We'll get into renting vs. owning at a later date. For now, consider the following rent calculators:
http://www.dod.mil/mapsite/simpafrd.html
http://www.bostonapartments.com/rentcalculator.htm
Most experts advise that you spend no more than 30% of your gross (pretax) monthly income on rent. Let's say you've graduated from college and are hired at $30,000 for your first year. That means that you should spend no more than $750/month on rent (the Department of Defense suggests spending no more than $700/month at that income level). The less you spend on rent, however, the more you can save, and the more money you will have available for clothing, entertainment, or travel. As your income rises, maintaining the lifestyle to which you have become accustomed will allow you greater freedom and financial security.
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