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Before you start searching for your next apartment, you should know how much rent you can afford, as well as the income you’ll need to get approved by a landlord. Rent to Income Landlords typically require that your annual income is at least 40 times the monthly rent. For example,  if you and your roommate  are looking at an apartment that costs $3,000 per month, the landlord would require a combined income of $3,000 × 40, which equals $120,000. To determine how much rent you (and your potential roommates) can afford,  simply divide your combined annual incomes by 40 . How Much Rent is Affordable? You may have also heard that you should spend no more than 30 percent of your annual income on rent.  Spending 30 percent of your yearly income on rent is  widely believed  to be an affordable amount, leaving enough money for all your other expenses. Got bad spending habits? How to manage your expenses in NYC What’s the difference between 30 p...