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The Upper West Side is one of the most expensive areas of the city. As is Greenwich Village. You're better off sticking to Murray Hill or Midtown east. My manager just moved to a different one bedroom and was actually relieved to find a decent sized one bedroom for less than $4000. $2000/month for a one bedroom won't get you a doorman buildling.
I just don't understand the logic.....for these prices, you can OWN. I understand the amenities that Manhattan has to offer, but at the end of the day, people thrown away money for something they can even capitalize on. $3,500 a month and I don't have any say-so? It seems absurd to me.
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Again, $3000 gets you a LUXURY one bedroom in a doorman building on the East Side (or in the UWS, for that matter). $4000 is ultra high-end and is not typical of the price for a nice one bedroom unless it is in a brand new building or located right on the park or something....
I just don't understand the logic.....for these prices, you can OWN. I understand the amenities that Manhattan has to offer, but at the end of the day, people thrown away money for something they can even capitalize on. $3,500 a month and I don't have any say-so? It seems absurd to me.
Well, you can't buy without a downpayment. Sure, $3000/month could be used for a mortgage, but generally you have to put 10% down and buying usually isn't a possibility until you have that money. "Throwing out money" on rent is the only option until you have a good downpayment.
Again, $3000 gets you a LUXURY one bedroom in a doorman building on the East Side (or in the UWS, for that matter). $4000 is ultra high-end and is not typical of the price for a nice one bedroom unless it is in a brand new building or located right on the park or something....
From the NY Times article:
"... the average rent for a one-bedroom in a doorman building anywhere in Manhattan is close to $3,500."
Jeff, that's our COMBINED income to start. My portion of that is $125k. I hope that still qualifies as "good."
$125k, at least in my opinion, is GOOD. Sure you won't be able to live as high on the hog with that money as you would in Texas on that same salary but you are definitly in good shape. ESPECIALLY for just starting out. Congrats!
...or find something in a neighboring bourough. My fiancee and I will be moving to NYC in August, and we're debating on whether to give Manhatten a shot. As of now, we see ourselves staying for a few years before transferring down to Texas where we're from. While we realize that living across the Hudson or in a neighboring area (Long Island City, Astoria, Williamsburg, etc.) might save us some money (or get more space for it), there's a part of us that wants to splurge and at least give Manhatten a shot. We'll both be working in the Midtown area, and our combined income will be about $210,000k to start. What do you guys thinK? I've done tons of research and have a good idea of what prices we'll be looking at in all of those places. We'll be bringing a dog (black lab about 65 pounds).
You can afford living in Manhattan very easily. Many of us have been around Manhattan our whole lives and take it for granted, but for you, coming from Texas and only staying a few years, your going to want to live in Manhattan and experience that while you can as it is very different than the South (even different from the southern cities). You're probably not going to want to live next to a warehouse and have to hop on a subway to drag yourself 10-30 min to Manhattan each way just to save a few bucks.
Id say your decision is similar to when people up here want to go to Florida, California, or Hawaii. We dont want to be 1, 2, 5 or 50 miles from the beach having to drive through traffic and spend 2 hours looking for parking, we want to be within short walking distance of the beach and feel a part of the beach community.
Researching does nothing. Google maps does nothing. Take a trip there.
It's quite obvious that you are not going to have a hard time getting a place.
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Id say your decision is similar to when people up here want to go to Florida, California, or Hawaii. We dont want to be 1, 2, 5 or 50 miles from the beach having to drive through traffic and spend 2 hours looking for parking, we want to be within short walking distance of the beach and feel a part of the beach community.
Haha. Except, we always end up bawling our eyes out everyday because we don't see a soul for a good week, or when you need milk and you need to drive 30 minutes out, just to realize that the store closed 5 minutes before you parked your car.
.. Or, at least that is what my uncle whines about.
I just don't understand the logic.....for these prices, you can OWN. I understand the amenities that Manhattan has to offer, but at the end of the day, people thrown away money for something they can even capitalize on. $3,500 a month and I don't have any say-so? It seems absurd to me.
1. You'd need to scrape together hundreds of thousands for a downpayment, not including closing costs and a 2% mortgage recording tax in NYC.
2. Vicious circle: paying thousands a month on rent makes it hard to save for a down payment.
3. Monthly maintenance/common charges for a condo cost THOUSANDS, and may equal or exceed the rent of a comparable rental unit.
4. Most people live in Manhattan only for a short while. Not long enough to justify the costs of buying and the cost of selling (5-6% real estate agent's commission).
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