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Started By
Message
How much should I spend on rent?
Posted on 3/13/17 at 11:04 am
Posted on 3/13/17 at 11:04 am
I will be moving to Dallas this summer to start my big boy career at a Big 4 accounting firm. Starting salary is $58,000. I would like to be pretty close to downtown to avoid a long commute, but the rent seems like it may be a little to high. My only expenses would be the regular things like cable/internet, water and such, with the addition of about $350/month for student loan payments. The cheapest places I have been able to find are about $1,150/month for a 1 br which I know I would be able to afford, but I want to be conservative and I feel like that would stretch me more than I would like.
I've never lived completely on my own so it's hard for me to feel confident in my estimates so any help would be appreciated.
I've never lived completely on my own so it's hard for me to feel confident in my estimates so any help would be appreciated.
8
Posted on 3/13/17 at 11:19 am to Mingo Was His NameO
After taxes and deductions, I'm guessing your take home will be about $3500 per month, give or take. I'd factor about $400-$500 for cable, internet, cell phone, power, water, etc. After student loan of $350, that leaves about $2650.
$1150 would leave about $1500 per month with those estimates. That's doable, though in a city like Dallas I'd imagine it gets eaten up in a hurry. Eating out for lunch is probably $10-$15 a pop. Start doing that everyday, and it adds up quick. Going out for drinks and dinner after work is probably $40, minimum. Do that a couple of times a week, and it adds up fast in a big city.
But if that's all you can find, it's easily doable. My estimates were really conservative on take home, and really liberal on expenses though. Better safe than sorry.
$1150 would leave about $1500 per month with those estimates. That's doable, though in a city like Dallas I'd imagine it gets eaten up in a hurry. Eating out for lunch is probably $10-$15 a pop. Start doing that everyday, and it adds up quick. Going out for drinks and dinner after work is probably $40, minimum. Do that a couple of times a week, and it adds up fast in a big city.
But if that's all you can find, it's easily doable. My estimates were really conservative on take home, and really liberal on expenses though. Better safe than sorry.
Posted on 3/13/17 at 11:21 am to Mingo Was His NameO
I did the same thing some years back when the starting salary was $52k. I had a roommate and paid $1200 a month for my half of the rent in uptown. I wasn't really saving much outside of my 401k and the company match, but I did spend a lot on going out/dating/vacations etc. I didn't have any student loan payments though.
If I were you I'd get a roommate to split a 2br place in uptown at an apartment complex with a nice pool. Keep in mind you have a secure job, your salary will go up every year, and you will get promotions on a pretty set schedule so you can increase savings as that occurs. I miss those days, enjoy.
If I were you I'd get a roommate to split a 2br place in uptown at an apartment complex with a nice pool. Keep in mind you have a secure job, your salary will go up every year, and you will get promotions on a pretty set schedule so you can increase savings as that occurs. I miss those days, enjoy.
Posted on 3/13/17 at 11:24 am to Mingo Was His NameO
Do you have a car note?
I think you could swing $1150, as a young professional I feel like location would be my biggest priority and would help with meeting people and having a good social life.
I think you could swing $1150, as a young professional I feel like location would be my biggest priority and would help with meeting people and having a good social life.
Posted on 3/13/17 at 11:27 am to Beerinthepocket
quote:
If I were you I'd get a roommate to split a 2br place in uptown
This is the ideal situation and would alleviate all of these problems, but I have not found a roommate yet so I am trying to plan for having to get a 1 br.
I know I would be able to swing the rent, but I'll be moving over with limited cash so I would really like to save a decent amount every month because if something were to happen (major car repair, ect) it would probably put me in a pretty big bind.
Posted on 3/13/17 at 11:29 am to Epic Cajun
Car is paid off, but has almost 200,000 miles on it. Good news is it has an almost brand new transmission and I've never had any other problems with it so I hope to get a couple more years out of it.
Posted on 3/13/17 at 11:43 am to Mingo Was His NameO
I'd really try to find a roommate and get in the 800-900 range or less.
I make a little more than you'll be making and I'm paying 1275, which includes my internet/cable but I don't think I could do it on any less and probably not on what you're making unless you want no social life and don't want to eat out very often.
If you want to be Uptown, where all the action is for young professionals, you'll def need a roommate.
I make a little more than you'll be making and I'm paying 1275, which includes my internet/cable but I don't think I could do it on any less and probably not on what you're making unless you want no social life and don't want to eat out very often.
If you want to be Uptown, where all the action is for young professionals, you'll def need a roommate.
Posted on 3/13/17 at 12:29 pm to Mingo Was His NameO
Not sure which firm you are with and what practice but reach out to the HR team and tell them you're looking for a roommate and to let you know if they know of anybody else looking for one. There is probably a few others in your situation. That's how a few people at my firm found roommates during our start class
Not ideal but it could buy a year with cheaper rent until you meet somebody you'd rather room with
Not ideal but it could buy a year with cheaper rent until you meet somebody you'd rather room with
Posted on 3/13/17 at 12:41 pm to Mingo Was His NameO
I currently live in Addison (about 10 min drive down the DNT from Uptown)
I pay currently 1350 for rent. I will throw out there that it is a 2 bedroom 1100 sq ft. apartment. I make about 22-25k more than you do though. I am able to put away about 700 a month after everything said and done.
1350 rent
530 cell / electricity / water / net&cable / gas / NTTA (Toll)
450 Student Loan
445 Car note
210 Insurances
400 Cost of food (eating out)
--------------
3385 Total
I am salaried and take home 2258 and some change bi-weekly. So not counting the extra 2 checks my total take home monthly is 4516. I have a CAP that my employer throws 3% into and I put 6% into my 401k which is normally around 350 a month.
