What does 3k get me in Manhattan? (York: sublet, apartment)

[Cipher_17]

Hi!,

I've been reading quite a lot of posts in the forum and I've decided to register and open my own thread.

I'm a single man, 23 years old and I'm currently dreaming of living in NYC since my last vacations a couple of months ago. Now of course, that dream is based on the "nice" things I saw, the bad you only get to know when you live there.

Anyway, I have my own family company in the Dominican Republic. Fortunately the kind of business I can work remotely, and most important I could eventually expand our business in NYC if I look into the future.

Taking into account my current expenses, salary and car payment (which I would ditch), my monthly income would be arround US$ 3,000. Is that enough for a single person to live in Manhattan?

Location is very important, and I'd like to live between 10th and 80th street. I don't need luxuries, I just need something that is OK. I don't need a car, and also I'm willing to use the metro, cabs only for exceptions.

Is this possible or should I wait a little more or just try to be a little further away than 80th street to find something lower in price?

Thank you in advance!

[ontheGtrain]

No you cannot live there on that money. But after getting rid of the car and going on a budget you could get by on 180st.

[Cipher_17]

Thanks for your fast respons ontheGtrain.

How far am I for a reasonable budget? Could US$ 4,000 do it? Remember I'm taking into account what I currently have, not the efforts I'm able to achieve to increase that number in lets say 1 year from now.

[ontheGtrain]

Two years ago my girlfriend got a studio just south of 14th street on university place for 3k per month. Now that area is very expensive but since it was two years ago I'm sure everybody else has almost caught up. Where you want to live is most likely going to require a broker which will charge you around 15% of the total yrs rent upfront in addition to first, last and security. The cheapest route would likely be in midtown on the far west side in the upper 40s and lower 50s. I don't know what they are going for now but I would expect at a min 2 to 2500.oo per month for a studio you could stand. Getting a roommate is your best bet. Good luck. The taxes are going to eat up your monthly income in addition to health care and retirement contributions. Also you need to eat and since you are young you are going to want to hit the nightlife pretty hard. I think you should consider Brooklyn.

[Cipher_17]

Thanks again ontheGtrain.

Can you give me a little more info on the taxes issue or a website where I can find more data?

I'm not sure how the taxes will affect me as the money will not be from a job income in the USA, but by a monthly money transfer.

[ontheGtrain]

I'm not sure about the taxes. But usually here for your income range it would be around 33%. Go to www.nyc.gov

[krichton]

[Henna]

If the $3000 is not income and it's more of kind of an allowance from the family . . .then maybe you do not pay taxes on this. Like - it would be as if you brought $36,000 over in a briefcase and paid your rent in cash. . . then I don't see why there would be taxes assessed on that.

But if it is income and not a family gift, then yes, there will be tax implications.

Even if no taxes, it's still barely enough to get by on. Try to find some of the recent threads on people surviving on this kind of income.

Why not stay where you are for awhile and just make some short-term trips to NY? Perhaps you could get a sublet somewhere to save the expense of having to stay in a hotel.

(warning - I am in no way a tax professional, this is just my guess.)

[Cipher_17]

Thank you very much to all for the info!

Yes, the US$ 3,000 would be something like an allowance, since it wouldn't be income generated by business or a USA company, just money deposited on a bank account on a monthly basis. Anyways, it's probably subject to some kind of tax.

I think you guys are right, it would be better if the amount was a bit higher, unless a very very good deal can be found on an apartment/studio.

[canyontothesky]

I think these people are all overreacting. The first person who responded doesn't even live in Manhattan! I live with my boyfriend and he doesn't make nearly $3,000 a month. Granted, I pay 2/3 of the rent, but at our old apartment he paid half and that's more than he pays now. (We don't and never have lived in a studio, though.) He pays half all the expenses, which aren't that much to begin with. And he is doing just fine.
You can get a studio somewhere in the Upper East Side (which is the cheapest place to rent, most times) for around $1,550-1,700. If you have utilities (some don't) that'll be $60. Cable and Internet, another $70. Metrocard is $82. Food, depending on whether or not you cook, is about $200 a month. Comes to $2,100-ish for basic expenses.
Studios are cheapest closest to the river (on York) and further north. I highly recommend living near 86th street as your subway because you can take the 4, 5 (both express) or 6, versus 77th St or 68th St, which is local only. There's also a lot of studios in that same price range on the west side in Hell's Kitchen.
The problem is not whether you can afford it, it's whether you have the credit and income to get the lease.
And if you can't, you can room with someone in a 1br or a studio for less than $1000, and that saves you a lot right there. Look on craigslist.

If you really want to move here, I say go for it because I don't think living on 3K is that tough, these people must be used to buying Whole Foods and designer clothes or something.