1. where will you be living in a few years? what factors...

81 Find a Place to Live period 2.notebook

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March 28, 2016

Bellwork 3-28-16

1. Where will you be living in a few years? What factors influenced your decision?

What is more agreeable than one's home?Marcus Tullius Cicero, Ancient Roman Writer, Scholar, and Statesman


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8‐1 FIND A PLACE TO LIVE

Calculate the affordability of a monthly rent.

Determine the relationship between square footage and monthly rent.

Determine lease signing costs.

Calculate moving expenses.

OBJECTIVES


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• apartment

• tenant

• landlord

Key Terms-a home that is rented orleased by the people living in it

- a person who rents a house orapartment

- the person or people that owna rented house or apartment

• furnished

• unfurnished

• lease

- a rental property that has furniture included

- a rental property that does not include furniture

- a written agreement between the landlord and a tenant that details the amount of rnt, the length of time the apartment is to be rented, and the rules and regulations that must be followed by the tenant and the landlord.


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Key Terms• expire

• evict

• single‐family home

- the time when a lease ends

- the act of legally forcing a tenant to leave a rental property for failure to pay or follow the rules and regulations of the lease

- a home where one family lives


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Example 1Alex makes $61,992 per year and pays about 25% of his gross monthly income in federal and state taxes. He wants to find an apartment to rent. Estimate how much he can afford to pay for rent each month. Then determine how much money he will have after taxes and rent are paid. (Rent is 25‐30% of your gross income.)


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Bethany’s monthly gross income is $3,840. She pays 24% of her monthly gross earnings in federal and state taxes and 15% for her student loan. Bethany uses 15% of her monthly gross income to pay toward her credit card balance. She wants to rent an apartment that will cost $1,800 per month. Will she be able to make the payments without changing the amounts she pays toward her student loans and credit card balances?

CHECK YOUR UNDERSTANDING


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• square footage

• application deposit

• security deposit

Key Terms- indicates how much floor space is available in a living space

- money that covers the cost of processing the application for the rental

- the money given to the landlord from the tenant as protection in the even that the tenant cause damage to the rented property; refunded if the tenant moves out if there is no damage, and can range from 1-4 months rent


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Rufus and Maria have both been offered new jobs in a different city. A real estate broker sent them a listing of apartments in their desired location showing the square footage in each apartment. Use linear regression analysis to determine if there is a correlation between the square footage of rental property and the amount charged for the monthly rent. What is the linear regression equation? Interpret the correlation coefficient.

EXAMPLE 2


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Based on Example 2, what is a good estimate for the amount of monthly rent charged for an 880‐square foot apartment?

CHECK YOUR UNDERSTANDING


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EXAMPLE 3Rufus and Maria paid a $200 application deposit for the 1,150‐ square foot apartment in Example 2. They are required to provide a credit report that costs $25 and pay a security deposit equal to one month’s rent. The landlord also requires the last month’s rent at the time of signing the lease. The broker charged 10% of the yearly rent. How much should they expect to pay to be able to move into the apartment?


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March 28, 2016

Homework: Page 391, #'s 1-7, #7 we will review AFTER tomorrow's lesson

1. where will you be living in a few years? what factors...

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