4516 Take Home
(350) 401k contri
(3385) Monthly Debts
---------------------
781 Net Savings not including 401k contribution. Obviously I could grow that number to about 1000 if I chose to move toward a 1k rent MAX and of course if the 450 SLoan payment didn't exist I could be really well off lol.
edit: I could also get a room mate but my pride wont allow me too. However, I may put that aside lol.
I pay currently 1350 for rent. I will throw out there that it is a 2 bedroom 1100 sq ft. apartment. I make about 22-25k more than you do though. I am able to put away about 700 a month after everything said and done.
1350 rent
530 cell / electricity / water / net&cable / gas / NTTA (Toll)
450 Student Loan
445 Car note
210 Insurances
400 Cost of food (eating out)
--------------
3385 Total
I am salaried and take home 2258 and some change bi-weekly. So not counting the extra 2 checks my total take home monthly is 4516. I have a CAP that my employer throws 3% into and I put 6% into my 401k which is normally around 350 a month.
4516 Take Home
(350) 401k contri
(3385) Monthly Debts
---------------------
781 Net Savings not including 401k contribution. Obviously I could grow that number to about 1000 if I chose to move toward a 1k rent MAX and of course if the 450 SLoan payment didn't exist I could be really well off lol.
edit: I could also get a room mate but my pride wont allow me too. However, I may put that aside lol.
This post was edited on 3/13/17 at 12:42 pm
Posted on 3/13/17 at 12:55 pm to 50_Tiger
quote:
(about 10 min drive down the DNT from Uptown)
Addison to Uptown is not a 10 min drive
Posted on 3/13/17 at 12:59 pm to 50_Tiger
quote:
50_Tiger
How long is the commute in the mornings/afternoons into downtown? I wouldn't mind living there to save money if the commute isn't an hour.
Posted on 3/13/17 at 1:06 pm to southernelite
quote:
Addison to Uptown is not a 10 min drive
false. I do it all the time...Then again I do like 80 the whole way.
edit: Okay fine maybe 12-15 minutes.
This post was edited on 3/13/17 at 1:10 pm
Posted on 3/13/17 at 1:09 pm to Mingo Was His NameO
quote:
How long is the commute in the mornings/afternoons into downtown? I wouldn't mind living there to save money if the commute isn't an hour.
My office is actually right off of 114 and Bush in Irving. As long as I leave before 7am and before 4pm it takes me no longer than 15-18 minutes. Add an hour to that and it becomes 30 minutes.
Avoid 635 going east and west Rush Hour times. Avoid US75 going North and South at Rush Hour. I have not checked out 635Texpress yet from 35E across the way so if you do not mind the tolls that may be the way to go if you are in a hurry and want to pass all the choke points of North Dallas.
edit: If your job is in Uptown, the DNT is normally clear going southbound at the same time I listed. During the afternoon it is a little tricky right now because they are expanding the lanes and there always seems to be an accident that causes it to become a parking lot.
This post was edited on 3/13/17 at 1:12 pm
Posted on 3/13/17 at 1:11 pm to 50_Tiger
I suppose it depends on where you're going.
I work near 12 and the Tollway and it takes me 20-30 minutes to get to Cityplace and I have a decent head start.
I work near 12 and the Tollway and it takes me 20-30 minutes to get to Cityplace and I have a decent head start.
Posted on 3/13/17 at 1:12 pm to southernelite
quote:
I suppose it depends on where you're going.
I work near 12 and the Tollway and it takes me 20-30 minutes to get to Cityplace and I have a decent head start.
To be fair I live 3 minutes away from the DNT. I use to date a few women in Uptown and when they made that 9pm phone call I wasn't messing around
Posted on 3/13/17 at 1:15 pm to southernelite
Uptown apartments are in the $2000 range for a two bedroom in the right area. If I was you, then that is where I would target. You want to live in Uptown when you first come to Dallas, especially if young and single.
Posted on 3/13/17 at 1:39 pm to lynxcat
You can get probably get one of the Gables for 1600-1800, definitely get into something like Post in that price range.
Probably 2k minimum to be right on McKinney.
Probably 2k minimum to be right on McKinney.
Posted on 3/13/17 at 3:03 pm to lynxcat
quote:
Uptown apartments are in the $2000 range for a two bedroom in the right area
I was able to find plenty of this. Along with the split of untilities I would be fine. I would be able to be all in for about $1200 with a two bedroom as apposed to closer to $1500 in a 1 br.
Posted on 3/13/17 at 3:46 pm to Mingo Was His NameO
Have you tried Craigslist? Every now and then you can find a private homeowner renting a garage apartment or carriage house for a nice price. I lived in a retired couple's garage apartment for a year my first job out of college. They were pretty nosy, but it was a great location/price, and they were awesome people otherwise. It was also a good $200 cheaper than all the apartments in the area at the time.
Posted on 3/13/17 at 3:52 pm to Mingo Was His NameO
One bed rooms are really hard to justify in Uptown unless you earn some serious coin. The additional for the second bedroom is only $500 or so more so you get some great scale benefits of having a roommate.
If you want to live by yourself in a reasonable priced single, I would recommend the Village area. I lived over there for a year or so and it was really nice. I would still be there but the daily commute was more than I could bear. However, you can find a one bed room for about & 1100 over there which is workable for someone on your income.
If you want to live by yourself in a reasonable priced single, I would recommend the Village area. I lived over there for a year or so and it was really nice. I would still be there but the daily commute was more than I could bear. However, you can find a one bed room for about & 1100 over there which is workable for someone on your income.
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