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Old 07-29-2018, 08:23 PM
 
Location: New York, NY
7,548 posts, read 2,685,297 times
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Quote:
Originally Posted by Shoshanarose View Post
But the person makes 50k, not 55k (i.e., with a part time job).
In other words, it sounds like you're saying that someone earning 50k can NOT make it in nyc.
No, I'm not saying they can't make it. What I said was that if they get a part-time job, they could then not worry about the 40x rule because they would then qualify with for a rent at say $1400 if they make $5-6k more in NYC. It will be difficult to find something with $50k but not impossible. The problem is there were studios not that long ago around $1000 - 1200, but the floor seems to be around $1300 - 1400 now, which is just a bit more than $50k. They would need to show likely that they can afford the rent by having several months in savings if anything, or look for a small time landlord that wouldn't make such a stink.
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Old 07-30-2018, 06:43 AM
 
3,502 posts, read 1,792,553 times
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Quote:
Originally Posted by pierrepont7731 View Post
No, I'm not saying they can't make it. What I said was that if they get a part-time job, they could then not worry about the 40x rule because they would then qualify with for a rent at say $1400 if they make $5-6k more in NYC. It will be difficult to find something with $50k but not impossible. The problem is there were studios not that long ago around $1000 - 1200, but the floor seems to be around $1300 - 1400 now, which is just a bit more than $50k. They would need to show likely that they can afford the rent by having several months in savings if anything, or look for a small time landlord that wouldn't make such a stink.
Making 50K a year, it will be hard, very hard, to live alone in a studio or one-bedroom in NYC, in any of the boroughs. (not a problem to live with roommates).

You will need to find a landlord who does not go by the 40X rule. Best bet is a small-time landlord, someone renting an apartment in his own house. Or someone you know - friend or friend of a friend who is renting an apartment in their house, and trusts you.

Or, another option, you may be able to find a BASEMENT studio apartment for $1200/month or under.
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Old 07-30-2018, 07:05 AM
 
Location: New York, NY
7,548 posts, read 2,685,297 times
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Quote:
Originally Posted by Shoshanarose View Post
Making 50K a year, it will be hard, very hard, to live alone in a studio or one-bedroom in NYC, in any of the boroughs. (not a problem to live with roommates).

You will need to find a landlord who does not go by the 40X rule. Best bet is a small-time landlord, someone renting an apartment in his own house. Or someone you know - friend or friend of a friend who is renting an apartment in their house, and trusts you.

Or, another option, you may be able to find a BASEMENT studio apartment for $1200/month or under.
It isn't that hard if they go wayy above their rent allowance. Someone making $50k shouldn't spend more than $1200 a month in rent. If they find something for $1400, they just need to cut out $200 a month elsewhere. If they don't have tons of debt that should be doable. If they can split the expenses, obviously it makes life a lot easier, but it's still doable alone. You can cut back on food. Instead of allocating $600 for food and household needs, do $400. You cut out $50 a week. Certainly doable.
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Old 07-30-2018, 09:44 AM
 
3,502 posts, read 1,792,553 times
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Right but moust landlord's won't rent to him
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Old 07-30-2018, 09:54 AM
 
Location: Mott Haven, New York
878 posts, read 535,212 times
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There's quite a few scenarios here. Unfortunately, no $50,000 is equal depending on your specific living situation.

$50,000 on your own market rate. It will be very tough, but somewhat doable if you have a flexible landlord, and cut elsewhere in your budget, as already stated.

$50,000 with a roommate is certainly doable. Also stated, you won't be living the luxurious life, but you won't necessarily be struggling, either. In the nicer parts of the outer boroughs, expect to pay $1,100 - $1,200 for a room. In the decent parts, expect $1,000. In the hood believe it or not, you shouldn't realistically expect anything lower than $900. Yes, the hood is becoming expensive too quickly.

