What do I need to consider before renting an apartment in Wisconsin?

Jason P: What do I need to consider before renting an apartment in Wisconsin?
I’m thinking about moving out of my parent’s house and renting an apartment. Currently, I’m making $ 13 an hour before taxes, though that may be going up soon a little soon. I am working in Madison, Wisconsin, though currently I am living about 60 miles away and commuting each day. Obviously, the gas costs are big and as they continue to go up, it won’t be long before it is not feasible at all.

I have to pay about $ 260 a month for student loan payments, will be paying about $ 50 a month for a cell phone, and will be taking on my own car insurance soon, though I don’t know how much that will be yet. I would probably also want at least basic cable and internet access in an apartment.

I also need to know how to search for an apartment. I lived on campus when I went to college in Green Bay, so I didn’t have to worry about searching. What is an acceptable amount to be paying monthly, especially since I will probably be living by myself?

Answers and Views:

Answer by BillWill3
As a rule of thumb, try to keep your rent at or below 25% of your income. This may limit your options but if you search well you should find some efficiency apartments or perhaps even someone who rents out a garage or basement space in their homes. If you pay much more than this percentage for your rent, with your other living expenses, you will not have much left over for “having a life” as they say! But do avoid the temptation to spend too much, either on your rent or anything else. It makes excellent financial sense to spend less than you make and to save or investing some of your funds so that you can be financially stable and prepared for emergencies.