How Much Rent Can You Afford? Real Apartment Stories Tell All
Rent is the single largest monthly expense for most Americans. Almost half of renter households spent more than 30% of their income on housing costs in 2023, according to the U.S. Census Bureau’s American Community Survey.
If you’re looking for a place right now, you want clear answers instead of random formulas and rules that won’t work for you. What apartments can you afford with your current paycheck? There's a way to get an idea. But of course, you'll also want to be able to find a place you love without totally blowing your budget.
To help, this guide will show you what kinds of places you can expect to rent at different price points and tools you can use to assess affordability, like EarnIn’s rent affordability calculator.1
Factors that determine how much rent you can afford
How much rent you can realistically afford depends on factors such as:
- Income. Your full take‑home pay, whether it’s hourly, salaried, or gig-oriented, sets your maximum budget. Ideally, housing costs shouldn’t be more than 30% of your income. More than 30% could mean that you might be paying more than is feasible for you.
- Debt and other recurring expenses. The more you have to pay in expenses, the less you’re likely to have for rent. Same goes if you have more debt, like what you owe to credit cards, student loans, and car payments.
- Location. Where you live will affect your cost of living and rent prices. For example, a $1,200 budget in the suburbs might seem feasible but would be tight in New York City.
Real rent examples by budget level
Unsure of how much your rental budget will get you? See what it looks like in actual real estate markets across the U.S.
Apartments under $800/month
You’d usually find this price range in smaller cities or in some suburban areas without a lot of amenities. You can expect a longer commute and apartments that are slightly older and offer basic amenities.
Places like Cleveland and San Antonio offer some options at this price range. In Cleveland, the median rent for a one-bedroom is around $870. In San Antonio, even though the citywide average is closer to $1,100, you can still find some neighborhoods and studios below $800.
To stay at this budget, you may have to look for even older units or look for shared housing options. That is, as long as you don’t mind having roommates. However, Tulsa offers one-bedroom apartments for an average of $749 if you’re not willing to live with a roommate.
Considering rent prices can vary widely, use a rent affordability calculator1 to make sure the price is affordable for you.
Apartments under $1,200/month
This price range unlocks more options in both mid-size cities and shared housing in larger cities. In Phoenix, for example, a one-bedroom apartment rents for an average of $1,124. This figure puts apartments within reach if this is your budget.
As for other mid-size cities like Denver, the average one-bedroom apartment is around $1,189, but it could cost you upwards of at least $1,500 in the suburbs. In Wichita, average rent goes for around $1,000 or less.
For those wanting to live in more metropolitan areas, you’ll have to do some more digging. Apartments in Chicago will set you back an average of $2,466. You may still be able to find some affordable neighborhoods like Austin with an average rent of $1,000, or Washington Park, where the average rent is $1,132.
Apartments under $1,500/month
For around $1,500 a month, you could find more options in mid-size cities and is the typical entry price point for larger cities.
For example, while the average rent in Los Angeles sits at around $2,186, you may be able to find studio apartments around $1,500 or more. In Philadelphia, one-bedroom apartments can be found in neighborhoods like Fishtown for under $1,500. Same goes for if you’re looking for places in the south, where Greensboro, North Carolina, offers apartments as large as 1,086-square-feet for that average price.
With a $1,500 budget, you might be able to expect more upgraded apartment units, like stainless steel appliances, laminate floors, and even larger balconies. You may be able to snag an apartment in more central areas depending on the location, and even the ability for solo living in mid-size cities.
Want to live in NYC? You won’t be able to find apartments under $1,500 a month even in the outer boroughs. But you may be able to find some gems in the Bronx or Queens.
Using a rent calculator to validate affordability
Budget guidelines can be helpful as you’re getting started on your search, but these numbers are only averages. Using a calculator1 will adjust for your income, expenses, and the area you want to live in. All of these factors can help give you a clearer picture of affordability.
EarnIn’s rent affordability calculator1 makes it simple to help you calculate what you can afford. For example, if you earn $3,600 a month in Jacksonville, Florida, the calculator1 will show you that you can reasonably afford an apartment for $971 a month. The same income in Pittsburgh will give you a suggested average rent price of $872.
Testing real listings against the numbers you find from a calculator1 can help you avoid surprises before signing a lease.
What about prorated rent? How to calculate it
Prorated rent is the number of days when you occupy the apartment in the first or last month of your lease. So you’re not paying for the full month and only for the days you’re living there.
Here’s how you could calculate the prorated rent amount1:
(Monthly Rent ÷ Number of Days in the Month) × Days Occupied
To get an idea, if your rent is $1,200 and you move in on the 10th, your first payment would be $840. But make sure to confirm with your landlord or the leasing office to see how much they’ve calculated for your prorated rent.
Despite the best intentions, prorated rent for the first month can strain your budget. And if you need cash fast, there are low-cost tools available to help you.
