Austin
Sponsored by

How much rent can I afford to pay?

4,193 Views | 16 Replies | Last: 6 yr ago by Habanero Guero
Habanero Guero
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
1:48p, 5/4/17
AG
Howdy!

I'm graduating from Mays in a week, and moving to Austin to work for Oracle. I was wondering if y'all could suggest how much rent I can afford to pay based off money and cost of living there?

I'm starting at 50k, but they also give quarterly bonuses that I've heard add up to a significant amount of money. In addition, I have no student loans to pay and no car payments to make.

The office is up almost towards Round Rock, on Parmer St, so I think I would like to be north of downtown.

Thanks!
Reply Quote
neutics
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
2:36p, 5/4/17
AG
You are asking the wrong question: how little can you afford to live on and, conversely, how much can you save?

Assuming you are single, do not fall into the trap that is the Domain. Yes, it's sexy but not only is the housing expensive but the temptation to eat out and shop will consume every last dollar.

Take advantage of this time in your life and a relatively good starting salary to save as much as you can and try to max out your 401(k) up to the match and the full Roth IRA contribution. Pay off your debt and if you don't already have one establish an emergency fund. The 'standard of living' you set now is effectively the baseline for the rest of your life, meaning if you start off with expensive tastes you are setting a poor precedent to continue spending more and more as you hopefully get those bonuses and future raises.

To answer your question more practically, a general rule of thumb used when considering a home purchase is no more than 30% of your income on housing. I would shoot for much less than that, all utilities included.

Reply Quote
26
ratfacemcdougal
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
3:48p, 5/4/17
^
|
|

5 stars,

AND do not figure bonuses into your usual money.
Reply Quote
13
AggieStout
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
3:51p, 5/4/17
AG
Rent for an apartment up around your office would be maybe around the $1400-$1800
I havent rented in a while but when I was up in that area I believe i was paying somewhere in that range for a 2 bedroom.
Although this was back in 2013 and now that Apple has moved in I would bet prices have increased.

House rent in that area has also increased.

I know you just graduated and want to live in the fun areas but its really not worth it. Traffic, price, break ins. You would be better off moving to a location that can easily access the fun areas like somewhere off north 183 than try and live in the Domain, Triangle, or anywhere between there and downtown. Save your money and spend it on fun things to do rather than waste it on super high rent.
Reply Quote
AggieStout
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
4:04p, 5/4/17
AG
You will be taxed currently at 25%, so on 50k you will be left with $37,500 which if you get paid bi-monthly that will leave you with about $1562 a paycheck with no other contributions taken out for health or 401K.

Unless you spend a whole paycheck on rent, you might want to get a roommate. You maybe able to find a 1-bed place for 1100-1200
Reply Quote
2
Papa_Blaze
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
5:19p, 5/4/17
AG
Get a roommate and live at Riata. It's a very short bike ride to Oracle.Trust me, that will save you time ,$$ and frustration because both Parmer and 183 traffic is a pain
Reply Quote
5
1 edit
Dr. Spaceman
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
5:42p, 5/4/17
Was in the same position as you not long ago, same starting salary, and found a place in Tarrytown for 700 bucks a month (had a roommate, 2 bed 1 bath). It was older, especially the appliances, but it was an awesome spot. We sacrificed having a dishwasher and laundry was communal but it wasn't bad at all. Even if I were still there, rent would have been 750 I believe.

Bottom line is you can find a place for cheap that's still good. No reason to spend $1000. Find a good roommate, fix up the place nice, and you can make almost anything work.
Reply Quote
wadd96
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
5:54p, 5/4/17
AG
NEVER count on bonus money or, if you are in sales, commission. Live on your salary. Put all bonus money to savings. FYI bonus money is taxed at the highest rate...
All the God's, all the Heavens, all the Hells are within you.
Reply Quote
Habanero Guero
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
6:38p, 5/4/17
AG
Thanks for the advice everyone! I've been trying to find a roommate. It's been hard finding an apartment because Oracle is moving to a huge campus south of Lady Bird Lake, but they have no idea when (possibly as late as next May) and that really throws a wrench in things.

I appreciate the advice on not to count on the bonus! I was shooting for that mindset, and I'm glad y'all agree.
Reply Quote
txjortsagent
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Papa_Blaze • 6:56p, 5/4/17
AG
Papa_Blaze said:
Get a roommate and live at Riata. It's a very short bike ride to Oracle.Trust me, that will save you time ,$$ and frustration because both Parmer and 183 traffic is a pain


Oracle's new office is in east Austin off Riverside. They bought the apartment complex right next to their new headquarters. If your job is at the riverside location, you'll want to check there at the Azul Lakeshore. Oracle probably has deals for its employees.
Reply Quote
JB
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
7:00p, 5/4/17
AG
Props on no student debt or car payment!

We are in town for two years for work and We live in a 3/2 on a big lot near Parmer/35 and pay $1800 in rent
Reply Quote
1 edit
GT_Aggie2015
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
7:06a, 5/5/17
AG
If you're looking to stay in North Austin, which I don't recommend if you're going to work down south, then try the area around Metric/Parmer/Gracey Farms. I am about to move out of a one bedroom at ~750 sq ft at Folio for $1075 a month with sewage, carport, and internet, pet fees, and electricity it comes out to about $1300 Recently renovated both in unit and the complex. Nice place. My neighbor actually works for Oracle and he has a roommate and pays about $700 for his share. He's moving south once Oracle moves too. When I was looking around this area Folio was the best bang for your buck.
Reply Quote
AustinAg13
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
8:18a, 5/5/17
AG
Hey there, I have a room that is available in NE Austin. I have a bunch of friends that work for the SHI/Oracle companies. My house is in Pioneers Crossing West - two Aggie graduates and a UTSA kid. All mid-20s, clean, and yada yada yada. Let me know if you have any interest. You can shoot an email to brandonr dot maldonado at gmail. The room up for grabs is pretty small but rent is less than 500. I could likely accomodate a shorter lease for you to live here so that if/when Oracle goes South, you can move as well. Btw, Pioneers Crossing is right next to Parmer and 35. Newer development area.
Reply Quote
1
2 edits
Habanero Guero
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to AustinAg13 • 11:50a, 5/5/17
AG
Email sent
Reply Quote
DeangeloVickers
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
8:43p, 5/7/17
AG
Totally agree on spending as little as possible and feeling after.

I wasted a ton of money on the cool apartment and worked so much I wasn't even there...total waste of money as a single person

Just don't live on Rundberg and you should be good
Reply Quote
1
Mike Elko
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
2:26p, 5/8/17
AG
I can only add one bit of advice to this thread: Live as close as humanly possible to work. Seriously.
Reply Quote
2
GT_Aggie2015
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Mike Elko • 2:46p, 5/8/17
AG
AustinAg2012 said:
I can only add one bit of advice to this thread: Live as close as humanly possible to work. Seriously.
THIS. I live 4.5 miles from work and it still takes me 15-20 mins.
Reply Quote
1 edit
Habanero Guero
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to DeangeloVickers • 3:37p, 5/8/17
AG
when is your lease up/ would you be interested in having a roommate this year?
Reply Quote
1
Refresh
Page 1 of 1
 
×
subscribe Verify your student status
See Subscription Benefits
Trial only available to users who have never subscribed or participated in a previous trial.