I would stay under $250,000 given you still need maintenance, furniture, a car, etc. I would, if possible go lower and build up your savings. Your interest rate will also make a big difference.

Anonymous wrote:Craigslist is depressing! One bedrooms around $1700 and up. That just seems an insane amount of $ to pay. Maybe I should just buy something but then you just pay interest (and get the write off). Arg!

It's that ten years from now $1700 will seem cheap.

Our mortgage payment was monstrous when we first got it in 1995 -- $1495 per month! We ate oatmeal to afford it and I lay awake at night worrying about it. Now, since our incomes have gone up, and with inflation and rents going up, $1495 is an amazing bargain for housing. We pay less than 1/5 of our take home income for housing. Plus we get the tax deduction for mortgage interest, and we have the stability of a home that we chose in a neighborhood that we like. Because we deduct mortgage interest we itemize and can take other deductions as well. Overall it's a key part of our financial stability. And our home has tripled in value in 17 years.

Anonymous wrote:

Anonymous wrote:I am renting now, but just need something larger. I bring home after health care,401k, taxes, $3200. $800 a week. I really have to leave this city. Mom can't go so I was going to wait until she goes to school. She is 1.

Could you live with your mom?

I wish! No I can not. She does not have the room. I am going to make where I live work I guess. I was going to use the forum to maybe tell my boss I need about $12k more a year to stay here. That is a slippery slope. I was going to do that in June. I will have paid off my final student loan by then...paid what I owe in taxes by then...have no credit card debt by then...not be upside on my car and trade it in for something cheaper (around a $150 month payment v. $300)...if I could get a car that I have no payment on that would be cool...I guess I will just see where I am in June!

Anonymous wrote:I am renting now, but just need something larger. I bring home after health care,401k, taxes, $3200. $800 a week. I really have to leave this city. Mom can't go so I was going to wait until she goes to school. She is 1.

Could you live with your mom?

Craigslist is depressing! One bedrooms around $1700 and up. That just seems an insane amount of $ to pay. Maybe I should just buy something but then you just pay interest (and get the write off). Arg!

I am renting now, but just need something larger. I bring home after health care,401k, taxes, $3200. $800 a week. I really have to leave this city. Mom can't go so I was going to wait until she goes to school. She is 1.

OP, I would rent a one bedroom apartment since you don't plan on being in the rental for more than 2 years and your dd sounds young. This way you can save more money and possible afford a more convenient location that saves you money in other ways (commuting costs, can walk/use public transit more, etc.)

19:22 here

I'm 32F and single. No real debt (tiny amount of student loans left after paying down 200K, low interest rate - will be paid off soon).

Don't necessarily max out 401K but contribute a fair amount, including the amount necessary for the max match.

Would like to get married and have kids eventually, but planning things don't mean they happen obviously. (This factors into considering paying more in rent - since for a social life it would be easier for me at least to live more downtown than further out).

19:22 ....tell us your age and if you have kids?

I'll give you an example. I'm married, 2 children both in public, HHI is $275K, we max our 401K and pay $3K in rent (have two rental homes where rent is paying mortgage but no real profit to show - more of a "wash") we find that our $3K a month is a nice manageable number as it gives us the freedom to go on vacation twice a year, pay for tutors, nice dinners out about 2-3 times a month. DH was out of work for a year, so we racked up some debt that we are now paying off. If we had NO debt, I would feel fine paying up to $4K in rent.

And to provide a response to OP. I'd say try to stay under 2K/mo. Reasonable and yet still making sure you aren't wasting too much.

I like this thread. I make 150K, have decent savings but could use more obviously. Otherwise not huge expenses. Thoughts on target rent vs max rent (including I guess parking)?

Anonymous wrote:For rent? I make $100K. And I want to save for a house. I already have $20K saved. I am moving to another state, but want to stay here for 1 to 2 more years.

OP - I'm confused. are you staying or moving out of state?

Either way, I would stay under $2000. You're not getting a tax deduction so that's a flat $24K a year for rent with no equity to show for that spend. You're probably clearing about $70K a year? Less rent, that's $46K a year after housing costs. That leaves you with about $3500 a month for savings, groceries, gas, utilities. If you want to save to buy a home, I would stay under $1500 a month if possible...that would give you an extra $6K in savings.

Does your mom live with you?
How old is your kid?

I just want to get an idea of maybe what other people are paying around that salary range. I have a daughter, but childcare is free - mom. So I would like a 2 bedroom. Just want to know if people know any hidden gems out there. Would like to stay in DC. Work in Chinatown. Your help is appreciated!

For rent? I make $100K. And I want to save for a house. I already have $20K saved. I am moving to another state, but want to stay here for 1 to 2 more years.