Can I Afford This Apartment?

This apartment is a place I want but I am not sure I can afford it and would like some input and opinions please.
The monthly breakdown:
rent would be: $1249 (special price of 250 off market price)
electric: $100
water: $25
internet: $50
I make around $3000 a month and have no car payments, a small credit card bill and 1 student loan which will be paid off in June.
Background: I live in Maryland and would love to stay in Maryland. I am currently going to school full time and working full time. Being that the area of Maryland that I live in is central to both Washington, DC, Baltimore, MD and Annapolis, MD prices are very expensive (average 1 bedroom apartment starts at 1100+).
Thanks for your help!!!

6 thoughts on “Can I Afford This Apartment?”

  1. You earn 3,000 but after taxes and retirement savings your take home pay is less. Not having a car payment won’t last unless you are saving for a replacement. Car repairs, insurance, renters insurance, vacations, entertainment, tuition, books, gifts and other expenses happen.
    Since they are claiming this is 250 below market they will raise the rent at least that at the end of the lease so you will need to save to move if you can’t afford 1,500 a month.
    I would try to keep it under 1,000 so you aren’t shorting your savings goals.

  2. right now your leaving yourself only 1500 and change for food, clothing,entertainment, transportation , cell phone, phone
    if your willing to live like a hermit then this is the place for you
    if you like to live well wait awhile until you start making more money before you go this route

  3. I would say yes, you could definately afford this apartment, you may be a little bit tight on money though considering living expenses, but i think you can do it! i suggest maybe trying to find a room mate though to save you some cash, and living alone sucks anyways!

  4. Risky to spend over 50% if your pay on rent. Is the $3000 before or after tax? Add up food, clothing, books and things for school, transit or gas costs, sundires (toothpaste, TP etc), phone (home? cell?), cable, insurance…..
    You really need to write out how much EVERYTHING you need costs you a month to see if you can afford it.

  5. Yes you can! You would still have around 1,500 left to spend on food and other neccesities. I would definitely say get the apartment, doesn’t look like you’d be able to find one much cheaper then that anyways. =)

  6. If you did the math I say yes go for it. If you don’t have any children to support, why not. When I didn’t have any children to support I did fine
    on my own and I made a lot less money then you. I didn’t have a
    apartment that was that much money but after the rent I still had some money to
    myself. You don’t have to live like a hermit. You can still have fun with a
    little bit of money.
    Can you answer my question please.;…
    Thank you.

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