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.
It's a slow day, so I'm gonna see exactly how much a "deal" these units are.
Ideally your annual rent shouldn't exceed more than 30% of your gross pay. It doesn't quite work that way for loads of people, so the closer to 30% you are, the *better*. I'm only doing figures for a one-bedroom, singles only. The figures are for this building of course.
So, for 40% AMI.
A single pays 32% on the low end, and 26% on the high end of their gross income on rent.
For 60% AMI.
A single pays 33% on the low end, and 28% on the high end of their gross income on rent.
For 120% AMI.
A single pays 34% on the low end, and 27% on the high end of their gross income on rent.
For 165% AMI.
A single pays 34% on the low end, and 28% on the high end of their gross income on rent.
To scale, all brackets are paying roughly the same percentage of their salaries on rent. Obviously higher income earners have the luxury of more spending power, and even more options of where to live.
So it breaks down to this...
For the 165% "do I want a brand new apartment or nah?"
For 120% "do I want a brand new apartment or 1 roommate?"
60% "Do I either take this or split a 2 bedroom with 5 people?"
Anything below that... just take it, there are no other options.
It's a slow day, so I'm gonna see exactly how much a "deal" these units are.
Ideally your annual rent shouldn't exceed more than 30% of your gross pay. It doesn't quite work that way for loads of people, so the closer to 30% you are, the *better*. I'm only doing figures for a one-bedroom, singles only. The figures are for this building of course.
So, for 40% AMI.
A single pays 32% on the low end, and 26% on the high end of their gross income on rent.
For 60% AMI.
A single pays 33% on the low end, and 28% on the high end of their gross income on rent.
For 120% AMI.
A single pays 34% on the low end, and 27% on the high end of their gross income on rent.
For 165% AMI.
A single pays 34% on the low end, and 28% on the high end of their gross income on rent.
To scale, all brackets are paying roughly the same percentage of their salaries on rent. Obviously higher income earners have the luxury of more spending power, and even more options of where to live.
So it breaks down to this...
For the 165% "do I want a brand new apartment or nah?"
For 120% "do I want a brand new apartment or 1 roommate?"
60% "Do I either take this or split a 2 bedroom with 5 people?"
Anything below that... just take it, there are no other options.
Pretty much on the 165%. New sudo luxury apartments are expensive, but if you go with an older apartment with less luxuries, you can get a cheaper apartment in the same neighborhood. There are a plethora of 1bds I'd consider before blowing my money on a rental luxury apartment. Honestly, given the discrepancies for single occupancy 165%, rent for cheaper and buy a HDFC over on 1st ave. That purchase will eventually become a maint $400/mo place that you can laugh at the high renters at the 'affordable' luxury apartments into retirement.
I also find most of the benefits of Essex Crossing come from the commercial aspects rather than the residential. I already live in the neighborhood pretty close and pay less than my band by $400-800 (temporarily $1000-1400 less) and I'll be able to go to the Trader Joes, Target, bowling alley, hospital, new Essex Market, etc. You also need to pay extra to access about half of the amenities like the gym and rooftop terrace, which is a little painful, even moreso if you're in a lower band as the price is flat.
construction update for this week.
it is getting closer...
"Site 5 (145 Clinton Street)
The upcoming week's work at Site 5 includes sidewalk placement on Broome Street. Flag persons will direct pedestrian traffic around the sidewalk work. Park work is to continue with strata cell and soil placement. Interior work includes misc. painting, window sills, punch list items on all floors. Construction work will occur on Saturday, December 16th from 9am to 5pm."
"Site 5 (145 Clinton Street)
The upcoming week's work at Site 5 includes sidewalk placement on Broome Street. Flag persons will direct pedestrian traffic around the sidewalk work. Park work is to continue with strata cell and soil placement. Interior work includes misc. painting, window sills, punch list items on all floors. Construction work will occur on Saturday, December 23rd from 9am to 5pm."
Nothing at all. Last month they told me I was "approved for the building" but they couldn't go further than that till its ready for leasing. I haven't heard anything since. I've read that the commercial units will be available for leasing in mid January so I'm guessing the timeline has moved into Jan or Feb.
"Site 5 (145 Clinton Street)
Park work is to continue throughout winter (setting benches). Interior work includes misc. painting, window sills, punch list items on all floors. Construction work will occur on Saturday, January 13th from 9am to 5pm. "
Log 9xx and no preference. Called in for an interview, but I’ve recently gotten a promotion and am out of my AMI bracket :/
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.
