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Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 106225
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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# For PaulMJD, do you have a formula to calculate the income

### Resolved Question:

For PaulMJD, do you have a formula to calculate the income needed to rent an apartment at the price \$515 a month?

or How much reasonable income a person/family must make a month to qualify for an apartment \$515 rent?

I have a couple came to me to rent & their income is only \$715 a month.
I'm not so sure how can they pay rent \$515 & live on only \$200 a month.
Do you have a formula to calculate the needed income to qualify for \$515 rent?
Submitted: 2 years ago.
Category: Legal
Expert:  Law Educator, Esq. replied 2 years ago.
Thank you for your new question. I look forward to working with you again.

Here is a rent calculator. If they make \$715 a month, the calculator determines it to be \$214.50 per month rent is all they can afford based on that much monthly income.

Kindly remember the ONLY WAY experts receive any credit at all for spending time with customers is if you click on OK, GOOD or EXCELLENT SERVICE even though you have made a deposit or are a subscription customer. YOU MUST COMPLETE THE RATING FOR THE EXPERT TO RECEIVE ANY CREDIT, if not the site keeps your money on deposit.

Also remember, sometimes the law does not support what we want it to support, but that is not the fault of the person answering the question, so please be courteous.

Customer: replied 2 years ago.

Do you have actual formula calculation?

Because I have to take into consideration that my rental studio is for limited low-income & my rent is included all utilities electricity, water,sewer, &trash, except phone.

Expert:  Law Educator, Esq. replied 2 years ago.

The formula is generally, Monthly Rent = ( 0.4x Gross Monthly Income) – Monthly Debts

Where "monthly debts" include items such as car payments, card payments, installment loan payments, etc.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 106225
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law

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