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Landlords will expect you to be making 40x the monthly rental amount annually (gross), so your salary should be $112,000 or more. Google 40x rent rule nyc.
I've read this myself, trying to see if this indeed the norm. I'm safe using this rule, it just feels absurd.
I've read this myself, trying to see if this indeed the norm. I'm safe using this rule, it just feels absurd.
I can't really help since I don't rent.
I don't really understand how it helps to know what a bunch of C-D members are doing, but I guess if you think it helps and people are willing to answer, then go for it. I think what matters is that you are getting the best value for your lifestyle.
You can get a one bedroom in Queens for $1600 and save $1200 a month, but I am guessing that due to your lifestyle that you don't want to make the compromise to be in Queens.
Yeah, you need to make 40 months of rent total income in a year so you are expected to spend 30% or less of your salary on rent. Obviously not everyone can swing that, so as you can imagine there's a lot of falsification of paperwork that goes in NYC apartment rentals. Most market rate people end up paying more like 50%+
Income isn't the only factor, you also need to have an excellent credit score (ie do you spend that $112K on hookers and coke or do you pay your bills) and no tenant court public record
30% I'm fine, but it does some crazy. 50% I cannot imagine. No coke and hookers, lol. The real question was what are other people experiencing here. Yes, I feel blessed if many people are dealing with 50%. But who knows if this is fact or just brokers telling you to go for it.
I don't believe this. There are a lot of people in NYC who make $112k or more. People who don't and want to live in places like this get roommates.
Agreed. If you see the prices on places for rent, it's worse than you think. Seems like everyone is a millionaire. Average 1 bedroom is like 3400, in a nice building, easily 5k. It's crazy.
I don't really understand how it helps to know what a bunch of C-D members are doing, but I guess if you think it helps and people are willing to answer, then go for it. I think what matters is that you are getting the best value for your lifestyle.
You can get a one bedroom in Queens for $1600 and save $1200 a month, but I am guessing that due to your lifestyle that you don't want to make the compromise to be in Queens.
Yeah, I lived in Astoria for a many years. 1800 for 2 bedroom by myself. I had a car, and that helps in queens. Double commute time for work. I'm just trying to situate myself in a area central to everything I need. I'd probably only stay a year, and during the next year I'd have more time to figure a better (cheaper) place to settle in. Thanks for your input!
I don't understand why anyone would need advice on renting and rent prices if they have been renting in New York City for so long? If one wants a certain lifestyle then there is a price to pay for that, and only the person in the situation knows what works best for them.
$2800.00 seems very expensive, but if you make 150K on your own, or you make 150K and your spouse makes 150K for a combined income of 300K, I'd say go for it.
Only do it if you have the money at your disposal. For people who don't make that kind of money - that price is very extravagant.
It's hard to say what % of take-home pay is reasonable to spend on rent. It depends on your job security, long-term savings goals, whether or not you're a homebody, etc. My wife and I spend a total of $2600/month on rent (in LIC), but we bring home (after taxes and maxing out 401ks) $9,200/month. So, we're spending less than 30% of take-home on rent.
I consider that reasonable, not because I compare it to other people, but because we know we're paying for a nice place with a great commute for both of us; plus we're still saving well for retirement and otherwise.
When we first moved here, and my wife was in school, we saved very little for retirement, and paid a bit over 40% of our take-home in rent. The percentage is worse, plus the absolute values were worse (lower rent, lower pay, lower absolute dollar savings). We only allowed that financial situation because it was short-term, once she finished school and found a job, we reorganized our lives a bit to allow higher levels of retirement and non-retirement savings, balancing that with renting a place we were happy with (which happened to be in the UWS for a while).
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