Minimum income for living comfortable in each of the boroughs? (Ridge: subletting, apartments)

[StrawberryQuartz]

What would you guys say is the minimum income required for a single person to live comfortably (eating out once or a twice a day at moderately-priced restaurants, wearing decent clothes, going out for entertainment on the weekends, et cetera) in each of the different boroughs? Differences according to major neighborhoods (Astoria vs Sunnyside vs LIC, etc) would be helpful too.

At this point, I'm open to both getting my own studio or renting out a room. I'm just trying to figure out where I could make it on an entry-level income and what my best option would be.

Thank you!

[Alkonost]

Originally Posted by StrawberryQuartz

What would you guys say is the minimum income required for a single person to live comfortably (eating out once or a twice a day at moderately-priced restaurants, wearing decent clothes, going out for entertainment on the weekends, et cetera) in each of the different boroughs? Differences according to major neighborhoods (Astoria vs Sunnyside vs LIC, etc) would be helpful too.

At this point, I'm open to both getting my own studio or renting out a room. I'm just trying to figure out where I could make it on an entry-level income and what my best option would be.

Thank you!

For Manhattan (EV specifically), $150k-$200k for what you're describing. Next to rent, dining out is the next most expensive thing. Sadly moderate-mid priced restaurants are more expensive in Manhattan, I'd say paying $100 bucks a person is "mid range" for a Manhattan restaurant dinner, and lunch will run you $15 unless you want a hot dog or footlong from subway. Just for take-out it can cost $50... That was my bill from Grand Sichuan last night for one person after tax and tip.

I can't comment on the other boroughs since it's been decades since I lived anywhere else in NYC.

[nyctc7]

Single person, outside of Manhattan (no roommates)

Studio Apartment $1400/Month
Utilities $200/Month
Food, entertainment, misc. expenses $50/Day

= $37,500/year aftertax income


Single person, in Manhattan (no roommates)

Studio apartment $2,500/month
Utilities $200/month
Food, entertainment, misc. expenses $50/day

= $50,650/year aftertax income

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If you consistently eat two meals out per day (at places more expensive than pizza or chinese takeout), maybe figure $100/day vs. $50/day above

[Alkonost]

A nice studio is more like $3500 in Manhattan. Crummy ones rent for around $2100-$2500.

[nyctc7]

Originally Posted by Alkonost

A nice studio is more like $3500 in Manhattan. Crummy ones rent for around $2100-$2500.

Maybe i'm totally out-of-date but i think you can get a VERY nice one bedroom in Manhattan for $3,500/month.

Very nice studio for $2,500

Unless you want one of those apartments that has a bidet.

[Alkonost]

Originally Posted by nyctc7

Maybe i'm totally out-of-date but i think you can get a VERY nice one bedroom in Manhattan for $3,500/month.

Very nice studio for $2,500

If you look around and aren't too picky about the neighborhood, yeah I'm sure you can. But a nice 1br at that price is really a steal. I can't vouch for other neighborhoods too much, but a nice studio (renovated) around 400 sq ft in a doorman elevator building in EV/GV goes for $3,500 minimum. A friend of mine is subletting her studio apartment while she works abroad (same neighborhood as me), it's in a crappy tenement building, with a dated interior and in bad condition, on the top floor (no elevator) and it's rented out at $2200. But that's the EV/GV area range for high/low for studios.

I think you can find deals in Yorkville, but I'm not too sure about other places.

[nyctc7]

Originally Posted by Alkonost

If you look around and aren't too picky about the neighborhood, yeah I'm sure you can. But a nice 1br at that price is really a steal. I can't vouch for other neighborhoods too much, but a nice studio (renovated) around 400 sq ft in a doorman elevator building in EV/GV goes for $3,500 minimum. A friend of mine is subletting her studio apartment while she works abroad (same neighborhood as me), it's in a crappy tenement building, with a dated interior and in bad condition, on the top floor (no elevator) and it's rented out at $2200. But that's the EV/GV area range for high/low for studios.

I think you can find deals in Yorkville, but I'm not too sure about other places.

I was born & raised in Manhattan, and moved to Bay Ridge, Brooklyn a couple of years ago because of what you report. I'm now seriously considering moving out of NYC all together!! Only because of the rent, and for no other reason, as I love NYC.

I'm thinking about the Pacific Northwest...

