How much should you spend on rent?

As prices continue to increase due to inflation, it can be tough to know how much you should be spending on rent. Calculating what you can afford in housing expenses depends on multiple factors, and everyone’s financial situation is different. Therefore, before browsing rental listings, it’s important to have a good sense of what you can reasonably afford considering your specific financial situation.

You can use a rent calculator (opens in new tab) as a place to start. You’ll input income, expenses and savings, which will allow you to compare rental prices against your monthly budget. Additionally, the following guidelines can also help you determine how much you should be spending on rent. While these can serve as good general guidelines, determining what’s affordable will be different for everyone. 

The 30% rule

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