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Old 05-14-2015, 06:27 PM
 
Location: Atlanta
5 posts, read 3,136 times
Reputation: 10

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I need some reassurance from you guys. There is a high chance my boyfriend and I will be moving to NYC come fall this year. We hear so much that Manhattan is very expensive to live in. We both will have a household income of $80k per year. I'm open to living in any borough/neighborhood but he insists on living in Manhattan and wont have it any other way. He has seen posts on apartment sites for studio-1br apartments (without room mates) being $1400-$1700 around 600sq ft. We would be taking public transportation. No cars, no kids. Is it realistic for him to think he can land those apartments prices in lower Manhattan easily as he is assuming? What makes it so expensive why I've read thats not doable? Is it because people tend to stay out of their living space more because of the sq footage which leads to lots of spending? Is it because mostly people can't budget well and it seems expensive to those who need more than they can afford? It would be so helpful to know the details? Even during his interview a few days ago, his future employer made a comment saying "make sure you do your research because it's not as easy as you think". He still seems like it's going to be all gravy and I'm pulling back from the idea. At least trying to have him consider a different area to live.
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Old 05-14-2015, 06:29 PM
 
Location: Atlanta
5 posts, read 3,136 times
Reputation: 10
Any extra advice as well please! as far as landlords, what is the common expectancy? Do they tend to ask for double down payment as the rent. So upfront is 3x the cost? Do they expect each person living in the household to make a certain amount to rent out?
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Old 05-14-2015, 06:47 PM
 
Location: Earth
3,485 posts, read 2,523,860 times
Reputation: 2554
you need to break up with you bf immediately and find a richer one in nyc with more financial sense. The rent in manhattan is not worth it. Move to the boroughs or NJ and save your money to buy real estate.
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Old 05-14-2015, 07:05 PM
 
Location: West Harlem
6,886 posts, read 7,825,057 times
Reputation: 3000
Not a renter, but I can certainly comment.

If the "will" in the sentence with "$80k" means that you do not already have jobs ... I would reconsider.

Unless you have enormous savings, but even then you will likely have trouble renting without jobs and proof of income.
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Old 05-14-2015, 07:12 PM
 
Location: Atlanta
5 posts, read 3,136 times
Reputation: 10
Quote:
Originally Posted by Harlem resident View Post
Not a renter, but I can certainly comment.

If the "will" in the sentence with "$80k" means that you do not already have jobs ... I would reconsider.

Unless you have enormous savings, but even then you will likely have trouble renting without jobs and proof of income.
Yes. His is set to start in September and mine will too. My employer is a friend and is waiting on my start date. His is a restaurant that will be opening in September. I say will as in, I'm not going to jump ships just to sink. Nothing is set in stone for me
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Old 05-14-2015, 07:34 PM
 
Location: West Harlem
6,886 posts, read 7,825,057 times
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Quote:
Originally Posted by jessssjos1018 View Post
Yes. His is set to start in September and mine will too. My employer is a friend and is waiting on my start date. His is a restaurant that will be opening in September. I say will as in, I'm not going to jump ships just to sink. Nothing is set in stone for me
The new employment will be your biggest hurdle. Hard to know if you can get over it.
People do, perhaps it's luck.
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Old 05-14-2015, 08:01 PM
 
10,605 posts, read 20,734,839 times
Reputation: 8150
Quote:
Originally Posted by jessssjos1018 View Post
I need some reassurance from you guys. There is a high chance my boyfriend and I will be moving to NYC come fall this year. We hear so much that Manhattan is very expensive to live in. We both will have a household income of $80k per year. I'm open to living in any borough/neighborhood but he insists on living in Manhattan and wont have it any other way. He has seen posts on apartment sites for studio-1br apartments (without room mates) being $1400-$1700 around 600sq ft. We would be taking public transportation. No cars, no kids. Is it realistic for him to think he can land those apartments prices in lower Manhattan easily as he is assuming? What makes it so expensive why I've read thats not doable? Is it because people tend to stay out of their living space more because of the sq footage which leads to lots of spending? Is it because mostly people can't budget well and it seems expensive to those who need more than they can afford? It would be so helpful to know the details? Even during his interview a few days ago, his future employer made a comment saying "make sure you do your research because it's not as easy as you think". He still seems like it's going to be all gravy and I'm pulling back from the idea. At least trying to have him consider a different area to live.
Getting an apartment in lower Manhattan for $1400 to $1700 is probably unrealistic, at least it sounds unrealistic to me. However, this article from 2014 mentions an apartment hunter getting a 6th floor walkup studio in the Lower East Side for $1600. (I would place money on it being more like 250 or 300 sq feet, not 600). http://www.dnainfo.com/new-york/2014...york-apartment

Your bf should understand that many of the apartments listed online are scams or bait-and-switch. A good rule of thumb is to go on an apartment site and check for what MOST of the apartments are renting for in a given area. If you check apartments in the Financial District and see that most studios are renting for $2800, and then you see a few listings for studios for $1500, then guess what, those are scams.