$50,000 in an affordable apartment. I'll break this down in 2. So you either start out in this bracket. I think $50,000 is now 80% - 90% AMI. Apartments in this category go for a minimum of $1,250 with a max of of $1,4XX last time I checked. So yeah, even then... it's not a luxurious lifestyle, but at least you don't have to worry about a crazy increase each year, and you get the place to yourself versus having to share.

Then the last, very specific niche. Landing an affordable apartment in a lower AMI, and getting a job that pays more. I don't mind using my scenario.
I used to make $37,000 when I first was awarded an apartment through the lottery system. They understand that pay isn't always stagnant, especially for the younger crowd, so raises and bonuses and promotions will occur, but under the contract, the rent shouldn't jump because of it. I guess I'll find out come next year.

Anyway, I make $55,000 now after a job switch, and pay $858 for the apartment, up from $847 when I first moved in. Because of this lower rent, I get the spending power of someone making around $70,000 - $75,000 paying $1,750 - $1,900 for rent.
Even if I were at $50,000 which isn't too far off from $55,000 when net pay is considered, it's a very good salary only in this specific case.

I've heard stories about people getting grandfathered into NYCHA specifically, with their higher salaries, and blowing all their cash on flashy things. Man...instead of "glowing up" for the gram, I'm trying to get out of this whole renting scam.

Lastly... $50,000 living at home with a relative rent free?!?!? Oh... how I wish I had it in me to be a freeloader. lololol. Move back home with mommy and blow all my cash on high end strippers. Yes please...



The more I talk to homeowners, the more I want to own, versus rent. But I'm still pretty young. 28 going on 29, so I have time to think and configure a plan before making it concrete.

I'd highly suggest going for the roommate if you can just so you can SAVE money. Forget about living in Manhattan. I'd recommend Astoria. It's a nice neighborhood, a very short commute from the city, and decent apartments can be had. If you're into the nightlife scene, definitely check it out, if you want.
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Old 07-30-2018, 10:22 AM
 
Location: New York, NY
7,548 posts, read 2,685,297 times
Reputation: 2819
Quote:
Originally Posted by RadeonHD4250 View Post
There's quite a few scenarios here. Unfortunately, no $50,000 is equal depending on your specific living situation.

$50,000 on your own market rate. It will be very tough, but somewhat doable if you have a flexible landlord, and cut elsewhere in your budget, as already stated.

$50,000 with a roommate is certainly doable. Also stated, you won't be living the luxurious life, but you won't necessarily be struggling, either. In the nicer parts of the outer boroughs, expect to pay $1,100 - $1,200 for a room. In the decent parts, expect $1,000. In the hood believe it or not, you shouldn't realistically expect anything lower than $900. Yes, the hood is becoming expensive too quickly.

$50,000 in an affordable apartment. I'll break this down in 2. So you either start out in this bracket. I think $50,000 is now 80% - 90% AMI. Apartments in this category go for a minimum of $1,250 with a max of of $1,4XX last time I checked. So yeah, even then... it's not a luxurious lifestyle, but at least you don't have to worry about a crazy increase each year, and you get the place to yourself versus having to share.

Then the last, very specific niche. Landing an affordable apartment in a lower AMI, and getting a job that pays more. I don't mind using my scenario.
I used to make $37,000 when I first was awarded an apartment through the lottery system. They understand that pay isn't always stagnant, especially for the younger crowd, so raises and bonuses and promotions will occur, but under the contract, the rent shouldn't jump because of it. I guess I'll find out come next year.

Anyway, I make $55,000 now after a job switch, and pay $858 for the apartment, up from $847 when I first moved in. Because of this lower rent, I get the spending power of someone making around $70,000 - $75,000 paying $1,750 - $1,900 for rent.
Even if I were at $50,000 which isn't too far off from $55,000 when net pay is considered, it's a very good salary only in this specific case.

