Calculating your rent budget is the first step towards moving into a new home. Every time you move it is important to assess your income, expenses and the changes in your cost of living at the new location. Even if you are moving a few miles away, something as simple as a few cents of a difference in gas prices or a few extra miles in your commute to work may change your expenditure costs. Read the tips on how to calculate your budget below and then get started using our West Roxbury Rent Calculator.
Rent Budget Tips:
The One-Third Rule: The easiest way to calculate your rent budget is by the one-third rule, meaning your total housing expenses should cost about ⅓ of your monthly income. Calculate this either by dividing your monthly income by 3 or divide your annual income by 36. Generally, people include things like utilities in their housing budget, so researching the utility bills where you are trying to move is a key step in determining whether or not your budget will work.
Research: Find out how much electric, gas, water, etc. usually is where you want to move. You may want to recalculate these expenses with the specific unit you decide on before you apply for it as well. Each property has its own unique features making things like heating and cooling less or more costly.
Lifestyle: What do you like to do with your time? This will also become a factor in budgeting. If you like to go out with friends or family a lot, then you may want to consider a smaller rent budget. If you work from home or you use your home space in some specific manner, then your rent budget may be more important than your entertainment budget. It all depends on your preferences and lifestyle.
Expenses: Now that you have all the background information gathered, what other fixed expenses do you have? Car payments? Credit card bills? Loan payments? Phone Bill? The possibilities are endless, just make sure you list them all before you jump into a new lease. It is key to make sure that you have all bases covered when it comes to budgeting.
Plug all your information into the West Roxbury Rent Calculator now and get started working on your housing budget! Once you have the price range you are looking for, you can plug in the terms to the filters and get started looking for your new home immediately.