Rent Calculator: How Much Rent Can I Afford?
Calculating how much rent you can afford in NYC can be a challenge – the city has one of America’s most competitive real estate markets, and rent is only one of many factors New Yorkers need to consider when looking to find a place to live. This cost of living calculator provides an easy solution to figuring out how much of your income you should spend on rent, based on your annual gross income level.
When you input your net (after tax) income, along with savings, debt, and other expenses that could impact the amount you want to spend on rent each month, this rent calculator will show no-fee apartment rentals that fit your budget – up to 50% of your estimated gross income. Property managers typically use gross income to qualify applicants, so the tool assumes your net income is taxed at 25% - actual tax rates vary. To check out our StuyTown Renter's Guide for information on other topics surrounding leasing an apartment, click here.