How Much Rent can I Afford Based on Hourly Pay?
If you’re making $20 an hour, assuming you work a standard 40-hour workweek, your monthly income is $3,200. Based on the 50 %needs category, you should aim to spend no more than 30% of your income on rent, which comes out to $960 per month.
Your income, where you live, and your lifestyle are just a few of the variables that will determine how much you should pay in rent.
Rent does not account for more than 30% of your monthly income.
This means that you should spend no more than $960 on rent if your monthly income is $3,200.