Resolved Question

What percentage of your wages should you spend on rent?

Say you get £1300 a month after tax, how much should you go up to per month for rent?

Best Answer - Chosen by Asker

Im single and these are currently my bills = average (remember this is mine and can be different to yours):

I earn about the same as you.

Mortgage: £400 (currently)
Water - £30.35 (not on a meter)
Council Tax - £70 (I get 25% discount living alone)
Gas - £32
Electric - £18
Phone and Broadband - £15.50
TV Licence - £12
Food - £65
Insurance (building and insurance) - £25

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Other Answers (3)

• It depends on what sort of life you like living, and also where you live. A flat in London is going to cost you more than a flat in a smaller town. It will also help if you share accommodation with a friend.
  
  If you are on your own, though, I wouldn't spend more than one third of your wages on rent, and in anybody's language that isn't going to get you the Ritz. You will need at least half the remainder to pay Council tax and bills, which will leave you one third to live on. That's about £333 to feed, clothe, entertain, transport and otherwise amuse yourself away from your job. And, at the end of the day, the property is still someone else's, for which you will have to fight to get repairs done (if you have a bad landlord).

  Source(s):

• As a rule of thumb, you don't want to spend more than 25% of your monthly income on housing, and no more than 35% of your monthly income on housing plus other debt payments (such as student loans, credit cards, etc.). So, assuming your other debt is relatively minor, focus on 25% of 1,300 or 325 a month. If utilities are included you can go a little higher - up to 30% or 390 a month.
• if your Single find a flat for around £350 don't go over £400 there's no need and you wont be able to live well