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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.
120 base, 150 total and 1,800 rent- Murray hill
I’m in UES and pay $4k. We don’t have debt and had 6 months of emergency fund before we moved to the bigger place. Was it work? Absolutely, especially with only 1 income. But now we can pay for it and not think twice. (Also- I find most $5k+ places are shared by people. Very few are one family apartments)
When I got my studio I paid $1,250 in rent (2011). I stayed in the same place even though I could afford a much better apartment. What I saved in rent and by not moving every couple months I put towards some land of my own. Now living next to a beautiful lake within a budget which equates 16% of my net pay monthly pay. No mortgage, no loans, and a zero balance on my credit card.
Will keep working remotely for a bit longer but retire early in the next 3-5 years.
SO and I pay $6400 per month for a 3 BR in Manhattan. Labor income is like $300K each (and we usually make side bank in stock trading, too). We started out in Queens with 1/3 our current rent when our income is lower and always save heavily.
I remember paying $3,200/month in Hudson Yards for a luxury 1br back in 2010.
Invest in something profitable that’s the way
Lots of people living in NYC are living beyond their means
$200k, pay $3300 for a super great 1B condo w/ Washer dryer, lots of natural light, etc.
It pains me to pay such high rent, but I figure it’s only a few years and being in the city helps my long term career and income enormously.
Short term pain, long term gain.
I worked to get my salary to $200,000 first and moved into the city because the pandemic kick started me in pursuing my goals and bucket list. Living in nyc was on it and I care less about money after the pandemic. I also have no debt and no other responsibilities. I also worked and saved all my money for the past ten years. That money isn’t going with me to the grave. But this is my journey and I was born and raised in jc, NJ so it was like leaving my hometown to “grow up.” I know I’m going to have a house in nj and raise my family in NJ one day.
First off that “average” includes a lot of very high end properties. Median is 4k.
Plenty of nice 3BR apartments under 4K/mo if you don’t stick to Manhattan. I’m living in one
Roommates particularly
Can easily find a one bed for under or at 3k rent. Have to make 40x the rent or have a co-signer makes 80x the rent. Best to have both in a competitive market.
Ayo a Boss