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I think it comes down to poor judgment for most of the people spending $5k/month to rent a small NYC apartment. My husband and I could easily afford that (our home mortgage is $1k higher) but it's such a huge waste of money when there are alternatives like commuting from NJ, LI, or further out in Brooklyn/Queens. I know many people want to live right in the heart of it all, but at such a huge cost it ends up eating away your disposable income, and then can you really enjoy being in the heart of it all anyway? I guess for people making like $1m a year who don't plan to stay in the city forever it's fine to spend so much in rent but for others who want to be able to save and not feel like they have to sacrifice in every other aspect of their lifestyle, it's just poor judgment to spend so much on rent.
There’s decent 1brs in Manhattan between 3-4k. Just be willing to climb stairs.
I agree with this sentiment. Too many folks spending their income on rent. I try to abide by the 30% rule even in NYC when most people use the 40x income rule which is about half your take home. By that logic my partner and I can rent a 7-8k a month apartment but instead our rent is 3200 and we split that so 1600 and use the rest to invest, travel and nice dinners each month.
Why live in Manhattan if you can’t enjoy it stress free?
I do expect my rent to go up at renewal which is December but it’s a while away so let’s see. Fingers crossed the market cools
Visual Storyteller
I make $350k/year….I pay $3800/month in Manhattan for a 3 bed 2 bath. When I moved to Manhattan 9 years ago, I made $70k and paid $2300/month for a 2 bed 1 bath. Supported my wife and two kids on that salary….it’s a grind, but the opportunity is worth it for those willing to grind it out.
I’m UES and hired a broker. Worth every penny.
Chief
That’s the wrong question to ask on this app bro. Apparently everyone on Fishbowl NYC makes at the minimum $2.5 Mill a year and all cry poverty 😂😂😂
I just want to know if these millionaires are hiring, because I’m drowning in bills. With a degree, and can’t find work
Couples split one bedrooms
Agree with this
Just to be clear, $5000 is the average in just Manhattan
Yes. I wasn’t disputing that. I was disputing the advice from some to move to various outlying locations that might be attractive in their own way but are not typically where someone “moving to NY” is going to get their first place. Maybe after they have been here awhile and gotten Manhattan or perhaps Brooklyn out of their system.
So let’s talk the reality of NYC. The fact that so many folks think it is ok or common to pay over 3000 rent for a 1 bedroom don’t realize that those who are born and raised in this city are making an AMI (area median income) of sometimes less than $36000. The fact that so many folks find this to be affordable is to say the least is …..deplorable! Gentrification is so rampant and real
In these conversations that it is ridiculous. So many people in this city work tirelessly with no type of real benefits and are fighting every day to survive and what’s worse is that so many people move into neighborhoods and want to control the vibrant cultural communities they choose to join and be a part of. NYC has so many schools with little supplies or basics such as air conditioning or computers in this day and age. Landlords want to push native New Yorkers out for those transplants in high end jobs that aren’t even provided for those from the same communities they work in and change the area to their liking. Did you know that fruits and vegetables cost 10x’s more in low income neighborhoods? I live and breathe my community and if folks fought back against these crazy living arrangements that force the same people who are born in these communities out of their neighborhoods, then we can talk about affordability. The ridiculous amount of privilege without taking into account the neighborhood and it’s history is just…..
NYC is a melting pot of people from all over the globe and that is what makes it so special but unfortunately it is a native issue. The last cornerstone of affordable housing in NYC is public housing and it is being privatized and more difficult for those most vulnerable in this city to live in. Credit checks, background checks, limited income and no resources are overwhelming our shelter system. The worst is to cast a blind eye in your own backyard by not recognizing the amount of poverty in the neighborhoods you are living in. With the pandemic, there was a housing moratorium and the housing court was pretty much on pause and now it is back. Throughout NYC there are over 300,000 cases of families that can potentially lose their apartments and landlords are ecstatic. You see these apartments are rent stabilized or regulated and are mostly less than $2000 for 2 bedrooms, once they get ppl out they can increase the rents by 20% and potentially deregulate the apartment and when the next tenant moves in charge whatever they want and provide limited protections to tenants. This is a absolutely an issue but I know some people just don’t care and that’s ok because there are lots of people that do.
Rising Star
Two or more incomes sharing apartments.
Rising Star
Roommates!
Spouse and I each make about 200 but we’re currently prepping for a move to Texas - getting way too pricey since we have 2 little ones.
Spouse and I are both from TX so partly motivated by the help family can provide with the littles
i don’t mind bc its just for a few years. I’m not going to be in this city forever and i have the rest of my life to make money. My income is only going to go up over the years too
40X doesn’t go away as you get higher. Sometimes they ask for 60X or 80X
500K. Feel very middle class in the west village lol
Teach me how to make $500K
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Move out of Manhattan. I’m in Astoria, in an expensive water facing luxury 2bd and I’m not paying 5k.
I bet you live at Halletts Point 👀. Lived there for a year lol
Love that no one here has stated the obvious… average does not equal all apartments; and some apartments in the city that will shift average one way or another.
Also looking at average rent is pointless because it combines 1 bed apartments with 3 bed apartments.
Median Rent in Manhattan is 4K.
Petition to stop looping in Washington Heights with the rest of “Manhattan”
Rising Star
$420k from job. I pay $800 for a small 1br on the UWS that I own outright.
Are you hiring??
I don’t understand the people paying that either. I guess being in a smaller luxury apartment in Manhattan would be nice, but not for that money. When we estimated would we could afford to rent we could spend up to $6000, but why?
We live in a three bedroom in queens, all new appliances, washer/dryer in our apartment, dishwasher, 1100 square feet, in Astoria, Queens for $3000. Combined income is $400k. We’d rather live under our means, in a nice area, and either save the money or use it as fun money for experiences like travel instead.
M3, really?! I’m a 5’3” female and have lived in Astoria for 11 years. Various parts of it. I’ve never felt unsafe. I’m sorry you felt that way! 😢
Lucky for me I’m fortunate. Im born and raise in Brooklyn, and we still kept the apartment that i grew up in. I lived all over the country. Recently the Bay area!!! Its ridiculous out there too. I live in Harlem and the same situation for my wife’s and I apartment. It’s her mother’s apt from the 80’s. We pay next to nothing. As i said LUCKY!!!!
Me and my fiancé both make around 200 base salary. Bonus usually 25 each. No kids. We have a 2br/2ba for 5400 a month.
I love it. We’re on the waterfront. 1 stop to grand central, 3 stops to Times Square. Manhattan views. Nice park. Decent food options. A lot of restaurants in Astoria and Greenpoint deliver here. Rents are high but not as bad as many parts of Manhattan.
Partner and I make around $500K in total household income and as of our latest lease, pay $5.5K in rent. Live on the UWS in a great area.
It’s a no-brainer for us: Manhattan or moving elsewhere. I’m well aware that the other boroughs exist, but sorry - I have zero interest in living in some working class part of Brooklyn or Queens when I could live in SoCal, San Fran, London, Paris, or another global city. Not to mention that the moment I move to one of those areas, I’ll get decried as a horrible gentrifier.
Cringe. My partner and I make about the same, and we love living in Long Island Citi in a pretty big 2br. One of the things I like most about the area is how close we are to Astoria and Greenpoint, which have great food. I would live here over SoCal any day.
Their rich parents pay for them