If I make $21 an hour, what rent can I afford?
The amount of rent you can afford if you make $21 per hour in Canada depends on several factors, including your income, credit score, and expenses. On average, it is recommended to spend no more than 30% of your gross income on housing expenses. Based on this guideline, if you make $21 an hour and work 40 hours a week, your monthly gross income would be approximately $3 413 , and you could afford to spend about $1,024 per months on rent. However, you should consider other expenses and debts when determining what you can afford. The results the rent budget calculator provides are just a suggestion. You should evaluate your finances carefully before signing a lease on a new apartment.| Income | Rental Budget |
|---|---|
| $21 per hour* | $1,024 per month |
*Salary based on 40H/week of work.
Rent calculator
This handy tool eliminates guesswork, aiding tenants in making informed decisions about their housing expenses. Whether you are renting an apartment or a commercial space, a rent calculator simplifies the financial planning process. Take advantage of this tool to gain a clearer understanding of your rental budget and expenses. The popular related salaries are $22, $23, $24, $25, $26, $27, $28, $29, $30, $31.
Frequently asked questions
Why my rental budget should be 30% of my income?
It is a widely accepted recommendation that housing expenses, including rent, should not exceed 30% of an individual's income. For example, if you make $40 950 per year , you should plan to spend about $12,285 annually on rent ($1,024 a month). This guideline is used to ensure that individuals do not spend too much of their income on housing, which can make it difficult to afford other necessary expenses and save for financial goals. By keeping housing expenses at or below 30% of income, individuals are more likely to have enough money for other living expenses and to save for future financial goals such as buying a home or investing.
$40 950a year is how much an hour?
$40 950 a year is $21 an hour.
Why my rental budget should be 30% of my income?
$21 an hour is how much a year?
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Compare your income to the median salary in Canada
The median wage per hour in Canada is $20 in 2024. Your income is higher than the median hourly wage.