrote

Based on the median household income in NJ I am not sure how people can afford rent in all of North Jersey

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kjrst9 t1_j0c5vvb wrote

Nowadays they do. I got a new place this past spring and not only were they doing it, but they were requiring an even better income ratio than before.

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