I've heard stories about people getting grandfathered into NYCHA specifically, with their higher salaries, and blowing all their cash on flashy things. Man...instead of "glowing up" for the gram, I'm trying to get out of this whole renting scam.

Lastly... $50,000 living at home with a relative rent free?!?!? Oh... how I wish I had it in me to be a freeloader. lololol. Move back home with mommy and blow all my cash on high end strippers. Yes please...



The more I talk to homeowners, the more I want to own, versus rent. But I'm still pretty young. 28 going on 29, so I have time to think and configure a plan before making it concrete.

I'd highly suggest going for the roommate if you can just so you can SAVE money. Forget about living in Manhattan. I'd recommend Astoria. It's a nice neighborhood, a very short commute from the city, and decent apartments can be had. If you're into the nightlife scene, definitely check it out, if you want.
Good lord... Your rent is almost HALF of my rent... Is that a studio or a one bedroom?

P.S. Here is the PER CAPITA income per borough folks as of 2016:

Bronx: $33,154
Brooklyn: $44,502
Manhattan: $156,048
Queens: $43,467
Staten Island: $51,427


So only Staten Island and Manhattan have per capita incomes OVER $50,000. No one making $50,000 a year should feel horrible. I just want to stress that because some people on this board **** on $50,000 a year. That's a respectable salary that many people will NEVER make. The only issue is that the rents have climbed so high. If you can overcome that hurdle, you can do quite well with that.

http://www.baruch.cuny.edu/nycdata/i...es/per_cap.htm
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Old 07-30-2018, 10:34 AM
 
Location: Mott Haven, New York
878 posts, read 535,212 times
Reputation: 706
Quote:
Originally Posted by pierrepont7731 View Post
Good lord... Your rent is almost HALF of my rent... Is that a studio or a one bedroom?
It was the one-bedroom. Studio would've been $788.

To scale, at that time rent was eating up 27% of my gross pay, just shy of the 30% magic mark.

I was looking at some new stuff I qualify for, just giggles. A one bedroom in Via 57 West at $1554 would be 34% of my new salary. Lower middle income earners are spending upwards of 35% of their gross on rent. While the majority of the 6 figure income earners are spending about 22% at the top end. 22%, versus 34%...

This is really no different than your suggestion of a flexible landlord because by HPD on guideline, I'd be "rent-burdened", yet they priced the apartment at $1554 with a minimum of $55,000 to apply.

If the OP can find a bedroom share at $900 ($1050 for split utilities)... they'd be good. Assuming they have no prior debt.
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Old 07-30-2018, 10:43 AM
 
Location: Mott Haven, New York
878 posts, read 535,212 times
Reputation: 706
Quote:
Originally Posted by pierrepont7731 View Post
Good lord... Your rent is almost HALF of my rent... Is that a studio or a one bedroom?

P.S. Here is the PER CAPITA income per borough folks as of 2016:

Bronx: $33,154
Brooklyn: $44,502
Manhattan: $156,048
Queens: $43,467
Staten Island: $51,427


So only Staten Island and Manhattan have per capita incomes OVER $50,000. No one making $50,000 a year should feel horrible. I just want to stress that because some people on this board **** on $50,000 a year. That's a respectable salary that many people will NEVER make. The only issue is that the rents have climbed so high. If you can overcome that hurdle, you can do quite well with that.

NYCdata: Per Capita Income
Quoted for truth. My personal goal was to at least have an income above the per capita for my borough, because even at $37,000, at least by Mott Haven standard, I was sitting pretty.

I didn't have confidence in my ability to think I could over-exceed my goal, with room for further improvement, which is why I need to remain humble, remember where I came from, and have a goal in place. ie buy in at Parkchester (somewhat serious), or get lucky with an affordable condo (fingers crossed). Ideally I wouldn't want to rent for more than 7 years, so by 35 I should have groundwork for home ownership, it's just not something I'm comfortable to jump into right away.

