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Three Things to Consider to Know How Much You Can Afford for Rent

Whether you are a student, a recent college graduate, a military member, or you are in another situation, understanding how much you can afford to pay for rent in Clarksville, TN can help you discover the perfect rental property for you. While there are a variety of things which need to be taken into consideration when deciding how much you can afford to spend on rent, here are three things you will definitely want to consider.

Income

Generally, you want to keep your rent at or below 30 percent of your income. If you are a student, this might be harder to calculate, as you might either not be working during the school year, or you might be only working part-time, making your income small or practically nonexistent. If this is the case, take into account family contributions, pell grants, and student loans. Of course, be careful of incurring huge student loan debt just to afford the more expensive apartment or home. It is important to know that 30 percent of your income is the most you should spend on rent. When possible, try to stay below that.

Roommates

Of course, if you are willing to split the rent with others, you can afford to get an apartment or house with higher rent. This is often a good idea for college students, recent college graduates, and others who are not married. If you are married, and both you and your spouse are working, combing your incomes allows you to afford more in rent.

Other Expenses

Not every person is going to have the same expenses. Even two people who make the same amount of money cannot always afford to pay the same amount in rent. Things such as car payments, student loan payments, cell phone bills, gym memberships, and monthly visits to the salon will be added expenses. Include these expenses when deciding just how much you can afford in rent.

An online calculator can give you a better idea of how much you can afford to spend on rent. You can enter your income as well as regular expenses. If you are looking for a place to rent in Clarksville, Tennessee, contact us.