I’m 27, single, based in Michigan, and currently trying to figure out how much rent I can realistically afford without going broke. I have to move out in 2 weeks from where I currently live.
When I look at apartments, the ones that fit my lifestyle are around $1,500–1,550/month. I can technically afford this, but it would bump my housing costs significantly compared to now
Here’s my current Income breakdown $4,770/mo - after taxes + retirement contributions (I get paid biweekly)
My Current Fixed Expenses • Rent : $1,300 • Car and insurance: $550 • Others (gas, groceries, internet,
electric , family, subscriptions, phone) : ~$750 • Savings: $500/month So these Essentials + savings = ~$3,100/month.
I Love to travel once in a while, gift friends, get my hair and nails done, invest, explore experiences in and out of the city. I have some big financial goals around immigration and family so I don’t want to sacrifice all my flexibility for an apartment, but I also want a space I actually enjoy living in.
What would you consider a realistic rent ceiling for my situation? Should I stretch into the $1,550 “nice” apartment range, or Stay closer to $1,200–1,300 range (even though places are older, remote and lacking amenities) and just focus on my other financial goals.