Saturday School: Here Is How Much Rent You Can Afford

A very simple calculation can help you determine how much money you can comfortably earmark for a rental each month.

Saturday School: Here Is How Much Rent You Can Afford Photo by Yuriy Maksymiv / Shutterstock.com

Many of us fall in love with an apartment or the neighborhood surrounding it. When this happens, we might be tempted to rent at just about any price. But love is blind, and jumping into an apartment lease with your eyes closed can have major financial consequences.

So, before you begin shopping for a rental, do some very basic math. Watch this video from Bank of America to learn a simple calculation that can clarify how much rent you can afford.

Do you have other advice for readers searching for a rental? Share it in comments below or on our Facebook page.

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