Living in Jersey City on 71k Salary?

[ansky]

Originally Posted by Calico696

Am I the only one that thinks that it's insane that you can't live on $71k? The national income wage is $46k. So sad the state that this State has become.

It's not that a person "can't live" on 71k. That's not the issue here. There are plenty of places in NJ where a person can live comfortably and happily on 71k. Jersey City is a "premium" living area, so of course it's going to cost more.

[jobaba]

Originally Posted by MovingAway123

Hello,

I was wondering if it was possible to live in a safe part of Jersey City with a 71K salary. It would be me and my wife. No kids and no car. I've heard the best safest affordable areas are: Historic Downtown, The Heights, and Bayonne (although I would have to travel through Greenville on my way to work if I was on Bayonne). Is 71K enough to be comfortable here?

Thanks!

The fact that you will be living with 2 people will be tricky, but in general, divide your income by 40.

$71,000 / 40 = $1775 per month in rent. There are a decent amount of 1 bdrm browstones in Downtown for that price and you could one as low as $1500 if you shopped.

Now, that is the calculation that is real estate/apartment owner industry standard to see if you can afford an apartment. Any other formula that is given to you is just how individuals live and nobody knows how you live. For example, I've seen on City Data people suggesting you spend no more than 20% of your net income on rent after maxing out 401K contributions.

Yea, that is YOUR max amount you spend on rent.