Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I went on the Opal website to get ideas on determining yearly income requirements and they require an annual salary of $81,000 for a studio in Kew Gardens, NY. That's insane. I thought I was middle class; I guess I am not. Isn't the requirements usually 40 times the monthly rent? I am definitely going to check out this place to see what all of the fuss is about.
Isn't the requirements usually 40 times the monthly rent?
Rules of thumb are not requirements.
40 (3x12, +extra) is typical... but this is still just a first step before seeing the Incomeebt ratio and twenty other factors that go into qualifying.
The 60X may just be their way of cutting through that clutter...
(and in general, keeping out the riff raff )
I went on the Opal website to get ideas on determining yearly income requirements and they require an annual salary of $81,000 for a studio in Kew Gardens, NY. That's insane. I thought I was middle class; I guess I am not. Isn't the requirements usually 40 times the monthly rent? I am definitely going to check out this place to see what all of the fuss is about.
30 times the monthly rate is the norm, sometimes income 3 times the rent. However Kew Gardens is not a middle class area....
Fyi, you'd must be quite frugal to pay 1/60 of your annual salary on rent in California. I'm paying a little less than that (about 1/70) and my budget allows me to save almost half of my after tax income.
30x is too low. The tenant will struggle to pay. They are also responsible for utilities.
You might say it is too low but the norm according to most landlords is yearly income 3x the yearly rent(a little more than 30 times per month).
That would be cutting it close for me too, but the requirement is ussually the above.
I just checked, and my annual income is 65 times my rent. I'm definitely middle class, and I have an amazing apartment.
Good for you!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
ebt ratio and twenty other factors that go into qualifying.
