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Where do young professionals working in NYC usually live?
Note: no roommates. I'm talking about single people ages 25-35 who are making an ok salary, say around $100K, but can't afford Manhattan and don't want to live in some dirt-poor neighborhoods, either. They'd like to rent a studio, possibly in a high-rise, without roommates.
Do they live in Jersey? If so, which particular towns, or neighborhoods? And does anyone have any idea what the rent is?
NJ, Queens, Long Island, Brooklyn...
You decide how to live your life and spend your money, regardless of what "young professionals" do.
In Brooklyn, Queens and some better places in the Bronx you'll benefit from the subway.
You can live in NYC on that salary, just keep in mind 2 important things:
1. Taxes will eat 30% of your gross salary if you live within the 5 boroughs.
2. Landlords generally want people who are making at least 40x the rent annually.
A studio apt in a high-rise in the city will cost about 30k/year. For earnings of 70k after taxes that's a bit too much. In Hoboken or JC, it'll run about 26k/year.
You can get a studio in a new high rise in Long Island City, Queens (one subway stop from midtown) for about $2000/mo. Long Island City is aka LIC. Studio rentals in LIC (http://newyork.craigslist.org/que/nfb/2919794179.html - broken link)
You can get a studio in a new high rise in Long Island City, Queens (one subway stop from midtown) for about $2000/mo. Long Island City is aka LIC. Studio rentals in LIC (http://newyork.craigslist.org/que/nfb/2919794179.html - broken link)
That's not bad at all but people will be caught in a catch-22. If LIC continues to gentrify, rental prices will most assuredly increase. If it doesn't, they're stuck in an overpriced part of town.
That's not bad at all but people will be caught in a catch-22. If LIC continues to gentrify, rental prices will most assuredly increase. If it doesn't, they're stuck in an overpriced part of town.
If LIC continues to gentrify, many people who can afford apartments there now will not be able to afford them in the future.
If you take into account its location and convenience, LIC is currently under-priced because the demand is not yet fully realized.
Do you think that LIC is any worse than Brooklyn Heights, WilliamsBurgh, or parts of the City itself? I'd say that LIC is actually better than many other areas with higher rental rates.
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