Housing Budget

[Lacuna]

Hi everyone! I am trying to escape a bad marriage and am trying to figure out how much rent I can afford. I've never lived on my own before and have two children that will be going with me. I have been at home with my children since they were born, but have found a part-time job and want to go back to school. I am very overwhelmed with my circumstances right now (to make a long story short, my husband cheated for four out of our six year marriage, stopped working for almost a year, fell into drugs, is emotionally abusive, and ruined my credit.) so I thought I would ask for help here.

I am wondering how much of your income you spend on your housing (rent or mortgage) so I can try to find out how much is realistic.

Thank you!

[Isis-Rayne]

I live in the Southeast (cost of living can vary considerably from region to region) and I pay about $650/month for our mortgage. That's including PMI and everything. Utilities, including all the bells and whistles for internet and cable, runs us another $300 a month. We're rather comfortable, clearly. It's just a small 3br townhouse, but it suits our needs.

[BrigidMoon]

I PMed you some questions. I am curious about...

[Rhianna813]

You might want to post this in the Family and Parenting forum too. There are a lot of helpful people there in a wide variety of living/ income situations with kids.

I am married with one small child. I am the breadwinner at an average paying office job and my husband is the stay at home Dad. We rent an older home w/ 3 bedrooms, 1.5 bath, double car garage and on a good sized lot. We pay $725 a month which is a good deal for our place but probably a little high now that we are on 1 income! But we love the place.

I would say you should look for rent that is 1/4 - 1/3 on your income. Paying rent that is closer to 1/2 your income is cutting it close with other expenses! But if it depends on what utilities are included and the neighborhood.

If you are just looking to get out quick look for something small with no lease. Later after you are more settled you can look for something better or perhaps with another single mom. That is a good way to save money!

Best of luck to you and take care,

Rhianna

[Lacuna]

Thank you so much for your responses and ideas! I will try posting in Family and Parenting.