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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 118659
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

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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?
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.

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Customer: replied 4 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.

Thank you for your response.

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.
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