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Additional Posts in New York City
Is Hell's Kitchen a bad area to live? If so why
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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
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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.
HHI - $500-600K
Easier when you have a working partner and are both have a bit more experience which generally means more comp to deal with these ridiculous prices.
Rent $5600 2/2
Wife and I make 350-400 combined and absolutely need two separate spaces to WFH. Would prefer to have a studio but seems like companies have now downsized office space to the point of requiring WFH if you need to take phone calls.
5.7k for luxury 2bed. About 500k with partner.
I make $250k and my mortgage is $3k. Manhattan isn’t the only place in NYC
We moved to Montclair NJ. Rents are lower but still high compared to some parts of the Northeast.
What if I told you that you can actually find cheap housing (I.e. - apartments for less than $2.5-3k) in the city
But here’s the caveat… it’s not in Manhattan, you have to go to the outer boroughs
We don’t live in Manhattan Darling! We tend to live in Brooklyn, Queens etc. Or live with roommates 🤷🏽♀️
Roommate(s) & budgeting. People over complicate things. Use an app/Excel to track your finances and tweak it to create a budget with your monthly income and rent. Also, the 30% of monthly income goes to housing rule goes out the window in NYC - people on average in NYC pay about 40% of their monthly income on rent, without bills. Get a broker, use StreetEasy religiously & find a no fee apartment with heat and hot water included in the rent - it just won’t be 10 mins away from work, more like 40 mins, but that’s not a big deal. And please get a roommate or two! I personally do not know a single SOUL paying remotely close to 5K in rent a month & I’m a native New Yorker. My friends and I all have roommates and each pay less than 2k a month in rent.
How old are you ?
You live outside Manhattan and take the subway
You should be asking how many people are they splitting the rent with
My husband and I pay $2500 for a 1 BR condo in upper UWS. There are still many reasonable options out there in Manhattan, you just need to search or be willing to commute 20 min by train….
You have to be making a minimum of 40x monthly rent in order to afford it and that’s the benchmark most landlords use
Pre war building in Astoria. 1bd 700 sq feet for 1800. Lived in Woodside and sunnyside too. Plenty of pretentious transplants think Manhattan is the only "real" NYC experience but I can get anything I want here between Broadway and 30th ave. Plus Steinway is a great strip for nightlife.
*In before some silver spoon fed transplant says "cope"
My partner and I got a nice Covid deal with our place but it’s up to 4K a month now& will be at least 5k next lease term. We make 170-180 combined plus his parents help out occasionally and I still struggle to save. We won’t be able to afford to resign the lease and will probably relocate from the city then.
Pro
350k between me and fiancé
Combined income - $310k
200 something
Wife and I combo make $250 base. But we pay about $3.4K for a 3br. Have a great landlord
You can definitely get a nice one bedroom for less than $3K.
We pay 3,600 for a massive 1 BR in pre war building midtown east. Bathroom and kitchen are extremely old and nothing is new, but it’s amazing. Praying it doesn’t go past 4,000 when we renew. We make about 325K combined.