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I'm thinking of taking a place on the UWS for $2800/mo. Just wondering what other people paying this are making per year to see if I'm nuts. If you're paying more what's the percentage or rent vs take home living in the city. Thanks!
Why are you thinking of paying so much in rent if it so obviously raises questions in your mind ? You certainly don't have to pay $2,800 mo if you don't want to.
If the question has surfaced as to whether you would be "nuts" to pay $2800/mo with your income, the answer is probably yes.What you are hearing is the little inner voice telling you so.
Well what kind of apartment is it? Are you talking about a studio for $2,800 or a nine bedroom penthouse? My guess is it lies somewhere in between?
And for the second part of your question, my rent is about 10% of my take home pay (it was 20% for the past several years, but my girlfriend recently moved in, cutting it in half).
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.
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.
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
How can we give you a good answer with so little information? You may be nuts based on other things, such as what the apartment is really like. In any case, the idea is not to pay the absolute most you can afford, because your rent will inevitably go up.
Specifics, that rent would be 43% of my take home. 40x rules, it's under. No debt whatsoever. Based on the 40x rule it's fine, doesn't mean it's comfortable, it is just rent in the end. But my question was to get an idea what are people are doing just out of curiosity. It's a basic 1 bedroom, in a good area. I've lived outside of Manhattan before, I know all the options. I'm just really want to hear from other people living in the city, and what percentage they're dealing with. Also, it would be short term, probably just a year.
bluedog2: Just trying to hear what other people deal with (percentage wise). I question myself as I don't agree with the 40x rule. I don't have the time at the moment to explore new areas, this would be a 1 year quick fix. From what I hear the average is even worse than I would be dealing with, would love to hear from other people with their situation. Show of hands?
Well what kind of apartment is it? Are you talking about a studio for $2,800 or a nine bedroom penthouse? My guess is it lies somewhere in between?
And for the second part of your question, my rent is about 10% of my take home pay (it was 20% for the past several years, but my girlfriend recently moved in, cutting it in half).
Somewhere in between, not even close. 1 bedroom. Nine bedroom penthouse would be about 25k/mo. Lol. Studios can go for more than $2800. I'd love to be paying 10%, and have always paid much less percentage. Just trying to hear about other peoples %'s.
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