How much rent can you comfortably afford? One of the most common ways to answer that question is to compare rent with your income. This post explains a popular rule of thumb, shows the math for the starting rents at Millington Oaks, and lists the other costs to include in a realistic housing budget. It’s general guidance, not financial advice, and it isn’t the property’s application criteria; ask the leasing office about those directly.

The 30 percent rule of thumb

A widely cited guideline says to keep rent at or below about 30 percent of your gross (pre-tax) monthly income. It’s a starting point, not a hard rule. Your actual comfort level depends on debts, savings goals, childcare, transportation, and the rest of your life.

Working the math

To find the gross income at which a given rent equals 30 percent, divide the rent by 0.30.

  • One-bedroom from $875 per month: $875 ÷ 0.30 ≈ $2,917 per month, or about $35,000 per year.
  • Two-bedroom from $975 per month: $975 ÷ 0.30 = $3,250 per month, or $39,000 per year.

These figures are only illustrations of the rule of thumb at starting rents. They are not income requirements for Millington Oaks. Pricing is subject to change and depends on the specific home.

Building a fuller housing budget

Rent is the biggest line, but your housing budget should include everything it takes to live in the home.

Monthly costs to include

  • Utilities you set up yourself; ask the office which apply.
  • Internet and phone.
  • Renters insurance; see renters insurance basics.
  • Pet rent if you have a pet; call for the current pet policy.
  • Transportation, including fuel for your commute.

One-time costs

At Millington Oaks, the application fee is $50 and the security deposit is $250; other charges can apply. Add first month’s rent and your moving expenses. Our move-in costs post shows a sample total.

Other ways to think about affordability

Take-home pay

Because taxes and deductions vary, some people prefer to budget from net (take-home) pay instead. If rent plus utilities takes too large a share of what actually lands in your account, consider a smaller or lower-priced home.

The 50/30/20 approach

Another common framework splits take-home pay into about 50 percent for needs (housing, utilities, groceries, transportation, minimum debt payments), 30 percent for wants, and 20 percent for savings and extra debt payments. If housing alone pushes past the needs category, it may be worth adjusting.

Leave room for savings

An emergency fund makes renting less stressful. Even a small monthly amount set aside helps when an unexpected bill comes up.

Ways to make the numbers work

Choose the size you need

Our one-bedroom starts $100 per month below our two-bedroom. If you don’t need the second room, that difference adds up to $1,200 over a year at starting rents. See the 1- and 2-bedroom comparison.

Share a two-bedroom

Splitting a two-bedroom with a roommate can lower each person’s share of rent and utilities. See roommates in a two-bedroom.

Live close to work

A shorter commute can lower fuel costs. If you work at NSA Mid-South, see apartments near NSA Mid-South; for broader options, see apartments near Memphis.

Military and housing allowances

If you receive a housing allowance, look up your rate through official Department of Defense resources and compare it with the full housing budget above, not just rent. Our post on BAH and renting off base covers this in general terms.

Putting it together

Once you have a rent range, compare homes that fit it. Our affordable apartments in Millington page, the floor plans section, and our guide on comparing apartment listings can help. Then schedule a tour at 4945 Navy Rd, call or text (901) 878-0733, or email [email protected]. When you’re ready, apply now online. For more about the city, see apartments in Millington, TN.