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Old 08-01-2019, 08:42 PM
 
21,041 posts, read 13,947,554 times
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Make it a sticky, bookmark it, whatever needs to be done for future reference. Hopefully will cut down on some the "can I live in NYC on $$$?" questions cluttering up the group.

Study obviously applies to those paying their own way (market rate rents), not those in subsided housing (NYCHA, vouchers, RS, RC, etc...).

https://ny.curbed.com/2019/8/1/20748...n-queens-bronx
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Old 08-02-2019, 07:22 AM
 
Location: New York, NY
1,193 posts, read 673,728 times
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And the study assumes you spend 40% of GROSS income on rent. That is an insane percentage, and a stupid financial decision for anyone, even in New York.
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Old 08-02-2019, 07:27 AM
 
348 posts, read 243,933 times
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Quote:
Originally Posted by BugsyPal View Post
Make it a sticky, bookmark it, whatever needs to be done for future reference. Hopefully will cut down on some the "can I live in NYC on $$$?" questions cluttering up the group.

Study obviously applies to those paying their own way (market rate rents), not those in subsided housing (NYCHA, vouchers, RS, RC, etc...).

https://ny.curbed.com/2019/8/1/20748...n-queens-bronx
The article used 40% of gross salary for rent. I would increase the required income by 1.33 to bring it in line with the often required 40x income per month.
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Old 08-02-2019, 07:31 AM
 
Location: Beautiful Pelham Parkway,The Bronx
8,498 posts, read 20,444,558 times
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Quote:
Originally Posted by BugsyPal View Post
Make it a sticky, bookmark it, whatever needs to be done for future reference. Hopefully will cut down on some the "can I live in NYC on $$$?" questions cluttering up the group.

Study obviously applies to those paying their own way (market rate rents), not those in subsided housing (NYCHA, vouchers, RS, RC, etc...).

https://ny.curbed.com/2019/8/1/20748...n-queens-bronx
lol.."an income of $80,000 would make it affordable to live in Mott Haven in 2019"

..."an increase of 44% since 2104".

Last edited by bluedog2; 08-02-2019 at 07:39 AM..
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Old 08-02-2019, 09:11 AM
 
909 posts, read 561,980 times
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Honestly these numbers are a bit inflated, they are probably counting ultra luxe buildings in the average
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Old 08-02-2019, 10:51 AM
 
1,090 posts, read 543,034 times
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Yes, it's the median, which means that half of the rents will be beneath the given number, but considering they used 40% of gross income (!!!), I'd say it gives some meaningful guidance.
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Old 08-02-2019, 11:00 AM
 
Location: New York, NY
1,193 posts, read 673,728 times
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Quote:
Originally Posted by randomperson2 View Post
Yes, it's the median, which means that half of the rents will be beneath the given number, but considering they used 40% of gross income (!!!), I'd say it gives some meaningful guidance.
40% is just insane to be basically pissing away on a monthly basis.
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Old 08-02-2019, 11:33 AM
 
546 posts, read 818,859 times
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Is the 40% a typo of 40x? 40% of gross as a benchmark is not affordable at all! Reading deeper into the Streeteasy articles that the Curbed blog is based on, as a new resident of Prospect Lefferts up where it meets Crown Heights I am not surprised the Brooklyn neighborhoods they listed have the highest % increases, it's the current center of the gentrification wars down here. And actually not a bad commute. Kinda surprised they say Ridgewood has rolled back a bit, considering its proximity to Bushwick.
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Old 08-02-2019, 11:35 AM
 
Location: New York, NY
8,204 posts, read 3,557,197 times
Reputation: 3365
My girlfriend makes over $100,000 and she is freaking out because she may be receiving a pay cut of about $15,000 or so. I know she was making over $100,000, but that pay cut would definitely kill her with the way she spends money and her high rent, which is over $2,000 a month now.
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Old 08-02-2019, 01:01 PM
 
1,090 posts, read 543,034 times
Reputation: 733
Quote:
Originally Posted by MB1562 View Post
40% is just insane to be basically pissing away on a monthly basis.
No argument here!
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