Let’s say you’re on the hunt for a new apartment and decide to jump into the search without covering finances first. Then, you find your dream floor plan in the dream location, only to find out you can’t afford it. You never want to be put in a position where you can’t get what you want. Let’s help you determine how much you can afford before you dive into finding your next apartment in Chicago.
What Percentage of My Income Should Go to Rent?
When searching for your next apartment in Chicago, your income is the main factor that will determine the apartment’s size, location, amenities, and anything else you need to live comfortably. It’s helpful to look up and see the average cost of apartments in Chicago to get an idea of what you can afford with your current income. There are factors that should be considered when looking for your next apartment:
• Location: Choosing between an apartment located in either urban or suburban communities can drastically impact the price.
• Amenities: What the apartment offers in addition to the apartment itself can add a hefty price, especially if it comes with top-of-the-line amenities.
• Average cost of living in the state and city: Depending on the neighborhood your apartment is located, daily living expenses can be higher, especially based on if there is nearby shopping, dining, and transportation.
Are you Thrifty, Balanced, or Splurging?
Here are some situations that can be beneficial when having a cosigner help you ascertain an apartment lease.
• 20%: This income ratio is on the thriftier scale since the minimum requirement is 30%. Our Forest Cove community is perfect for residents who want to live comfortably at a less-than-hefty price tag.
• 30%: This income ratio is considered thrifty since it is right on the line. Our Iroquois Club community is in a thriving suburban community in Chicago offering upscale living with convenient access to the Chicagoland area and updated floorplans!
• 40%: This income ratio is on a higher scale. Our Dunton Tower community helps you experience the elevated side of what Chicago living can be with plenty of convenience, modern amenities, and upscale resort living.
How Much Can I Afford on My Rent?
Based on the 30% rule we mentioned above, it’s time to calculate how much you can afford based on your annual income.
• If you make $30,000 a year, 30% would be $750 a month.
• If you make $40,000 a year, 30% would be $1,000 a month.
• If you make $50,000 a year, 30% would be $1,250 a month.
• If you make $60,000 a year, 30% would be $1,500 a month.
• If you make $75,000 a year, 30% would be $1,875 a month.
• If you make $80,000 a year, 30% would be $2,000 a month.
• If you make $90,000 a year, 30% would be $2,250 a month.
• If you make $100,000 a year, 30% would be $2,500 a month.
If you didn’t see your income on this list, use this “rent affordability calculator” to see your 30% rule.
Start Your Application Today!
Are you ready to find your dream home within your budget? Our dedicated team of leasing professionals have been helping residents see what apartment living can be in Chicago since 1996! With 36 unique urban and suburban communities to choose from, spanning from studio to 3-bedroom floorplans, we have what you need to feel right at home.
Be a part of the TLC family today by viewing your next apartment living space and current rates here: www.chicagorentals.com or contact us at info@chicagorentals.com for more information regarding the application process and any questions regarding apartments that caught your eye!
