facebookCan a 30-year-old rent a 1-bedroom condo with a take-home pay of $2600? Is it advisable? - Seedly

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Anonymous

29 Nov 2022

Adulting

Can a 30-year-old rent a 1-bedroom condo with a take-home pay of $2600? Is it advisable?

I have my emergency fund set up with 6 months of expenses covered. Personal and hospital insurance is also sorted.

Discussion (27)

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Everything is possible.

Eat instant noodles everyday, cut back on everything else. But I wouldnt rent a 1 bedroom with a takehome pay of $2600.

Yon wont get to save much.

Even the smallest of 1 bedroom condos are currently going for ~3k to 3.6k rent per month easily even those OCR/not near mrt, and this is without utilities/wifi. Not kidding but this is the harsh reality - from someone who has been looking actively in the current hot market.

For me, it is financially a bad idea to rent but sometimes life pushes you to make non ideal decisions.

Personally, I don't think you should. rental of condo is not cheap and you will be spending a big % of your pay just for housing

I do not think it will be a wise move. In lieu of property market price hike, one bedder condo is now around 1.9K upwards even at Outside of Core Region (OCR). General rule of thumb for rental or mortgages is that it should not be more than 25% of your take home pay or else it will detrimentally affect your lifestyle.

So either your opt for a common room in a HDB or you could negotiate with the landlord on how it can meet your budget (e.g. Extended lease). If the condo lifestyle is a non negotiable, then do consider a side hustle to fund your lifestyle.😊 hope this helps!👍🏻

Personally I will not do so. Rental of 1 bedroom condo doesn't come cheap. With $2.6k take home pay,...

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