Calculate Your Estimated Rental Expense
By entering your annual income into the calculator, it will populate a set of monthly payment recommendations. Because the calculator takes your salary into account, you can be sure that the recommendations provided by East Boston Pads will help you stay well within your budget.
The calculator provides three types of monthly payment recommendations: High End, Middle Range, and Low End. A High End monthly payment equates to about 35% of your gross income. According to the rent calculator, this indicates that you may need to compromise on some of your residential desires and expectations in order to stay within your means. A monthly payment amount that rests in the Middle Range is considered to be a smarter financial option that will give you some financial flexibility. And when your rent payment falls within the Low End recommendation, you can rest assured that you’ll be in a financial safe zone that’ll give a bit of extra cash to spend each month.
These recommendations are merely meant to serve as a guide for you to consider as you conduct your real estate search. It is completely up to you how you would like to divvy up your income based on your personal needs. One important factor to consider as you use this calculator is that many landlords have strict guidelines about income-to-rent ratios. For instance, if your monthly rent payment is the equivalent of 35% of your income, a landlord may not consider you as a tenant. So, using this calculator as a guide can certainly help you avoid any hiccups in your property search.
East Boston Pads is the largest local online real estate database for the East Boston area. With a stellar reputation among those in the real estate community, East Boston Pads makes it a priority to help renters, buyers, and sellers streamline the real estate process.
If you would like to learn more about the rent calculator or using the online database to find your next home, be sure to contact East Boston Pads.