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Rental Math

Rental Math

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Rental Math

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  1. Rental Math

  2. *Housing to Income Ratio is 28% of monthly GROSS income • • Finding Maximum monthly rent for the gross (before taxes) monthly income • EX: $1000 x 28% = $280 maximum rent

  3. • If paid by the hour: hourly wage x # of hours worked weekly x weeks in year = gross pay yearly / 12 • months = gross monthly wage x 28% = maximum rent • EX: $6.00 x 40hours = $240 x 52 weeks = $12,480/12 = $1040 x 28% = $291.20

  4. If paid by week: $240 x 52 weeks = $12,480/12 = $1040 x 28% = $291.20 • • If paid by the month: $1040 x 28% = $291.20 • • If paid by the year: $12,480/12 = $1040 x 28% = $291.20

  5. 1. $20 hourly • 2. $16.50 hourly • 3. $8 hourly • 4. $6.65 hourly • 5. $450 weekly • 6. $190 weekly • 7. $700 weekly • 8. $1000 weekly • 9. $1000 monthly • 10. $1200 monthly • 11. $2600 monthly • 12. $4500 monthly • 13. $18,000 yearly • 14. $44,250 yearly • 15. $68,500 yearly • 16. $110,500 yearly

  6. 1. $20 hourly = $970.67 • 2. $16.50 hourly = $800.80 • 3. $8 hourly = $388.27 • 4. $6.65 hourly = $322.75 • 5. $450 weekly = $546 • 6. $190 weekly = $230.53 • 7. $700 weekly = $849.33 • 8. $1000 weekly = $1213.33 • 9. $1000 monthly = $280 • 10. $1200 monthly = $336 • 11. $2600 monthly = $728 • 12. $4500 monthly = $1260 • 13. $18,000 yearly = $420 • 14. $44,250 yearly = $1032.50 • 15. $68,500 yearly = $1598.33 • 16. $110,500 yearly = $2578.33