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You need to make $38,182 in annual income to afford $1,050. You should never spend more than a third of your monthly income on rent.
The cost of living varies from state to state and family to family, make sure you factor in other expenses and debts that you may have before deciding how much you should spend on rent. As a general rule, don't spend more than 1/3 of your monthly income on rent as that will reduce your spending in other areas and makes it difficult to save money. The amount you can spend on rent also depends on how much recurring monthly debt you have such as car loans and credit card debts.
Below is a table that shows how much you need to make to afford $10,000 in rent based on your monthly debt.
Annual Income | Monthly Debt |
---|---|
$38,182 | $0 |
$40,000 | $50 |
$41,818 | $100 |
$43,636 | $150 |
$45,455 | $200 |
$47,273 | $250 |
$49,091 | $300 |
$50,909 | $350 |
$52,727 | $400 |
$54,545 | $450 |
$56,364 | $500 |
$58,182 | $550 |
$60,000 | $600 |
$61,818 | $650 |
$63,636 | $700 |
$65,455 | $750 |
$67,273 | $800 |
$69,091 | $850 |
$70,909 | $900 |
$72,727 | $950 |
$74,545 | $1,000 |
$76,364 | $1,050 |
$78,182 | $1,100 |
$80,000 | $1,150 |
$81,818 | $1,200 |
$83,636 | $1,250 |
$85,455 | $1,300 |
$87,273 | $1,350 |
$89,091 | $1,400 |
$90,909 | $1,450 |
$92,727 | $1,500 |
$94,545 | $1,550 |
$96,364 | $1,600 |
$98,182 | $1,650 |
$100,000 | $1,700 |
$101,818 | $1,750 |
$103,636 | $1,800 |
$105,455 | $1,850 |
$107,273 | $1,900 |
$109,091 | $1,950 |
$110,909 | $2,000 |
$112,727 | $2,050 |
$114,545 | $2,100 |
$116,364 | $2,150 |
$118,182 | $2,200 |
$120,000 | $2,250 |
$121,818 | $2,300 |
$123,636 | $2,350 |
$125,455 | $2,400 |
$127,273 | $2,450 |
$129,091 | $2,500 |
$130,909 | $2,550 |
$132,727 | $2,600 |
$134,545 | $2,650 |
$136,364 | $2,700 |
$138,182 | $2,750 |
$140,000 | $2,800 |
$141,818 | $2,850 |
$143,636 | $2,900 |
$145,455 | $2,950 |
$147,273 | $3,000 |
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