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Hi im new here so i wasnt sure where to put this. A couples friends and i are planning on moving to New York in after college and i am just curious if the three of us would have trouble finding a two bedroom apartment in manhattan and live comfortably off of 80k. Two of us actually are making roughly 80 and the other 70. We dont party so thats something that can be deducted from the expenses. What do you guys think?
No
Yes
Go for it but have you spent any serious time here? Why Manhattan. Your brief profile seems to have Williamsburg written all over it.
My suggestion, as a dad, would be first ask, what are you going to do if you are committed to a big rent check and one roomie decides to bolt? Do you have a plan for what happens if one of you wants to move in his girlfriend? Who gets the single room and how does that affect the rent split? And the split of other "community" living costs? I could go on but you get my drift.
Yea actually the other two i am moving with is my friend and his girlfriend so im ok with them getting the bigger room or whatever. I have the whole rent split all fine in mind. Just the problem is i see different minimums as far as salary goes. Ive read one place all you need is 40k is your with roomates. Then other places it says 80. Im going into finance so i see a salary around 70 or 80 anyway.
even though it will be impossible for you, I would get your own place if possible. Your friends could turn out undependable. This is New York. It will rape you if you show weakness. Make sure to stuff as much as you can into your retirement. you'll need to pay for that nursing home when you get old.
I mean hes really dependable ive been living with him the last 2 and a half years and hes never been late on any bill or anything. Plus ive known him for 8 years hes a very good friend. Otherwise i woumdnt be making such a big choice in moving to New York with him you know.
I mean hes really dependable ive been living with him the last 2 and a half years and hes never been late on any bill or anything. Plus ive known him for 8 years hes a very good friend. Otherwise i woumdnt be making such a big choice in moving to New York with him you know.
Have you lived with both him AND his girlfriend for those two years? Unless you have, he's not a worry, but she could be. If they haven't lived together in the past and are doing it for the first time, there could be an awkward dynamic.
Anyway, most young people starting out in their first jobs in a big city have roommates and yes there are usually some amount of problem, friction, financial issue, etc. Many people have been there and while you need to think about the pitfalls and plan for some of them, you'll survive. You don't need to over-engineer it but it's good to set down rules/guidelines for things. Assuming that things will just 'work out' because everyone is 'nice' and 'gets along' is not good enough and that's usually when things go wrong.
Not sure what Dangerous Boy means about NY raping you if you show weakness. That doesn't seem to be relevant to your question. Some NY'ers (usually the transplants) seem to be overly dramatic about 'making it in NY'.
I picture Dangerous boy like the sargent at army boot camp yelling in Future_New_Yorker's ear (cue Alicia Keys and Frank Sinatra blaring in the background)- "come on boy. you think you can make it here? Huh? you think you have what it takes, do you? NY eats weaklings like you for lunch. You won't even make it as a bridge and tunneler you slow and stupid bumpkin. You blink and NY will rape you, you flinch and NY will rip you a new one, you smile and you're dead. Vietnam was for pansies...this is a concrete jungle, boy."
Hey I'm kidding but I know NY'ers don't take themselves too seriously. NY is actually very friendly and easy to succeed compared to many cities where people are much harder-edged, more competitive and colder as they fight for a pieces of a much smaller pie.
Yes, you can easily afford a two bedroom in Manhattan with a combined income of $150K between roommates. But given some of the nonsense posted earlier in this thread, don't just take my word (or anyone else's) -- go to street easy (they generally tend to have places that are a bit more expensive than the other listers, so this is a conservative approach) and look for bedrooms under $3,750 in Manhattan. You'll see a lot of choice.
Once rent is taken care of, you'll also take a ~9% tax hit due to the insane level of combined state+city taxation. Beyond that and the rent all the other small areas where NYC is more expensive than elsewhere will be more than balanced by not having to own a car.
I know a lot of people doing what you want to do with similar income levels. Heck I know people who have done it with tens of thousands less per person.
edit:
1) if you don't have a job offer in hand don't assume a 70-80k salary though. That's actually kind of a dead zone -- the IB, consulting and tech types usually start above that, everyone else tends to start below.
2) If all three people land roughly the salary you are expecting not just two as I originally misread (I now think, maybe an incorrect correction?) you'll be able to afford an absurdly nice place or something more normal and still be able to do a good amount of saving.
Last edited by ALackOfCreativity; 01-10-2015 at 06:07 AM..
Yea i assume 70-80k but it could most deff be above that for all three of us. While she has not lived with us shes there everyday and since they go to school at the same places she will sometimes stay for 3 or 4 days in a row. So at this point its lretty much like she lives there. She always cooks handles the dishes and the apartment is always clean when i get there. Even my room ha. So she pretty kuch has been living there the last year. Besides housing and utilities the only other expenses would be eating out and stuff. Since the three of us dont really party like that. Maybe hit a bar for a beer or 2 once every week or so but thats really it. Ive always known about the car situation. Walking hase never been a problem either. Ive done very long walks in my past 5 hours 3 hours. So that wouldnt be a problem for me to get around like that. Im not saying id walk everywhere now but it wouldnt be a problem if id have to.
1. A lot of landlord/management companies wont rent to you if you havent been employed in the same position/company for at least 6 months. Try to have a guarantor who makes 80x's the monthly rent as back up.
2. Alot of landlord/management companies wont allow 3 people in a two bedroom unless its a family. So make sure to bring this up right away so you dont waste your or agents/leasing agents time.
3. Don't limit your search to like only 1-2 areas, you might be surprised what you see/like in areas you never expected.
With that said your situation is totally possible, and ive recently put 3 people in a large two bedroom in the uws in the west 80s/columbus for $3695 cause i knew the landlord would easily accept it. It was for a couple and a friend as well, very similar situation.
Oh really well wow haha youll be recieving a message when our time comes to get an apartment haha. But thank you for your input. Yea i assumed that we nost likely couldnt get one for lack of work experiance. Like if we didnt work in the area for long enough then what. Staying in a hotel for a while before we could find an apartment would eat up so much money. Now this may be a stupid question but would sublets be a good choice. Also i have no idea how they work care to share your knowledge with me haha.
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