The other thing to understand about apartment hunting is that the apartments on the lowest end of the scale is going to have a lot wrong with it. Maybe it won't have sunlight, or is a 6th floor walkup, or hasn't been renovated in years.

LLs will require proof that you make 40x the monthly rent per year. You can Google that phrase and get a little more info. Also you will need first month's rent and one month for security and most likely one month's fee for the broker.
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Old 05-14-2015, 08:47 PM
 
Location: Brooklyn, NY (Crown Heights/Weeksville)
996 posts, read 943,326 times
Reputation: 1091
Why is he "insisting" on Manhattan? The outer boroughs are more affordable, with just a few exceptional neighborhoods in reverse pattern.

Subways run 24 hours. MTA Fares are identical from one end of NYC to the other. Unless you can both walk to work, you'll be commuting anyway. It costs the same to travel 5 subway stops inside Manhattan as 14 of them out to a borough neighborhood with more reasonable rents and more floor area.

New Jersey's another option, with the PATH train.

Young working adults live all over these places.

I'm also watchful of your phrase that his job's in a restaurant that "will open in September." Will you guys be OK if they have a delay opening by a few months? It happens.

Last edited by BrightRabbit; 05-14-2015 at 08:59 PM..
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Old 05-14-2015, 09:09 PM
 
Location: Atlanta
5 posts, read 3,136 times
Reputation: 10
Quote:
Originally Posted by Henna View Post
Getting an apartment in lower Manhattan for $1400 to $1700 is probably unrealistic, at least it sounds unrealistic to me. However, this article from 2014 mentions an apartment hunter getting a 6th floor walkup studio in the Lower East Side for $1600. (I would place money on it being more like 250 or 300 sq feet, not 600). 10 Tips on How to Find Your First New York Apartment - East Village - DNAinfo.com New York

Your bf should understand that many of the apartments listed online are scams or bait-and-switch. A good rule of thumb is to go on an apartment site and check for what MOST of the apartments are renting for in a given area. If you check apartments in the Financial District and see that most studios are renting for $2800, and then you see a few listings for studios for $1500, then guess what, those are scams.

The other thing to understand about apartment hunting is that the apartments on the lowest end of the scale is going to have a lot wrong with it. Maybe it won't have sunlight, or is a 6th floor walkup, or hasn't been renovated in years.

LLs will require proof that you make 40x the monthly rent per year. You can Google that phrase and get a little more info. Also you will need first month's rent and one month for security and most likely one month's fee for the broker.
This is very helpful so I appreciate your feedback. Your answer about the apartment scams was exactly what I feared it would be.
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Old 05-14-2015, 09:18 PM
 
Location: Atlanta
5 posts, read 3,136 times
Reputation: 10
Quote:
Originally Posted by BrightRabbit View Post
Why is he "insisting" on Manhattan? The outer boroughs are more affordable, with just a few exceptional neighborhoods in reverse pattern.

Subways run 24 hours. MTA Fares are identical from one end of NYC to the other. Unless you can both walk to work, you'll be commuting anyway. It costs the same to travel 5 subway stops inside Manhattan as 14 of them out to a borough neighborhood with more reasonable rents and more floor area.

New Jersey's another option, with the PATH train.

Young working adults live all over these places.

I'm also watchful of your phrase that his job's in a restaurant that "will open in September." Will you guys be OK if they have a delay opening by a few months? It happens.
He basically wants to be just blocks away from everything. My preference is to live outside of the city bc I do prefer more bang for my buck. Fortunately, I am a freelance mobile hairstylist here in Atlanta so my business goes until we move. He is aware that there might be some delays in the build out of this new place and was told that upon hiring. All is fine and set with job placement here and there. Just very concerned about pop up pricing that going to come from left field.
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