$5,000 monthly rent on a $220,000 salary?
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That would be way too high for my taste, but it really matters your personal situation (savings, debts, stage of life, etc….) as well as where you live. If I know nothing else, I would tell you to try and find a cheaper spot.
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You only live once! Any place you rest your head at night should give you peace of mind and comfort in all standards.
would avoid if possible. you will thank yourself for saving on rent down the line when you go to buy a place
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Homeownership = best rent control ever.
You are an associate and make 220k? Must be nice!
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Not helpful- but that’s standard for anyone in high finance
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It depends on the status of your other finances.
My wife and I have a combined income of $400K+ and have a mortgage and property tax bill of $3,500 per month.
We max 401K, max backdoor Roth IRA and max HSA. So I drive a Porsche and she drives a BMW, which are pretty much the only financial irresponsibility that we indulge ourselves with.
If you are fulfilling your financial obligations otherwise, then spend as much as you want on rent.
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$190k base and $1350 🤠
I would never.
All the above work real well if you live in low/medium cost cities.
Clearly you can afford the cash flow, but I wouldn’t spend that on rent. PITI, maybe depending on the property.
I pay basically 5k for my mortgage on a 225k/cash 420k/tc. Spending that on purely rent feels like a huge waste imo!
Yes, if you have a working partner! No, if you had the job for less than 6 months!
Where do you live?
I figured as much.
So you have 12-13k in take home pay.
Rent, ideally, should be 25% of your income... so, ideally, rent would be 3-4k.
I personally wouldn't do it, but I don't think it'll break you either. NYC is expensive, the difference between a 3k and 5k a month apartment is significant on a day to day basis. Find other places in your budget to be cheap and you're good
Would really depend on what you have saved away but 220k less taxes less annual rent of 60k less whatever other expenses you have isn’t a whole lot to save for the future. Putting off saving each year will greatly affect your net worth down the road. If it was a mortgage that is different because you at least have an asset on your books.
That's more than my PITIA, and I live in a VHCOL area. Yikes
I simply cannot imagine paying that much rent!
What’s the tax rate at 220K? 30%?
154K- 60K. That leaves you with 94K. I have been told that only 25% of your income should go for your house which would mean 3,200. I think 5K might be stretching a bit.
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Technically doable but not worth it if you have long term goals that involve buying a home, sending kids to college or retiring on time/early. That is so much annual income to spend on rent!
100k and I pay 1500 a month
That's .3 of your income. It's try to do .28 or less
https://www.zillow.com/homedetails/155-Ridge-St-APT-4B-New-York-NY-10002/2112677771_zpid/
OP lemme help you out here
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That’s a steal!
Depends on age and family I would think - you should pay less for living abodes when you’re younger. If you’ve graduated recently and don’t have a family, I’d be paying significantly less (something like $2400 per month). I would try to invest the majority of that $220k.
I pay $2K and make 90K/year. I live about 40 miles outside of Chicago and my rent is fairly low compared to the comps. If I paid less, I would be living in an area of town that I would not feel safe in.