How much do I have to make in order to rent from you?
According to HUD
Families who pay more than 30% of their income for housing are considered cost burdened and may have difficulty affording necessities such as food, clothing, transportation and medical care…
This is what we use as our guideline when determining how much a tenant can afford in rent.
Other financial experts recommend spending much less on housing. In fact, Dave Ramsey recommends that no more than 25 percent of your family income should go toward housing.
Given this, Apple Realty will consider applications based on the 30% rule, but suggest that everyone try and keep things closer to 25% or better.
Also see something called the 28/36 rule