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We are a European couple (early 30s) about to move to NYC, since I have been offered a job there. I’ve spent many hours browsing this forum and I would like to thank you all for the valuable information I have learned already. Having said that, I would like to share my concerns and ask for your opinion.
Ideally, we would like to live in Manhattan for two reasons: First, because we think it would be quite an experience and second…. Well my wife will not be eligible to work, so she’ll be spending a lot of time at home. A car is out of the question in any case, so I believe it would be better for her to be able to have shopping choices on a walking distance (including e.g. Coffee shops). My work is located downtown, so I was thinking something like Murray Hill for example.
My net monthly wage will be approximately $6.500, and I will also have a rent subsidy of around $1.500/month. I was planning of searching for an apartment with a monthly rent of around $4.000 (which means an actual cost of $2.500 for me). Bear in mind that the rent subsidy decreases according to the rent cost and it becomes $0 if you pay $2.500 or lower.
With these assumptions and a moderate lifestyle (eating out twice a week for example), is it doable? Will I be able to save a $1k or something on a monthly basis? Or should I look elsewhere, Queens or a suburb? I am asking because the living cost in Manhattan is not clear in my head. From my experience so far, that kind of money would be more than enough to live and save. Is it so?
You need to provide more information for folks to help out with their suggestions. Such as...
How many bedroom, bathroom do you need? Do you have any children? Is education going to be important? Where in NYC will you be working? Commute time?
NYC is big place (it is combination of five boroughs and is big, about 1,200 km2) so if your office is in say Downtown Manhattan and your rental is far out in Queens. It could take you couple hours to get there each way door to door. Also depending on where your work is and what you are looking for. It may actually be better to live outside of NYC and live in NJ in towns like Hoboken or Jersey City which are literally right across from Manhattan.
You are absolutely right, my bad, although by your reply I understand that my salary will not as big as I thought, for Manhattan standards that is.
We don't have any children which gives me at least a year to form an opinion on my own.
So a 1Br or a small 2Br, should be just fine. I will be working on a walking distance from Grand Central Station, so that would be my commuting destination.
My biggest concerns are:
a) The environment that my wife will spend her time (to be safe and to have options w/o car or transportation)
b) The cost in relation with my company's subsidy. For example, let's say I find two apartments, one in Murray Hill that costs $4.000/month ($2.500 direct cost to me) and one in Hoboken, that costs $2.000 ($2.000 direct cost to me). In that case I would prefer living in Murray Hill. Or should I not?
We are a European couple (early 30s) about to move to NYC, since I have been offered a job there. I’ve spent many hours browsing this forum and I would like to thank you all for the valuable information I have learned already. Having said that, I would like to share my concerns and ask for your opinion.
Ideally, we would like to live in Manhattan for two reasons: First, because we think it would be quite an experience and second…. Well my wife will not be eligible to work, so she’ll be spending a lot of time at home. A car is out of the question in any case, so I believe it would be better for her to be able to have shopping choices on a walking distance (including e.g. Coffee shops). My work is located downtown, so I was thinking something like Murray Hill for example.
My net monthly wage will be approximately $6.500, and I will also have a rent subsidy of around $1.500/month. I was planning of searching for an apartment with a monthly rent of around $4.000 (which means an actual cost of $2.500 for me). Bear in mind that the rent subsidy decreases according to the rent cost and it becomes $0 if you pay $2.500 or lower.
With these assumptions and a moderate lifestyle (eating out twice a week for example), is it doable? Will I be able to save a $1k or something on a monthly basis? Or should I look elsewhere, Queens or a suburb? I am asking because the living cost in Manhattan is not clear in my head. From my experience so far, that kind of money would be more than enough to live and save. Is it so?
If not, where should I look?
Thank you in advance!
The normal rule of thumb in NYC for most landlords is they want to see 40 times the rent in annual income no matter where it comes from--- in this case a $4,000 a month apartment would require
$160,000 in annual income-- that does not include a brokers fee, security deposit or first and last months rent.... other costs of living can be controlled no matter where you live. You just need to know where and how to shop.
The normal rule of thumb in NYC for most landlords is they want to see 40 times the rent in annual income no matter where it comes from---in this case a $4,000 a month apartment would require $160,000 in annual income
Thanks, I didn't know that.
Is that gross or net income? In my case then, my numbers would be around $3k something (gross) or $2.500 (net) for rent.
You are absolutely right, my bad, although by your reply I understand that my salary will not as big as I thought, for Manhattan standards that is.
We don't have any children which gives me at least a year to form an opinion on my own.
So a 1Br or a small 2Br, should be just fine. I will be working on a walking distance from Grand Central Station, so that would be my commuting destination.
My biggest concerns are:
a) The environment that my wife will spend her time (to be safe and to have options w/o car or transportation)
b) The cost in relation with my company's subsidy. For example, let's say I find two apartments, one in Murray Hill that costs $4.000/month ($2.500 direct cost to me) and one in Hoboken, that costs $2.000 ($2.000 direct cost to me). In that case I would prefer living in Murray Hill. Or should I not?
Amenties? Elevator? Do you need a doorman or luxury building? This will play a factor as well.
As you're coming from overseas and presumably not familiar with the city, you should work with a realtor.
Amenties? Elevator? Do you need a doorman or luxury building? This will play a factor as well. As you're coming from overseas and presumably not familiar with the city, you should work with a realtor.
Nah, luxury life is not my style (or my budget). I will probably work with a realtor eventually, but I need to have an idea about where or for what to look and at what price......
Is that gross or net income? In my case then, my numbers would be around $3k something (gross) or $2.500 (net) for rent.
gross. but it varies a little from Landlord to landlord so you really need to be honest and have ready some documentation to prove it. Use it as a guideline but if you find a place you like present the information to the landlord or management company and see what they say
streeteasy.com will give you listings of rental options/price info etc in all neighborhoods throughout NYC.
if you have a commitment letter from your employer stating that $1,500 comes from them every month, I would think that LL will base that 40X rule on the $2,500 part, so your gross annual would be around $100k or above.
You should also try to open a US bank account before trying to get an apartment. I don't know if the landlord would accept foreign checks for deposit.
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