PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

How do I know how much rent I can afford?

Options
Claire_lou
Claire_lou Posts: 14 Forumite
in House buying, renting & selling
Pretty simple question but am going to be renting a property. Anyone have any idea how I can find out what rent I can afford? IE - what will the checks do? I don’t have any debts but don’t have an extremely high salary. I know what I think I can afford but is there any kind of way to work out what checks will assume I can afford?

Comments

  • Comms69
    Comms69 Posts: 14,229 Forumite
    Name Dropper First Anniversary First Post
    Options
    Typical calculation is annual salary =/> 30x the monthly rent.
  • Claire_lou
    Claire_lou Posts: 14 Forumite
    Options
    So if persay, rent was £600, min salary would be around £18k?
  • Comms69
    Comms69 Posts: 14,229 Forumite
    Name Dropper First Anniversary First Post
    Options
    Claire_lou wrote: »
    So if persay, rent was £600, min salary would be around £18k?



    Correct, it's not ironclad, but it's a rough idea.
  • 00ec25
    00ec25 Posts: 9,123 Forumite
    Combo Breaker First Post
    Options
    Claire_lou wrote: »
    Pretty simple question but am going to be renting a property. Anyone have any idea how I can find out what rent I can afford? IE - what will the checks do? I don’t have any debts but don’t have an extremely high salary. I know what I think I can afford but is there any kind of way to work out what checks will assume I can afford?
    the checks will be whatever the LL or their agent do - there is no standard
    Claire_lou wrote: »
    So if persay, rent was £600, min salary would be around £18k?
    so 18k annual salary leaves you with £1,293 per month post tax

    spend 50% of that on rent as you suggest and can you LIVE on £600 per month?
    - council tax will be ?
    - utility bills in the property will be?
    - car annual costs + repairs will be ?
    - petrol / public transport travel to work will be ?
    - food will be ?
    - phone contract will be ?
    - BB and/or TV licence will be ?
    - having fun will be ?

    £600 per month is do able provided you live accordingly
  • Claire_lou
    Claire_lou Posts: 14 Forumite
    Options
    Thanks all for the replies. Hopefully it should be pretty plain sailing to get something sorted :)
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.5K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.9K Spending & Discounts
  • 235.6K Work, Benefits & Business
  • 608.6K Mortgages, Homes & Bills
  • 173.2K Life & Family
  • 248.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards