COVID-19 Information for you, your residents, tenants, suppliers, vendors and staff.

Rent Affordability Calculator

Posted By: Anny Libengood Community , Industry ,

Have you ever wanted a tool to help you determine how much a prospective resident can realistically pay for your rent?

The Thrive Housing Action Team has just the tool for you!

https://www.helplinecenter.org/2-1-1-community-resources/how-much-can-you-afford-2/ 

With this application you can enter either their gross or hourly wage along with any SSDI, SNAP, TANF, etc. for income.  Then you can enter any expenses, i.e. auto payment, food, child care, etc. 

It will then calculate for you 30% of their gross income. Which is the amount most of you use to qualify a residents income.  It then goes another step.  This application will calculate what they have left after their monthly expenses.  Which is helpful because as we all know, even though they may have enough income, their monthly expenses can cause issues with paying rent.

You can can have the results emailed to you, which will be beneficial documentation.

A great tool.  Takes the guessing out of qualifying a prospects file too.  Save the link in your favorites.  As we are sure you will use it often.

Thank you to Thrive and 211 for developing this application.