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I will be moving to NYC in the fall of 2009 after graduation. My starting salary is $60,000. I will be living with a roommate that will be making about the same salary. Will we be struggling to survive in Manhattan? Or is this livable? Any tips or suggestions will be greatly appreciated!
I will be moving to NYC in the fall of 2009 after graduation. My starting salary is $60,000. I will be living with a roommate that will be making about the same salary. Will we be struggling to survive in Manhattan? Or is this livable? Any tips or suggestions will be greatly appreciated!
Thanks!
You should be okay. Your not gonna live like Carrie on Sex and the city but your not going to struggle either as long as you live realistically within your means.
I will be moving to NYC in the fall of 2009 after graduation. My starting salary is $60,000. I will be living with a roommate that will be making about the same salary. Will we be struggling to survive in Manhattan? Or is this livable? Any tips or suggestions will be greatly appreciated!
Thanks!
The most common yardstick landlords use for gauging affordability is that your income must be rent x 40. So 60,000/40 = 1500 per month as your share of the rent. Since your roommate earns the same, together you can afford 3,000 a month. You specified Manhattan, so that narrows your choice to a decent 1 bedroom or an inferior 2 bedroom in the better neighborhoods. Options exist for a decent 2 bedroom in Inwood, Washington Heights, Harlem, etc.
The most common yardstick landlords use for gauging affordability is that your income must be rent x 40. So 60,000/40 = 1500 per month as your share of the rent. Since your roommate earns the same, together you can afford 3,000 a month. You specified Manhattan, so that narrows your choice to a decent 1 bedroom or an inferior 2 bedroom in the better neighborhoods. Options exist for a decent 2 bedroom in Inwood, Washington Heights, Harlem, etc.
Thanks for your input. I wanted to spend a max of $1500 a month on rent + utilities. We are leaning towards places in Chelsea, Lower East Side, and Midtown... I think I live pretty minimally. We can share a one bedroom and put up temp walls. I can live without cable tv, but I definitely need the internet. I want to save -- at least the maximum that my company will match for my 401K, and I do have student loans to pay off. I guess I just want reassurance that I won't be living off of Ramen.
Thanks for your input. I wanted to spend a max of $1500 a month on rent + utilities. We are leaning towards places in Chelsea, Lower East Side, and Midtown... I think I live pretty minimally. We can share a one bedroom and put up temp walls. I can live without cable tv, but I definitely need the internet. I want to save -- at least the maximum that my company will match for my 401K, and I do have student loans to pay off. I guess I just want reassurance that I won't be living off of Ramen.
I assume you mean that your share of the rent for the 1 bedroom will be $1,500 per month + utilities. I see that as doable for you and your roommate in the areas mentioned. You won't be living off of ramen but neither will you be dining frequently at the Four Seasons. You should get by under the parameters specified pretty decently. Don't forget that by not needing a car in Manhattan and other parts of NYC, you're probably saving about $600-$800 a month right there!
I assume you mean that your share of the rent for the 1 bedroom will be $1,500 per month + utilities. I see that as doable for you and your roommate in the areas mentioned. You won't be living off of ramen but neither will you be dining frequently at the Four Seasons. You should get by under the parameters specified pretty decently. Don't forget that by not needing a car in Manhattan and other parts of NYC, you're probably saving about $600-$800 a month right there!
Good luck!
Whoops! Yes, I meant the max *I* (only my share) want to pay is $1500. I plan on leaving all my cheapo college furniture here and buy all my new furniture in NYC. The cost to rent a truck or hire someone to move is probably greater than the value of my furniture. Hopefully, it won't be too much to purchase all new furniture. I'll probably go to IKEA. And yes, I am definitely not bringing a car. I heard the price of an unlimited metro card has gone up. Is it around $100 now?
Whoops! Yes, I meant the max *I* (only my share) want to pay is $1500. I plan on leaving all my cheapo college furniture here and buy all my new furniture in NYC. The cost to rent a truck or hire someone to move is probably greater than the value of my furniture. Hopefully, it won't be too much to purchase all new furniture. I'll probably go to IKEA. And yes, I am definitely not bringing a car. I heard the price of an unlimited metro card has gone up. Is it around $100 now?
Also you should consider certain parts of Brooklyn - Brooklyn Heights, Park Slope, Borum Hill, Ft Green, Clinton Hill.
These area IMO have the Manhattan feel at less the price.
Assuming, of course, that the "Manhattan feel" is a top priority. If it's not, then you should consider most of the rest of Brooklyn, too! For that matter, plenty of neighborhoods in all four of the other boroughs.
And, be careful with the temporary walls plan since some places will not allow them at all, and for others it's a code violation. You should be in the right range for a 2BR in Murray Hill or Brooklyn, albeit a smaller 2BR, but it will have permanent walls in place.
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