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This is nonsense. I know many people making five figure salaries living in Manhattan. No, there's not doorman in their building, it might be a walk-up ad they rent. But they manage nicely. And they're NOT from wealthy families.
Could you please give more information about how they are doing this? I am seriously taking the job and moving to NYC, the reason I won’t take the job is if I can or can not afford my housing.
I could use some true practical information around this issue.
It would help if you would tell us what you're looking for, not how much you make. You've already seen that a tiny 500 sf studio in Manhattan, in livable condition, will probably start at 250k and then the sky's the limit. The Bronx has some very affordable areas right now that are a doable commute to Manhattan. Queens, a little more expensive, Brooklyn even more. It all depends what you want in terms of size, commute to work. There's a couple of things you could do. First, pick up a NY Times. Secondly, look through Craig's list. If I were you, I'd move here and rent for a while. Get to know the city, scope it out, figure out what's going to work for you, then look at buying. And the foreclosure thing? Not happening in Manhattan, and probably not in the other boroughs, either. Maybe in Des Moines...
Thanks for the replies. I see everyone has strong feelings about this. I hear all this noise about foreclosures, perhaps I could snag one of those for $250K?
Do you think a LES studio will continue to appreciate? Second, if living in Manhattan is out of the question, where should I be looking?
Yes, I think it will continue to appreciate. Manhattan real estate market has continued to be robust despite the national trends. Of course, if there's another 9/11 (heaven forbid) all bets are off, but even post 9/11 everyone still wants to live here. The LES has become much more gentrified in recent years and will likely continue to do so.
The best bargains are still in the Bronx--spacious 1 Bed coops for about 100-125K.
This is nonsense. I know many people making five figure salaries living in Manhattan. No, there's not doorman in their building, it might be a walk-up ad they rent. But they manage nicely. And they're NOT from wealthy families.
To answer the OP's question re: how are people doing this: it's nearly impossible to get an "affordable" apt for rent in Manhattan now. Vacancy rates are very low; demand is high, and people are willing to pay whatever they have to.
Some folks who have lived in Manhattan a long time have rent stabilized apts, which keeps their rent increases down (though they do go up every year or two when their leases run out). But these are becoming less and less common, and more landlords out of rent control as soon as they can. And once an apt reaches the $2000 range, rent control no longer applies, from what I've read.
As another poster said, look at online papers such as the NY Times, NY Post, Daily News, Village Voice to get a better idea; then decide what you think you can afford, given your projected expenses.
Roommates are a way to afford housing if your budget is constrained.
And being frugal: bring your lunch, for example. Shop carefully. It can be done. It doesn't support a 'beautiful people's' lifestyle, but you can do it.
Could you please give more information about how they are doing this? I am seriously taking the job and moving to NYC, the reason I won’t take the job is if I can or can not afford my housing.
I could use some true practical information around this issue.
We pay well over 2k/month for our current apartment-combined income is 120k and we're both in very low 20s
Okay, realistically would a consultant from the Midwest looking to move to NYC be able to live in Manhattan if he makes under $100,000?
For some direction on this, let’s say I make $85k and I would actually want to buy something. AVG 3 FICO = 780, 26 single no kids.
Now I can pinch a penny and I already sleep on someone's couch to save a buck. I have no problem living in a studio but I want it to be somewhere in or around midtown.
I am not wealthy, but sleeping on someone's couch allows me to put down maybe $20k for a down payment. But, honestly coming from the Midwest, I can't see paying $2,000 a month unless it’s on a mortgage.
Manhattan is mostly coop land, though there are some newer luxe condos springing up...just look at the NY Times Manhattan listings...read 'em and weep!
For coops, you have to get approval by the coop board. In Manhattan (depending on the area) this can sometimes be rough. Condos don't require board approval. There are also some coops with no board approval though.
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Condos
