El Paso area - El Paso County
Search for rentals in the El Paso area, including these towns:
Anthony, Canutillo, Chaparral, Clint, Cloudcroft, El Paso, Fort Hancock, Horizon City, La Union, San Elizario, Santa Teresa, Socorro, Sunland Park, in TX.
What rent to pay ratio is best for a first time renter?
Generally when you are buying a home it is always a moving target based on how much debt you have and how much money you make and how good your credit is. For a tenant it is going to be based very much on the same type of things, it is not as much of a science as it is in the lending world. But generally a property manager is going to look for an income at less three times what your rent is going to be. So if your El Paso rent is $1,000 a month you are going to have to make at least $3,000 a month. This is going to be offset by other factors like if you have a lot of debt or a lot of other revolving payments, installment loans or poor credit you are going to need income maybe 5 or 6 times the rent. Or a bigger security deposit or a larger payment up front to fund a bigger portion of the lease.
Obviously the bigger the risk you are the more the property manager is going to ask of you in return for renting the property. So as a rule of thumb if you have excellent credit and not a lot of debt and you make 3 times what your rent is you are pretty safe with that. If you have a lot of debt or other issues you are going need to make a lot more or dip in to your monthly savings to make that a little more comfortable for you. David Borden - FreeRentalSite.com.
Neighborhoods: Central El Paso, Kern Place, Downtown El Paso, University of Texas at El Paso, UTEP, Convention Center, Sunset Heights, Fort Bliss, West El Paso, Sunland Park Mall, Franklin, Coronado, East El Paso, Cielo Vista Mall, Basset Center, Aquatics Centers, Northeast El Paso, Franklin Mountains, Cohen Stadium, Lower Valley, Upper Valley, Keystone Heritage Park, East El Paso County.