I’m going into my junior semester for computer science soon. My parent’s house is too distracting and I’m worried I won’t be able to pass these upper-level classes. My question is… If I get a one-bedroom apartment and spend 40% of my monthly income on it, would that generally be considered okay? Do most college students follow that 30% on rent rule? I want a one bedroom because I want a more secluded environment for myself.
I would say it’s normal for most college students to spend a high percentage of their income on rent because the income of most college students is so low. At the typical college, it might be more the norm for students to share a house/condo/apartment with roommates. Is it okay? How much debt will you graduate with? How expensive is a one bed room in your area? Roommates, when you’re in college, aren’t always bad. If you find roommates you like, they can provide a group of people to socialize with.
Have you been saving up money while living at home? Because paying 20% of your paycheck in rent plus another chunk out of your savings is different from paying 40% of your income in rent out of cash flow.
I think it’s pretty safe to say that your move in costs and monthly expenses will be higher than you expected, as most students underestimate their costs when first moving out on their own.
Make sure you are leaving room in your budget for any utilities associated with the apartment: electric, gas, water, sewer, internet access, garbage pickup, or extra parking fees. Make sure you have plenty in savings to cover the deposit and can do without that money for over a year. Often it isn’t returned before a new deposit would be due for your next apartment. You also need a qualified co-signer and renters insurance.
There are probably other things I am forgetting, but juggling a household will come with its own set of distractions and housekeeping time drains. I just remembered something else: groceries & cooking. Even cereal requires milk and a store run.
I think the rule is no more than 30%, but if you can rent for less even better. Maybe a roommate can help you split the bills. My D often saved on rent by subletting, especially from those away a semester for co-op. Often she moved into apartments with roommates but she always enjoys meeting new people and the room would sometimes be partially furnished which made moving easier. Do you plan to co-op or intern in the area? Usually Junior year is when students need flexibility to move for opportunities. Maybe finding a short term sublet would let you test the waters. Students at my D’s school listed theirs on the off campus housing website.