Budgeting smarter with rent payments
Rent is easier to manage when it fits within your budget and your paycheck cycle. Ideally, you should keep your rent under 30% of your income so you don’t stretch your budget too thin.
And if you need some help, EarnIn tools can smooth out the process. EarnIn's Cash Out1 feature helps you access up to $150/day, with a max of $1,000 per pay period. These funds are your earned wages before your official payday. Cash Out1 is not a loan — just simply a way to get your money when you need it, rather than waiting for the traditional payroll cycle. You could use Cash Out1 to better time your rent payments with your payday cycles.
EarnIn's Tip Yourself2 tool is an FDIC-insured account that lets you automatically save from each paycheck — useful for security deposits or building a rent buffer. Or, consider using Balance Shield3, which offers free alerts when your account balance drops, plus optional transfers to prevent overdraft fees if your account is much lower after you pay your rent.
Find the right rent with confidence
Rent affordability depends on more than just price averages. Your income, expenses, and lifestyle all influence what’s realistic for you. With EarnIn’s rent affordability calculator1, you can test different factors and see what fits your budget.
Whether your budget is closer to $800, $1,200, or $1,500, the calculator1 shows a safe range based on your actual paycheck. That way, you can be more confident that you’ll be able to make rent each month.
Check out how much you can afford to rent with EarnIn’s rent affordability calculator1, which could help make your apartment search a little easier and more manageable for your situation.
FAQs
How much rent can you afford based off your salary?
You may be able to rent up to 30% of your income.
Can you afford $1,000 in rent making $20 an hour?
You may not be able to afford rent making $20 per hour. Use a rental calculator1 to determine what you can afford.
How much salary do you need to afford $2,500 in rent?
You will probably need to earn a gross income of $100,000 in order to comfortably afford to rent a $2,500 apartment, based on the 30% rule.
Please note, the material collected in this post is for informational purposes only and is not intended to be relied upon as or construed as advice regarding any specific circumstances. Nor is it an endorsement of any organization or services.
This Blog was sponsored by EarnIn. While the author received compensation, the information shared is grounded in independent research and intended to provide helpful and accurate guidance to readers.
EarnIn is a financial technology company not a bank. Banking Services are provided by Evolve Bank & Trust, Member FDIC. The FDIC provides deposit insurance to protect your money in the event of a bank failure. More details about deposit insurance here.
1
The calculations provided are based on estimates and should be used for informational purposes only. Please be aware that comparisons may not be 100% accurate. The insights and data presented do not constitute financial advice, and we recommend consulting with a qualified financial advisor for personalized guidance.2
EarnIn determines your daily and pay period limits (“Daily Max” and “Pay Period Max”) based on your income and financial risk factors as outlined in the Cash Out User Agreement. EarnIn reserves the right to adjust the Daily Max and Pay Period Max at its discretion. Your actual Daily Max will be displayed in your EarnIn account before each Cash Out. For additional information about your Daily Max and Pay Period Max, please refer to our FAQ. Service may not be available in all states. EarnIn does not charge interest on Cash Outs or mandatory fees for standard transfers, which usually take 1–2 business days. For faster transfers, you can choose the Lightning Speed option and pay a fee to receive funds within 30 minutes. Lightning Speed may not be available at all times and/or to all customers. See the Fee Table for details. Tips are optional and do not affect the quality or availability of services.
3
Tip Yourself Account funds and Tip Jars are held with Evolve Bank & Trust, member FDIC and FDIC insured up to $250,000. Tip Yourself is a 0% Annual Percentage Yield and $0 monthly fee service deposit account. For more information/details, visit Evolve Bank & Trust Customer Account Terms. The FDIC provides deposit insurance to protect your money in the event of a bank failure. More details about deposit insurance here.4
Balance Shield provides free alerts when your bank account balance drops below the threshold you set in your EarnIn account. You can also enable automatic transfers ($100/day - subject to your available earnings - with a limit of $1,000/pay period), if your bank account balance falls below your set threshold. If your available earnings are insufficient to transfer the $100, the transfer will not be completed.You choose the speed of these automatic transfers. Standard speed is available at no cost and the transfer typically takes 1-2 business days. Lightning Speed is available for a fee [see Lightning Speed Fee Table] and the transfer typically takes less than 30 minutes. You will also have the option to set a tip for automatic transfers. Tips are optional and can be $0; however, if you choose to set a tip, it will be applied to each Balance Shield transfer. Whether you tip, how much, and how often you tip does not impact the quality and availability of services. You can cancel the alerts and/or transfers at any time in your EarnIn account settings. See the Cash Out User Agreement for more details. While Balance Shield can help you avoid overdrafts, it does not guarantee protection from third-party fees, and its effectiveness depends on your usage and bank activity.
