First, my compliments for such a great question at your age. Typical we recommend for someone buying a home, they should not spend more than 30 to 32% of the net income. Although this is just a number, it holds up pretty well in most calculations. As far as renting an apartment is concerned the percentage may in fact be a little higher because of the fact, and you may not know it, your rent covers the expenses of the owner which may well include real estate taxes, mortgage interest etc. If you can work this out that the apartment is from 20% to 25% or at least under the 30%, that would be terrific and should allow you to create some other forms of savings like an emergency fund which as a financial advisor, we would always recommend. On one final point, I would ask you to consider the possibility of renting in a garden apartment complex where they may have amenities such as a pool, exercise rooms and other thing that small apartment house may never offer. I hope this helps and good luck.
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