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Rising Star
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If you're not on the lease, I recommend making a list of the things you really want in an apartment (balcony, separate kitchen, natural light for plants, minutes from subway station, etc), then waiting until that place appears within the budget you want (or close enough to bite).
I never lived alone, went from roommates to living with my husband. We basically both pay double what we were paying for shared apartments for our current place but it had about everything we wanted. If you don't have much furniture/household goods and don't want to invest in new, Facebook Marketplace and Buy Nothing groups can help fill in the gaps.
If you prefer to save instead, that is perfectly valid. I did that for a long time and my only real lifestyle creep was spending more on my hobbies. If you are spending more time at home due to the pandemic and having roommates affects your mental health, it's okay to spend the money. I was a super saver and it only hurts a tiny bit when I add up our annual rent spend now. 😆
TLDR: The right answer is the right answer for you! What's your top priority and do you dislike your current living situation?
Chief
When I was your age (meaning when I hit the six figure mark) I felt the same way you did.
Now that you are making some money (I assume you have good credit) go invest in a multi family residential (under 4 units). You can use FHA to buy the multi family and live in one of the units. You will save ALOT of money because 3-4 unit multi family usually and should cash flow (meaning you are living for free and some).
I purchased my first 12 years ago (4 unit) in Bayonne NJ. Then a few years later another in JC and now few more in the N NJ area.
Your smart enough to understand - mortgage is fixed, it can be refinance to a lower rate and monthly payment, equity in long run in our area usually and has always gone up but so does rent. I have no issues finding tenants in the NNJ area but over the years rent has always gone up and it only benefits me $$$.
My peers and the peers here will give you every reason not to do it. I didn’t overthink rate and potential growth, I just looked if the building cash flows and if they have good tenants.
Do this now and you will thank me many years later! You will live for free plus more, have access to equity and on top of your good salary.
I now don’t have the stress of rising rent (it benefits me), the stress of moving up in a career for more money (because I’m not stressed I actually moved up quicker) and I personally have a better lifestyle than most of my peers.
Agreed. I bought a multi the moment I hit $160k and I actually live in one unit / AIRBNB the other. It generates enough to pay the mortgage.
Rising Star
Where can you even find a studio for $2k in manhattan?
I was looking at UES or UWS, they seemed to have some studios but they are at 21~2500. Sorry by 2k+ I meant spending more than 2k.
I grew up with multiple people living in 1 bed 1 bath apartment. Once I moved out and got my own place it was so glorious and my rent:income ration was much higher than yours is. I’d rather spend than and have peace and quiet, and know everything is mine. But that my preference. If you value savings more, then keep the roommates.
How old are you? I’d say save as much money for as long as you can with roommates. NY rents are crazy and I wish I did that, especially if you get along with your roommate. But once you hit a certain age (30’s I guess) its time to move on and get something of your own.
You’re welcome and congratulations on your promo! That’s something to be very proud of. 🥳
I’m the same age making slightly more than you. Getting a studio for 2.8K in midtown. Best quality of life decision I’ve ever made.
Same. Go for it OP.
I came from the same type of household as you! I can’t even bring myself to even pay $1000 a month for rent. What is your long term goal living situation wise? If it was me, I just continue living with a roommate and save the extra money. I might be the outlier since most people in New York pay tremendous amount on rent for the extra comfort
Thank you!! Ideally I would like to buy my own place but a little scared to do so because I am on a visa still (going thru GC process). I might stick to roommates until my visa situation gets better..
I don’t think it’s worth it. Move out of the city if you want to live alone or continue to live with a roommate in a more desirable area. Save your money. I know that once you start seeing the bigger paychecks your eyes will light up but the secret to staying rich is to live below your means and save.
I pay more than that and live alone. I’ve almost always lived alone in NYC. Having my own space and peace is what I work hard for. You can afford it. I make the same amount.
I also just got my first 150k salary and it blows my mind that people here don’t think this is high (i also live in NY, also an immigrant). Congratulations! 👏👏👏
I’d say save a bit of an emergency fund (something that could get you through 3-4 months at least if you lose your job and have to find a new one), and then go for it. I don’t think you need to live in Sunnyside or Astoria either (unless you prefer a bigger, better studio over a better location). 150k is enough to rent a studio and still slowly but surely grow your savings, as long as you don’t spend too much in other areas.
$2k on $150k salary is not a concern…
Rising Star
After taxes still doesnt leave a lot left
I come from same lower income family and can understand. I make 131k and went from 1.8k rent with flatmate to 2.4k in a UWS studio. My building just sent me rent increase for 2.6k and I’m considering moving out of Manhattan. Much rather find a cheaper place and save. I also WFH anyway so a bigger place outside the city. Only concern is missing being so close to everything.
And it doesn't even need to be Manhattan, I am also looking at Sunnyside and Astoria.. but with Utilities my monthly rent expenses will be 2K which is more than double of what I am paying now (I live in a room in Queens and pay 900). Just scared of increasing my monthly expenses so much. Would be nice if I could find a studio more in 1500~ range but this seems to be price from like 10 years ago 😂
First of all, think of your long term goal. Will you be renting forever? Or do you see yourself buying a studio in the city? I think coops are 500k and over. If you plan to buy, then save and invest with a robo-adviser, grow your money for a down payment. It’s easy to keep up with others, but in the end you’re the one living your life and paying.
Rising Star
Maybe find a nicer place with 1 other flatmate. Get your own bathroom.
Checkout West New York, NJ. I’ve lived here for 7 years on my own and even bought a place because it’s a hidden gem that’s so close to NY. Convinced friends to come over, rent is cheap, safe neighborhood, commute by bus is not bad. Now that you’ve reached 150K, save as much as you can, don’t throw out rent money to somebody else’s pocket to live in NYC.
Congratulations!
Congrats!
Rising Star
How old are you?
Harlem.
When I made this salary, I paid 3200k in rent and felt fine. Take home after 401k contribution is about 8000k, and if you work for EY you probably don’t have time to go out enjoy the city.