How much rent can you afford if you earn $18 per hour, if you spend 30% of your gross salary then it can be $936.00. See, it all depends on your lifestyle and financial situation.
There is no set limit to spend on house rent, but experts suggest spending 30% of your gross salary. If you are planning to save then you should go for an affordable house whose rent would be around 20% to 25% of your gross salary.
| Salary Type | Amount |
|---|---|
| Hourly Salary | |
| Daily Salary | |
| Weekly Salary | |
| Monthly Salary | |
| Annual Salary |
| Monthly Spending Journey | Amount |
|---|---|
| Maximum rent you can afford | |
| Transportation (14.5%) | |
| Grocery (12.7%) | |
| Insurance (10.4%) | |
| Health (7.5%) | |
| Entertainment (5.7%) | |
| Recommended savings on your salary (19.2%) | |
| Recommended rent you can afford on your salary |
How much rent can afford you making $18 an hour?
If you make $18 per hour, your daily wage would be $144.00, which equates to $3120.00 monthly or $720.00 weekly. So, the recommended house rent you can afford is $936.00 which is 30% of your monthly salary.
Note: The rent rule of 30% is a general guideline, not mandatory for everyone. Check your retirement savings and all essential monthly expenses. And the remaining amount should be your actual rent for a better financial position.
Rent on a percentage basis
The rent table is based on an hourly wage of $18 per hour. This is based on a standard of 40 weekly work hours and 8 working hours per day.
| Percentage (%) | Rent |
|---|---|
| 30% | $936.00 |
| 29% | $904.80 |
| 28% | $873.60 |
| 27% | $842.40 |
| 26% | $811.20 |
| 25% | $780.00 |
| 24% | $748.80 |
| 23% | $717.60 |
| 22% | $686.40 |
| 21% | $655.20 |
| 20% | $624.00 |
| 18% | $561.60 |
| 15% | $468.00 |
| 10% | $312.00 |
FAQs
If you pay 30% of your salary you can save up to $599.04 per month. If you spend 20% to 25% on house rent, you can save more.
If you make $18 an hour, your monthly salary will be $3,120.00
It all depends on your personal preference, but according to our calculations, you could spend $452.40, which is 14.5% of your salary.
This is a common rent rule followed by landlords, that your annual gross salary should be at least 40 times of your monthly rent. For example, if house rent is $1000, then your annual gross salary should be 1000 × 40 = $40,000.00.
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