Can I move out?

Question

If you make 7.25 an hour and your partner makes 12, is it possible to rent a 1 bedroom apartment?

My car payment is only 125 
I have no phone bill or any other bills
I  don't have to pay for health insurance.  
I work 24-30 hours and attend college

SO works full time and has insurance through his job though I'm unsure how much they take 
He pays 45 a month for his phone 
He has medical bills and he pays 100+ on them 
He works various hours..he can get 10 hours over time sometimes other weeks he can get shy under 26 hours. He's considered part time but he works full time hours typically.

Answer

It depends on how much housing will cost, food and utilities. Regardless, it'll probably be pretty tight.

Answer

If you get paid every other week, take your most recent paycheck, take the gross amount(before tax), times it by 36 then divide by 12.

Then do that with his if he also gets paid every other week.

Add them together. If it equals three times the rent, then you can get approved for an apartment.

Say rent is 650.

650x3=1950 a month required

You make 7.25 and say you work 30 hours for two weeks in a row, this will be a paycheck with 60 hours x 7.25 =435.00 before tax.

435X36= 15,660/12 = 1305 a month

His

12x80 hours = $960X36 = 34,560/12 = 2880 a month.

Combined you would easily meet a rental if 650 with his income alone even.

So combined last two pay checks as I have here and that will show the requirements you meet

If pay day if biweekly (first and fifteenth) or if once a month. This does change the match.

(I worked in leasing)

Answer

A rule of thumb is never to pay more than 1/3 of your income on housing. Doesn't always happen that way...

Answer

Estimate about 1000 a month if you can get an apartment for $650 or under. There is also a charge to turn everything on, renters insurance if you want it and I'd always have extra if you need something fixed.

Answer

Write down your expenses. And possible expenses of you get an apartment (high rent, electric bill that may be higher in summer months vs winter months, extra gas because of distance from job). We can't tell you this info. Also consider if your hours go down would he be able to afford it on his own?. What would you do in that case.

Just something's to think of

Answer

My husband and I live on $2K a month, but we have help with our cell phone bill, and prescriptions. He's in med school and I'm an attorney in a super-saturated area and haven't been able to find a job so we're living on his loans. You can probably do it but you have to make a tight budget and stick to it.

Answer

Depends on where you live also. I'm in PA and my first apt was considered super cheap for the area at 725 plus utilities

Answer

If you make 3 times the rent combined, yes it's possible.

Can I move out?

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