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UMich-MSA-AM, sorry about the lack of response. Maybe one of these topics will help:
If those topics were completely useless, don't blame me, blame my programmers...
Generally the rule of thumb is to not spend more than 30% of your pre-tax wages on housing (rent, utilities, insurance, etc). For the simplicity of the math, say you're making 120k/yr, or 10k a month. You can safely spend 3k on housing and still be generally in a good budget. I have no idea how much 1br/1ba go for in Hoboken, but check out apartments.com or something and see what their going for, then divide by .3 and multiply by 12 to get your minimum annual salary.
I've always thought the 30% of gross pay as a marker was a little silly, given that you never actually see your full gross pay. 30% of net pay should be the real goal. I understand that everyone's net pay is different depending on 401K, medical, dental contributions, etc, but the net pay is the only thing you'll actually be able to use to pay rent.
Spoken for the truth, gross pay isn't you are after getting you are getting net pay. Gross goes to taxes, net is actually what you will actually get after taxes. Never make the mistake of assuming or projecting a budget with gross. One of the worst mistakes few of the people I knew did.
Yep - spot on
Very cool username
I mean... it's the paradigm because it works. Every landlord in New York will use it to evaluate you (it's the same thing as the 40x rule; 12/.3=40).
Use net pay if you want, but you should probably use a different percentage while you're at it because the reality is people can afford to pay more than 30% of their net, and if that's your goal you're gonna be living somewhere shittier than you can afford.
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