Rental Math

# Rental Math

## Rental Math

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##### Presentation Transcript

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