Can I afford Jersey City or Hoboken on 65k/yr? (Magnolia: apartments, for rent)

[kibokun]

I've recently accepted a job in Manhattan, but I'm looking to commute from New Jersey as it's much more affordable. However, I'm a not very sure how much I SHOULD be spending on rent nor if I can find a place near the PATH stations for that much. Also, when I say Jersey City I'm really thinking of eastern Jersey City since I've heard from friends and family that the Journal Square area is rough. (I'd love to be proven wrong, as it's also affordable!)

I'll be making 65k/yr and the only debt I have is student loans which aren't that expensive monthly.

Could I afford either of these two places on my salary?

Thanks

[beachrunner]

Are you willing to have a roommate? Should be able to afford it, although I am only going on what I see on craigslist. Do not know if they are legit or if they are there so you contact the realtor and then they show you something else. If you do a search on craigslist for "Magnolia" they seem to have some fair priced studios (not sure about the area or the building though)...

Here is a discussion on the NYC forum with a similar question //www.city-data.com/forum/new-y...iving-nyc.html

[GiantRutgersfan]

I assume you are single, mid 20s? Man or woman?

Probably would want a roommate in downtown JC or Hoboken as it is quite expensive.

Journal square is not bad imo. Not sure if I would recommend a single white woman living alone, but if you are a guy it is fine.

[lammius]

A general rule of thumb I've always heard and try to live by is that you shouldn't spend more than 1/3 of your take-home pay on rent/mortgage. This usually leaves you with enough to pay your bills, eat, have a little bit of fun, and put a little something away in savings every month. With a salary of $65,000, and making some liberal assumptions about your income tax, insurance, and 401k contributions, I'm guessing you'd come out somewhere around $3650 in monthly take-home pay. 1/3 of that is close to $1200 so I'd try to cap the rent there (run the numbers based on your own data and see where you land).

For $1200 you can find good 1-bedroom apartments in Journal Square. In downtown JC near Grove St., Paulus Hook, or Hamilton Park, you can find some studios and if you look hard enough (look in newspapers and walk around the neighborhood looking for old ladies with "for rent" signs in the window rather than relying on agent-posted craigslist ads) you can find some 1-bedroom places for $1100-1200 but without laundry, no dishwasher, no central air, etc. If you combine your $1200 with a friend's $1200 you can get something really nice for the two of you. Forget about Hoboken.

[babo111]

Originally Posted by kibokun

I've recently accepted a job in Manhattan, but I'm looking to commute from New Jersey as it's much more affordable. However, I'm a not very sure how much I SHOULD be spending on rent nor if I can find a place near the PATH stations for that much. Also, when I say Jersey City I'm really thinking of eastern Jersey City since I've heard from friends and family that the Journal Square area is rough. (I'd love to be proven wrong, as it's also affordable!)

I'll be making 65k/yr and the only debt I have is student loans which aren't that expensive monthly.

Could I afford either of these two places on my salary?

Thanks

First congradz on the job and at 65k/year, you can afford to live in JC or Hoboken. Will need a roommate though or you will spend quite a bit. As for Journal Square being rough, it depends on where you come from. If you grew up in suburbs of say midwest or something...yeah then it may be considered rough. if you grew up in say Bronx or Queens in OK area, then no it's not rough.

[gagaliya]

pay $1500 for a studio in newport/exchange place on a 63k salary. Good commute, very nice and safe neighborhood, and no annoying roommates. Problem solved.

[bradykp]

Originally Posted by kibokun

I've recently accepted a job in Manhattan, but I'm looking to commute from New Jersey as it's much more affordable. However, I'm a not very sure how much I SHOULD be spending on rent nor if I can find a place near the PATH stations for that much. Also, when I say Jersey City I'm really thinking of eastern Jersey City since I've heard from friends and family that the Journal Square area is rough. (I'd love to be proven wrong, as it's also affordable!)

I'll be making 65k/yr and the only debt I have is student loans which aren't that expensive monthly.

Could I afford either of these two places on my salary?

Thanks

i moved there in 2004 with a $50k starting salary. lived with a roomate. my share of the rent was $800. after 1 year, moved in with my gf, and rent went up to $1,000. i did fine, and wasn't up to $65 for a few years. i think you should do fine.

[todd72173]

Roomates? What are we back in college again? Who wants roomates? 65K can get you a small studio with nothing included. But beats having roomates.

[ansky]

It all depends on what your monthly expenses are, including loans. I used to live in downtown Jersey City (Hamilton Park area) in a 1BR for $1200/mo and I made only $55k at the time. It was a nice place in a brownstone with dishwasher and laundry in the unit. I didn't have any loans so that certainly helped. If you look hard enough you can find what you need, and won't need a roomate.

[shorebaby]

Originally Posted by gagaliya

pay $1500 for a studio in newport/exchange place on a 63k salary. Good commute, very nice and safe neighborhood, and no annoying roommates. Problem solved.

I think this is the right answer.