That’s why Boston Luxury Apartment offers this useful rent calculator to help you project your monthly budget and determine a maximum rent payment you can take on while maintaining a healthy quality of life. Simply enter your yearly income below and it will give you a few options to consider when picking out luxury apartments in Boston. Now you can search through our database and narrow your results based on the price you’re comfortable paying. It’s that easy!
A few things to keep in mind when projecting rent costs while apartment hunting:
1/3 Rule: Economists and financial experts suggest that your monthly cost for housing should be between 25-30% of your total income before tax. This includes not just rent, but utilities as well. If you’re total housing costs are more than 30%, you may have to sacrifice elsewhere to keep yourself comfortable.
Other Expenses: While the 1/3 rule is a great general rule of thumb, everyone’s expenses are unique, and before you take on a big expense like rent, it’s imperative that you have a full understanding of your own expenses. Consider all debts, utilities, and expenses relating to food, transportation, and recreation before choosing a place. This is critical to make sure you can make it work for you.
Consider Your Lifestyle: If you prefer to be out and about and don’t plan to spend much time at home, you may choose to go with a more modestly priced apartment than an extravagant one for the simple fact that you won’t be home to enjoy it as much. Conversely, if you work from home or you don’t go out much, you may be comfortable splurging a little extra to have a beautiful place, and sacrifice elsewhere to accommodate.
These are all factors to take into consideration when looking for the right place for you. Once you have a number that you can fit into your budget, you can browse our vast database of luxury listings that fall within your price range and find the perfect place for you!