Rent Calculator: Determine How Much You Can Afford in Weehawken and the Gold Coast
Feb 17, 2020
If you rent an apartment in the New York City metro area, you’re in good company! A majority of people in our region choose to rent instead of buying property, often because of high costs in the housing market, low availability of properties available for purchase, and mobile lifestyles that keep us moving towards the next great opportunity.
If you’ve renewed your lease a few times, you may have a set number in your mind of how much you can afford to pay for rent. However, it never hurts to review your finances and do the math to find out if you’re paying more than you should be or settling for less than you have to.
In this article, we break down the rent calculator formula to help you know what you can afford for housing in the Weehawken and Gold Coast area.
Factors for a Rent Calculator
First look at the information these calculators use and why it’s important when making a decision about your next place to live.
Financial advisors typically look at these five pieces of information when assessing rent costs:
• Rental location
• Monthly net income
• Monthly debts
• Monthly savings
• Monthly expenses
Carefully review your finances so that these numbers are as accurate as possible. For the best assessment, consider using the average of the past three months for these figures in case you spent or made disproportionately more or less in one particular month. If you don’t have a steady monthly income because you are a freelancer, self-employed, or have a couple part-time jobs, it might be more accurate to use your gross annual income instead.
When calculating debts, add up all your credit card debts, car payments, and student loan amounts. Monthly expense calculations should include costs to maintain a car, public transportation, groceries, household necessities, clothes, health insurance, renter’s insurance, cell phone and internet plans, and the entertainment extras you spend while going out and enjoying everything the city has to offer. Online rent calculators will give you a dollar amount that you should be able to afford based upon the data you provided and also let you know much money you’ll have left over to spend per month.
How Much Should Spend on Rent?
In our area and as a general guideline, most people spend about 30 percent of their monthly income on rent. However, keep in mind that this 30 percent should include your utilities as a renter.
If you have no debt, then you may be able to spend up to 40 percent of your monthly income on rent. However, you may decide that you’d rather take that extra 10 percent and put it towards travel, investments, or other pursuits that you’re passionate about.
Housing Costs in New Jersey’s Gold Coast vs. NYC
It’s no secret that rent prices in New York City are among the highest in the nation. A convenient and cost-effective solution for many people who work in NYC is to use New Jersey’s Gold Coast as their home base. Simply put, everything is more affordable when you come over to this side of the Hudson River.
There’s been a residential boom recently on New Jersey’s Gold Coast in cities like Weehawken, Hoboken, and Jersey City. Here you can find luxury rentals for a fraction of the price and without sacrificing great transportation to the city, amazing amenities, and spectacular skyline views.
Port Imperial Advantages Beyond the Price Comparison
While price is a common reason why New Yorkers move to the waterfront properties of Port Imperial, it is certainly not the only reason. Our Port Imperial properties make it easier to get to NYC destinations than in many places within the city itself, thanks to our proximity to the ferry, light rail, bus, and car access via the Holland and Lincoln Tunnels. Our neighborhood is also home to some of the finest restaurants, outdoor recreation, schools, and exciting events in the region.
With a standard NYC apartment, you will likely get very few (if any) amenities or special perks beyond the walls you call home. But at Port Imperial, we believe you deserve the very best and treat you to the luxurious amenities you want and deserve every day. When you rent an apartment with us in Weehawken, you’ll have access to indoor and outdoor swimming pools, social lounges, catering kitchens, business centers, roof decks, barbecue areas, fire pits, landscaped gardens, and much more. It’s so easy to live an active, healthy, and social life here with all the gyms, yoga studios, pet runs, and children’s play areas just steps from your front door.
If you have received the results of a rent calculator and are curious to learn more about what New Jersey’s Gold Coast can offer you, please contact us. We’d love to introduce you to our community and help you pay less to get more.