How much cani afford
 

Stupid question, I am trying to figure out how much a can afford to rent and won't really know until I get my payslips. I have used various online calculators, any ideas?
My salary annual 61900 and rent 1800 pm including water and heating. My wife is currently looking for a job. Any ideas

Re: How much cani afford
 

As a rule of thumb they say 30% of your income.

Re: How much cani afford
 

b4 or after tax

Re: How much cani afford
 

If you don't know, how will anyone else!

Re: How much cani afford
 

Also helps if you let us know where you will be looking at.

Bit of a difference in rental prices in Vancouver compared to say Winnipeg.
Are you looking at a house, high rise, condo or even a trailer style home?

Re: How much cani afford
 

This might help :)

https://www.thespruce.com/online-too...-afford-156204

Re: How much cani afford
 

The experts say 30% but depending where in Canada you reside that may not be a reaslistic number.

In Vancouver it may not be possible although at that income level you could possible stay within 30% if not picky about area.

Re: How much cani afford
 

Halifax

Re: How much cani afford
 

Re: How much cani afford
 

But that percentage tends to be higher for those on low income and fall as income rises.

Re: How much cani afford
 

Absolutely. But that’s what is supposedly the right percentage.

When I worked in NS with at risk youth they would be paying 80% if not more and moving on when they got evicted for non payment. They would come to us for food and go to the food bank. Not a life by any bodies standards.

Once you are in that downward spiral it can be tough to get out of it.

Re: How much cani afford
 

Correct, but on minimum wage it could be 50% or more, even for fairly basic accommodation.

Re: How much cani afford
 

I've never paid 30% of my income in rent, generally its always been between 50% and 75% for rent.

We are at about 55-60% of total income to rent currently.


To get to 30% of income going to rent, we would need to make about 75,000 a year which is never going to happen....lol

Re: How much cani afford
 

OP, I'd go with the comment below at the 50% mark, if its better than that then you have extra cash flow

of course depends where you live as well as the type of accommodations you are looking at from basic to extreme luxury

Re: How much cani afford
 

@not2old. Hi it’s been a while since we’ve seen you 😀