New to NYC, Can I afford this??? (lease, credit card)

[canyontothesky]

Where's the job located, Midtown or FiDi? If uptown, you could consider the Upper East Side and as Chava61 said, Astoria. If downtown, look into Park Slope, Windsor Terrace and Greenwood Heights in Brooklyn. I rent a 2BR for $1400 in Greenwood, so it's doable, but if I were you I'd go as low as possible, and your best bet is to get a roommate. Start saving.

[G.Costanza]

Originally Posted by mhgebo

Yea a roommate would be a huge help but I don't know many people in NYC yet. Living with a random kinda worries me. Do you have any idea where i should look for a roommate?

Craigslist. Sublet on a month-to-month basis until you're comfortable with the person or find someone else (new friend, co-worker, etc.) to share with.

$0.02

[mhgebo]

I have to travel to times square everyday for work. I ended up getting a studio in the lower east side on orchard st for 1500. Things will be tight but I'm just going to have to make some sacrifices for the first year or two.


30 racks of natty light for the first couple of years just like being in college


I'm excited and a bit stressed about money but I know things will work themselves out.

[ElysianEagle]

a bit late now but i moved here from LA a lil over six months ago. i make more than 60000/yr but in manhattan it really doesnt go far.

even 1500 is a bit much, because the thing is, in the city there are SOO many things to do, that you will inevitably want to take part in. however, all of those things will cost money!

i guess at the end it depends on the type of person you are as well. me, i got myself a roomie and pay no more than 1000 in rent in a great neighborhood i like (east village), so i get a decent amount of spending money which i'm glad about. food, movies, events, etc. etc.

wish you the best!!

[mhgebo]

What is your budget like? Are you spending a lot more on things you didn't think of? Where are you able to cut back?

[ElysianEagle]

the only thing i have been cutting back on is rent it really is wasted money if you think of it, you're only at home when you're sleeping or eating or in the bathroom, rest of the time you're out in the city either working or doing something else!

do you have student loans and credit card debt? that also takes a sizable chunk of my income if you're in the same boat then you will have to plan for that as well. you dont wanna just make the bare minimum payments otherwise you'll be in debt for a very, very long time....

[Otis_Nevins]

Get a roommate. That's the best advice. You need to be able to save some money for a rainy day and the best way to do that is by sharing the rent.

[canyontothesky]

My rent history - $1775, $2400, $2300, $1400 - The first and latest apartments I paid/pay half of, and the middle two I ended up paying $1600 and then $1000 monthly for my share. After several years of thinking that paying more for location or space is worth it, you see how much money is flying out the window and reconsider, and end up learning how to get what you want anyway. Also, in my opinion, I think it's ok to spend more money on your first year here, usually it's hard to find a place because you're not local, so you use a broker, get ripped off, etc, but once your lease is nearly up, take your time and really find a good deal. Also, the rule in NYC is that there are 3 factors for apartment hunting: space, location and price. 99% of the time, you will get at maximum 2 out of 3 of those, so you need to decide which one you want to give up.

Renting is so expensive here, but when you share, and although yes you are usually sharing really tight spaces, what you pay per month is similar to what you'd be paying in any other city, but you make more here.

Anyway if I were commuting to Times Square every day I would for sure live in Queens, in Long Island City, Sunnyside, Woodside or Astoria.

[Ron.]

Hello Bluedog,


When you say 40x.............is that before or after taxes?

Originally Posted by bluedog2

Sounds like you have allocated too much for rent and not enough for everything else.

I wouldn't spend more than $1,200 on rent with an income like that. You will probably have to get a roommate situation if you want to live in Manhattan or consider another borough if you want your own apartment in a decent neighborhood.

500 Food
150 Transit
130 Cable,internet
100 Utilities
90 Cell
500 Night life
200 incidental expenses
500 savings

Estimated net monthly pay 3,400
....................................-2170 living expenses
.................left for rent...1,230

Obviously,sharing some expenses with a roommate would have a big impact(help)

Most Manhattan landlords insist that income be at least 40X the rent.In your case that's 1,500 so you will find people willing to rent to you for up to 1,500/mo but I wouldn't advise doing it because everything else would be too tight and probably zero savings.

[bluedog2]

Originally Posted by Ron.

Hello Bluedog,


When you say 40x.............is that before or after taxes?

The 40x is applied to gross(before taxes,etc) income.

I think it usually(always?) translates to 30% of your income.
In other words,a 1,500/mo apartment means you should have a 60,000/yr income or you shouldn't pay more than 30% of your income on rent so if gross income is 60,000 you shouldn't pay more than 18,000/yr or 1,500/mo.

I actually think the 40x or 30% rule is too liberal.My parents told me to never pay more than 25%.I think that is better because it relieves a little pressure and allows for some savings.Many NY'ers do pay almost 50% of their incomes on rent in order to live in Manhattan or other neighborhoods that they can't really afford to live in but most of them live hand to mouth,rely heavily on credit cards and save nothing.Not a good long term plan.