How much should I be spending on rent?

Various equations can mathematically determine how much you should pay on rent. But, as we all know, life isn't always as predictable as math.

If you're saving up to buy a home, that might affect how much you can (or want to) spend on rent. Maybe you can do without a view or hardwood floors for a few months while you save for that down payment and other expenses you'll encounter when transitioning from renter to homeowner.

If you live in an expensive geographic location such as New York City or Silicon Valley where the median rent for a one-bedroom apartment is more than $2,300 according to Apartment List, your rental spending will likely fall outside of the ideal amount.

These are just a few examples of circumstances that could cause you to spend more or less than what's considered the ideal amount on rent. Still, rental spending equations can be good guidelines, so let's take a look at some so you can determine how much is best to spend in your particular situation.

The 30% rent rule

The 30% rent rule is pretty simple; it means your should spend about 30% of your gross income on rent. If you earn $4,200, then you should spend about $1,260 monthly on rent.

This guideline might make sense if you live in an area where rents are somewhat close to the national average, which is $1,713 for an 899 square-foot apartment, according to Rent Cafe.

But if you live in a more affordable area, don't let an equation tell you that you shouldn't pay less than 30% of your gross income. If you plan to buy a home, the more money you can funnel into savings the better.

Alternately, in New York city or Silicon Valley are more than $2,300, according to Apartment List. So you'd need to make more than $7,000 every month to match the numbers in the 30% rule.

You'll have to suss out your situation to detemine if this equation or another breakdown will work for you.

The 50/30/20 rule

This guideline allocates half your after-tax salary to necessities, 30% to things you want, and 20% to savings and debt.

That would mean if you earn $3,800 per month after taxes, you would spend $1,900 on necessities including rent, utilities, groceries, and insurance, $1,140 on things you want including restaurants, subscriptions, and gym memberships, and $760 would go towards savings and debt.

If you have significantly more necessary expenses, like car loan and insurance, student loans, plus maybe groceries in your area are expensive the 50/30/20 plan may not work for you.

Again, it can be a good guideline, but your individual situation might break down differently.

Focus on the big picture

What you pay for rent is one element of where you live. But where you live has an impact on everything from your work to how much time you can spend with family to how well you sleep at night.

It may be worth paying a little more for the apartment that's not above the bar with live music every night. Maybe you save in other areas—for example maybe you can work out at home with YouTube instead of springing for a gym membership. Or maybe you get a roommate—especially if you're saving up to buy a home, this can be a good temporary solution.

If you are saving up for a down payment, try to keep your eye on the prize while living as comfortably as possible. Identify your most important priorities and distribute your finances accordingly. And check out our articles on how to decrease your debt and how to prepare for the costs of buying a home.

Sources: Nerdwallet, Apartment List, Zillow, Rent Cafe