$50,000 is very respectable.
I feel there are more people in this city making south of $40,000, (which would explain why there is so much housing for this bracket), so I'm not sure where this somewhat disdain of $50,000 is coming from. I have seen it many times before on this board,

You'd think posters here are making 4 through 5 times that amount with some of these comments. (Yeah right.)
And, even if that is the case, that's still no reason to sh*t on everybody else.
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Old 07-30-2018, 10:51 AM
 
3,181 posts, read 1,099,660 times
Reputation: 1334
Quote:
Originally Posted by RadeonHD4250 View Post
Quoted for truth. My personal goal was to at least have an income above the per capita for my borough, because even at $37,000, at least by Mott Haven standard, I was sitting pretty.

I didn't have confidence in my ability to think I could over-exceed my goal, with room for further improvement, which is why I need to remain humble, remember where I came from, and have a goal in place. ie buy in at Parkchester (somewhat serious), or get lucky with an affordable condo (fingers crossed). Ideally I wouldn't want to rent for more than 7 years, so by 35 I should have groundwork for home ownership, it's just not something I'm comfortable to jump into right away.

$50,000 is very respectable.
I feel there are more people in this city making south of $40,000, (which would explain why there is so much housing for this bracket), so I'm not sure where this somewhat disdain of $50,000 is coming from. I have seen it many times before on this board,

You'd think posters here are making 4 through 5 times that amount with some of these comments. (Yeah right.)
And, even if that is the case, that's still no reason to sh*t on everybody else.
People are by nature Arse wholes.
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Old 07-30-2018, 11:14 AM
 
Location: New York, NY
7,548 posts, read 2,685,297 times
Reputation: 2819
Quote:
Originally Posted by RadeonHD4250 View Post
Quoted for truth. My personal goal was to at least have an income above the per capita for my borough, because even at $37,000, at least by Mott Haven standard, I was sitting pretty.

I didn't have confidence in my ability to think I could over-exceed my goal, with room for further improvement, which is why I need to remain humble, remember where I came from, and have a goal in place. ie buy in at Parkchester (somewhat serious), or get lucky with an affordable condo (fingers crossed). Ideally I wouldn't want to rent for more than 7 years, so by 35 I should have groundwork for home ownership, it's just not something I'm comfortable to jump into right away.

$50,000 is very respectable.
I feel there are more people in this city making south of $40,000, (which would explain why there is so much housing for this bracket), so I'm not sure where this somewhat disdain of $50,000 is coming from. I have seen it many times before on this board,

You'd think posters here are making 4 through 5 times that amount with some of these comments. (Yeah right.)
And, even if that is the case, that's still no reason to sh*t on everybody else.
As I said before, a lot of people on this board, either OWN, have rent stabilized or rent control housing or have a husband or wife to SHARE the expenses with, which is why they can act like $50,000 isn't a lot of money. It's quite funny actually. Clearly from these stats salaries have not gone up that much overall save in places like Manhattan. Staten Island has a lot of city workers, cops and other types, hence the salary.

Someone commented that they earned $70k a year and struggled off of that. Clearly they don't know how to manage money or the have mountains of student loans and credit card debt.

You really don't need a car in most of NYC, so if you take public transportation, even using something that Uber Pool here and there won't break the bank. On $70k salary you can do the following:

-Rent up to $1750 - that's certainly good enough for a nice sized one bedroom in most of the outer boroughs
-Food $400 - 600
-Transportation $121 or more
-Electric $60 or more
-Gas $60 or more

When I first started out in my 20s and got settled I was making around $50,000 then and I lived quite well. Of course this was several years ago but still. Biggest expense was the rent. After that there was plenty of money for eating out (I rarely cooked because I'd just get stuff at Whole Foods or have a nice lunch). If the OP has a family to support off of that, then that's a different story, but for yourself, the rent is the main expense. Everything else you can generally change to meet your budget.

Last edited by pierrepont7731; 07-30-2018 at 11:28 AM..
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