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April
I am a college student and I want to start saving money so that once I have graduated and get a job I can move into my first apartment. the only furniture I have is what's in my bedroom: bed, dresser, book shelf, desk, etc. I just need an estimated amount the least I would spend and the most. I live in Arizona.
Answer
Depends on where you live; your job may be in another state.
Do some research on the area where you will be living; www.rent.com can give you some idea about rental prices.
You will need at least first and last month's rent, plus a security deposit which will normally be equal to or more than the monthly rent.
If you have never had utilities in your name and they are not included in the apartment, plan on $25-100 per utility company as a security deposit.
Several thousand dollars for furniture, kitchen items, paper goods, cleaning products, towels, sheets, pillows.
So let's say you find an apartment for $900 per month (this assumes you will not be in NYC or LA, which would be much higher).
First and last month's rent $1800
Security deposit (guesstimate) $1000
Utility deposits =< $100
Furniture (conservatively) $2000
Kitchen utensils, dishes $500
Sheets, towels $200
Paper goods, cleaning products $100
Food, staples, etc. $200
TOTAL $5900
This is a very basic estimate.
Even if you a renting: GET INSURANCE!!!
Renter's insurance is very cheap, about $15 per month.
Have some money set aside to carry you over until you get your first paycheck.
You will also need to pay your cell phone bill.
Gas, car insurance, car maintenance, car payment if you have one, or money for public transportation if no car.
If you will be going off your parent's health insurance, plan on $50 or so a month for that, unless your employer provides it.
You should have extra money stashed for emergencies, like car repairs, illness.
Bottom line: several thousand.
Good luck! Hope your first job pays well.
Depends on where you live; your job may be in another state.
Do some research on the area where you will be living; www.rent.com can give you some idea about rental prices.
You will need at least first and last month's rent, plus a security deposit which will normally be equal to or more than the monthly rent.
If you have never had utilities in your name and they are not included in the apartment, plan on $25-100 per utility company as a security deposit.
Several thousand dollars for furniture, kitchen items, paper goods, cleaning products, towels, sheets, pillows.
So let's say you find an apartment for $900 per month (this assumes you will not be in NYC or LA, which would be much higher).
First and last month's rent $1800
Security deposit (guesstimate) $1000
Utility deposits =< $100
Furniture (conservatively) $2000
Kitchen utensils, dishes $500
Sheets, towels $200
Paper goods, cleaning products $100
Food, staples, etc. $200
TOTAL $5900
This is a very basic estimate.
Even if you a renting: GET INSURANCE!!!
Renter's insurance is very cheap, about $15 per month.
Have some money set aside to carry you over until you get your first paycheck.
You will also need to pay your cell phone bill.
Gas, car insurance, car maintenance, car payment if you have one, or money for public transportation if no car.
If you will be going off your parent's health insurance, plan on $50 or so a month for that, unless your employer provides it.
You should have extra money stashed for emergencies, like car repairs, illness.
Bottom line: several thousand.
Good luck! Hope your first job pays well.
How much money do you need to make monthly to rent an apartment?
Paige
I'm thinking about getting a three bedroom apartment with 2 other roommates. I've set a monthly rent limit of $900, so each roommate is responsible for a third of the rent.
Answer
Total monthly income must be 3 times the rent. Thus 900 means income of 2700
In NYC it is 4 times thus 900 means income of 3600
Total monthly income must be 3 times the rent. Thus 900 means income of 2700
In NYC it is 4 times thus 900 means income of 3600
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Title Post: How much money do i need saved up to rent my fist apartment?
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