First time to stay at the apartment: How much money do you need to save?

For many of our readers, moving in their own apartment is the ultimate goal. You want a place of your own, it means sharing an apartment with friends or find a studio, you can call your own.

But how do you get there? Earlier this year, we did a three-part series on the subject. Now it's time for a refresher course on how much money you need every step of the way.

To move out

So let's dive right in! First, in 2013, the rental market is very tight. According to Reuters, the national vacancy rate for apartments is now 4.3%, down from 8% in 2009. And if you're looking for a place in New York, San Francisco, Chicago, and many other major markets, it is much lower.

In other words, there are not many apartments open - and there are probably more people who want apartments as apartments suitable for everyone. This means that if you are looking for a discount or offer, you're unlikely to find one.

This is the simple reality of many hunters and some vacancies. If anything, you may have to pay a premium to get the place you want. So start saving! If you are a new grad process of about $ 40,000, you will need $ 3000 (detailed at the end of this post) in the bank before you can move.

Your regular income

If you are looking to live in a place of your own, it is better to have a steady income. You'll be much more likely to get a place, and you will have peace of mind when you travel. There are two ways common to determine the amount of apartment you can afford. Is:

Divide your net monthly salary by three, or
Divide your gross annual income by forty

The resulting number is the absolute maximum you have to pay monthly rent. If you rent out your means, you highlight every month ... and there will never be a respite. So stick to what you can afford. (If you do not have a steady income, or you are looking for a job, or you are looking into renting one hand, see our tips to get an apartment without meeting the requirement income (note:. You may need to have more money saved.)

How much does it cost to rent an apartment per month

Just because you meet the income requirements for a given price range, it does not mean you're done for now. Mark Posing apartment through a security deposit. The deposit is usually the same amount of money for one month's rent. You will also probably be subject to a background check and credit - you are often billed at $ 30- $ 100, depending on the management company.

This means that you will need to have almost double the rent of your first month plus $ 100 or more and you'll need to be able to cut a check for that amount as soon as you want to get a place. (Yes, eventually you will get your deposit, but it will not be before the end of your lease, provided that you have kept the apartment in good condition. Meanwhile, it is an asset to the illiquid background you need to save for.)

Moving

Do not overlook this expense. Probably, it will be for a moving truck rental, or for a full-service move. Price each in your area. If you rent a moving truck in town and the rest to you, expect to pay about $ 40 to $ 150 for the truck and supplies such as tape, boxes, etc.

This is the recommended choice if you can live with a few dings on your furniture, you are fixing stuff at ease on the back of the truck you can drive a huge vehicle with aplomb, and you have friends recruiter- able.

Generally, if you make a small move to full service in town with a good company, expect to pay about $ 300- $ 600. If this sounds a lot, that's because it is; That said, if you find a good company and you have things well, there is much value in having someone move carefully in your new place.

It is unlikely that you will get your moving expenses all the way to zero. If you do, my Hardy congratulations: you have friends, great forts and free access to a large vehicle. If this describes you, all you need to consider is the burden of getting your new location equipped with the basics: toilet paper, cleaning products, light bulbs, paper towels, dish rack, etc., etc. Expect to pay about $ 50-100 for moving essential apartment, everything said - and at the top end, if you are starting from scratch.

Furniture

If you already have furniture, you're in luck - you've probably paid more to move, but now you made in this department. If you do not have much furniture, remember that furniture is a product that you can pay almost any price. We have articles on how to furnish your room for under $ 500, less than $ 1,000 and less than $ 2000.

Pay more for furniture does not guarantee a better product, but if you are patient and knowledgeable, you will be able to obtain long-term, fine furniture if you spend a little more money. That said, your first apartment need not be Versailles. Spend an amount you're comfortable with - and remember that, apart from the basics, you do not need to buy everything at once.

Consider visiting thrift stores intermittently. End tables, lamps, shelves and others can be purchased gradually - so think of furniture as a recurring expense for the first year, rather than as a lump sum.

Utilities

We published an article with a breakdown of the costs of public services. Summary: reported from the website source Your First Apartment you should expect to pay about $ 200 a month in utilities (which includes the Internet, a web streaming service, and renter's insurance in addition to the usual heat and electricity).

Keep in mind that it is per unit, so if you share an apartment with friends, your individual cost will be much less. We would also note that, as tempting as it may be to ignore, renter's insurance is a must-have. It is less than $ 150 a year, and if you have a fire, flood or burglary, you'll be able to re-purchase your property and someone else put you in a hotel until your place is habitable. So, get renter's insurance!

First apartment budget calculator

1st month rent $ 100 - $ 40,00 salary / 40
Deposit $ 100 - one month rent
Moving expenses $ 400 $ 0 - depending on whether you are furniture (bed, etc.)
Furniture $ 0 $ 400 - if you have moved furniture with $ 0, otherwise you'll need a few basics (bed, etc.)
Miscellaneous 400 $ - utility deposits, credit check fee, renter's insurance, starter supplies
Total about 1440 $