The general rule of thumb is that you can spend up to 30 percent of your monthly income on rent, but if you’re a college student living on loans or only working a part-time job, you should aim for the most affordable place you can find, within reason. You don’t want to find yourself in an unsafe neighborhood. 2.
How much should a college student spend on rent per month?
No matter the source of your income, you should make sure your rent costs never exceed 30 percent of your net monthly earnings. If you’re bringing in $2,000 per month, try to keep your monthly rent under $600. Some rentals will even come earmarked with income requirements.
How much should you spend on rent as a student?
A general rule of thumb is that individuals should not be spending more than one third of their income on rent. This rule can be a little tricky when applied to students though, as they often only work part-time. Many students rely on other means of income such as parental support, savings or student loans.
How much do college students spend on housing?
The price of “room and board”—a.k.a. housing and meals—can range a lot depending on where you live and what school you go to. Students at public schools can expect to pay an average of $8,887 and those at private schools will pay an average of $10,089 per year. These prices are for dorms on campus.
How can college students afford rent?
How to Pay for an Apartment While in College?
- Finding the right apartment. Consider staying in a private home instead of a big apartment complex. …
- Live with people. More roommates equals less expensive rent. …
- Get a job. Start with your school’s employment office. …
- Be frugal. …
- Use your loans (if you must).
What is a reasonable food budget for a college student?
Your grocery budget will depend a lot on how much money you have to spend, how much you cook yourself versus eating out and what your tastes are. A rough guide is about $400 a month for a college student, which gives you a bit of money to spend on a few dinners out but cooking mostly at home.
How much rent is too much?
One suggestion, provided by Metropolitan Life Insurance Company, is to spend no more than 25 percent of your monthly gross income on your rent. For example, if your annual salary is $30,000 per year, or $2,500 per month, you shouldn’t plan to spend more than $625 per month on rent.
How much rent can I afford making 12 an hour?
Many landlords like to see income that is three times the amount of the rent. So, $12 per hr for 40 hrs would be $480/week. Assuming 4.33 weeks in a month, that would be $2,078.40 monthly.
How much rent can I afford on $40 k?
The Rule of 40-A general calculation when budgeting your housing expense is to simply divide whatever your income is by 40 and that is what you can afford monthly. Therefore, if you make $40k per year your rent should be no more than $1k each month.
Are apartments cheaper than dorms?
Depending on the school you attend and what the housing market is like in the area, however, renting an apartment can actually be cheaper than living in the dorms. … When considering how you’ll pay for housing, keep in mind that financial aid money can often help pay your room and board costs if you live on campus.
Is it cheaper to live on or off campus?
The Pros of Living on Campus
While off-campus rents may be cheaper than the price of room and board at school in certain cases, rent rarely provides the range of services that a school offers. … Another cost that living on campus eliminates is buying furniture. Every dorm room comes with at least a bed and a desk.