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what are Income Guide lines when renting an apartment?

How much would one have to make? (portland)

Public Comments

1. The amount of your rent should be equal to 1/4 of your monthly income. The same is if you buy a house.
2. I worked for a letting agent in the UK, and it went as follows: a single applicant needs to earn 2.5 times the annual rental figure, so, for a rent of £500, an applicant would need to earn £15000. BUT, you can still rent the apartment for £500 if you earn 1.5 times the rent, (£9000) IF you have a guarantor (someone who agrees to pay your shortfall in rent should you not meet the monthly payments). The guarantor needs to earn 3 times the annual rent, so they need to earn at least £18000 to be your guarantor. You need to consider other expenses, and your guarnator will be equally responsible for your tenancy, and your obligations as a tenant become theirs, should ther be a breach of tenancy. This is in the UK, so not sure if it is relevant, but it is of course, only a guideline.
3. Same as for buying Rule of Thumb: Not more than 1/4 of monthly income for housing Not more than 1/3 of income for housing and utilities (water, gas, electric, cable, phone, etc.)
4. According to HUD, your rent should not exceed 30% of your income. There are other factors to consider as well, i.e. car payments, insurance, etc.
5. Individual landlords can set their own criteria. A general rule of thumb is the rent should be no more than 3 to 4 X the rent.