[Infographic] Here’s what you need to know about renting your first apartment

If despite all the data out there on the benefits of homeownership, you’re still opting to rent an apartment, then here’s some tips on what you can expect.

For starters, renters should only spend 30% of their after-tax income on housing.

So you might want to think twice about falling in love with that walk-in closest for your future clothes and balcony overlooking the freeway.

Chase published this infographic on Apartment Economics and how to survive your first move.

Click to enlarge

(Source: Chase)

As an added tip, Trulia recently crunched some home-buying numbers and found that even with their unique financial and living situations, it is still better for Millennials to buy a home rather than rent in most cities.

Check out this list for the hottest 20 places to buy a home right now.