if i made around $55,000 last year after taxes, how much of an apartment can i afford?

that is my total compensation from last year. i still need to FILE my taxes, so i don't know if i will need to pay a little more, get a refund back or stay the same. i have a second part time job i made around $8500 but did not pay taxes on that because it's self employed and will get a 1099.

but around $55 thousand, how much a month can I afford an apartment with?

i have a car but paid it off. so i pay insurance. cell phone. would like cable and need internet. food. renters insurance. my credit score is still young, but is around 780.

do most apartments have utilities, gas, water, electricity, included in rent?

i live near naperville - near chicago for reference.

5 Answers

  • 8 months ago
    Favorite Answer

    $55,000 / 12 /3 = $1527.78.

    $1500 per month or so max.

    If you can find something cheaper, all the better for you.

  • East
    Lv 4
    8 months ago

    Water is often included, but not other utilities.

    In NYC at least you need to make (on an annual basis) 45 times the monthly rent. So 1/45th of $55,000 is what a landlord will usually charge in rent, and may not rent to you for rent levels above that.

  • Judy
    Lv 7
    8 months ago

    If you made 8500 and didn't pay the estimated taxes on it, you will owe it when you file, and it will be $2500-3000. You are required to make quarterly estimated payments.

    With income of 55K you should not pay over 1500 a month for an apartment

  • 8 months ago

    What matters is what your CURRENT gross monthly income is.  Your rent should not be more than 1/3 your gross monthly income.  NO most apartments do not include gas or electric.  Some include water & sewer but some do not. You have to call each apartment & ask what is included. 

  • How do you think about the answers? You can sign in to vote the answer.
  • y
    Lv 7
    8 months ago

    About 1/3 is all you want to budget for housing. A long time ago it was half, but we seem to have more expenses now a days.

Still have questions? Get your answers by asking now.