[Alkonost]

Originally Posted by nyctc7

I was born & raised in Manhattan, and moved to Bay Ridge, Brooklyn a couple of years ago because of what you report. I'm now seriously considering moving out of NYC all together!! Only because of the rent, and for no other reason, as I love NYC.

I'm thinking about the Pacific Northwest...

Have you thought about Chicago? The rents are high but not nearly as high as NYC, and it has a similar urban vibe and good public transportation system. The pacific NW is beautiful but you might need a car out there.

I'm moving to Dallas this fall, moving for different reasons although I'm not a fan of the rising costs either, it certainly adds to the annoyances.

[aptnyc]

Originally Posted by nyctc7

Single person, outside of Manhattan (no roommates)

Studio Apartment $1400/Month
Utilities $200/Month
Food, entertainment, misc. expenses $50/Day

= $37,500/year aftertax income


Single person, in Manhattan (no roommates)

Studio apartment $2,500/month
Utilities $200/month
Food, entertainment, misc. expenses $50/day

= $50,650/year aftertax income

----------------------------------------------------------------

If you consistently eat two meals out per day (at places more expensive than pizza or chinese takeout), maybe figure $100/day vs. $50/day above

You can find a $2,500 studio in a decent neighborhood in Manhattan. The problem is that you'll need to make $100,000 to rent it in the first place, which is a really hefty salary for entry level and just in general. It's kind of insane that people who make that are considered very well off in other areas, but they have to struggle to find/qualify for a tiny studio in Manhattan.

Originally Posted by Alkonost

If you look around and aren't too picky about the neighborhood, yeah I'm sure you can. But a nice 1br at that price is really a steal. I can't vouch for other neighborhoods too much, but a nice studio (renovated) around 400 sq ft in a doorman elevator building in EV/GV goes for $3,500 minimum. A friend of mine is subletting her studio apartment while she works abroad (same neighborhood as me), it's in a crappy tenement building, with a dated interior and in bad condition, on the top floor (no elevator) and it's rented out at $2200. But that's the EV/GV area range for high/low for studios.

I think you can find deals in Yorkville, but I'm not too sure about other places.

I disagree but only to a point. You can definitely find a good 1 bedroom for $3500 as long as you don't mind not living in a luxury building with a doorman. In my opinion, all that is excessive anyway if you are on a somewhat fixed budget.

That said though I'm beyond sick of these rents. Me and my fiancee live in the EV area on a decent income in a very modest little one bedroom apartment in an old walk-up building, and it's really getting out of control. We are afraid that we are going to get priced out this year. If not this year, then absolutely the next year. I have absolutely no idea how the young people we see can afford these rents?? Are all of them making 150 grand? Do all of them have super rich parents? Whatever it is, it's really getting on my nerves. It gets harder and harder to live here on an income that would be considered good anyplace else.

I lived in Queens after college for awhile, and we're considering going back. But even there the rents are constantly going up..but at least not as much as here, and it's still possible to snag a decent rent-stabilized place in the outer boroughs.

[jad2k]

Originally Posted by aptnyc

You can find a $2,500 studio in a decent neighborhood in Manhattan. The problem is that you'll need to make $100,000 to rent it in the first place, which is a really hefty salary for entry level and just in general. It's kind of insane that people who make that are considered very well off in other areas, but they have to struggle to find/qualify for a tiny studio in Manhattan.





I disagree but only to a point. You can definitely find a good 1 bedroom for $3500 as long as you don't mind not living in a luxury building with a doorman. In my opinion, all that is excessive anyway if you are on a somewhat fixed budget.

That said though I'm beyond sick of these rents. Me and my fiancee live in the EV area on a decent income in a very modest little one bedroom apartment in an old walk-up building, and it's really getting out of control. We are afraid that we are going to get priced out this year. If not this year, then absolutely the next year. I have absolutely no idea how the young people we see can afford these rents?? Are all of them making 150 grand? Do all of them have super rich parents? Whatever it is, it's really getting on my nerves. It gets harder and harder to live here on an income that would be considered good anyplace else.

I lived in Queens after college for awhile, and we're considering going back. But even there the rents are constantly going up..but at least not as much as here, and it's still possible to snag a decent rent-stabilized place in the outer boroughs.

That's why I think you're seeing a fair amount of [younger] people buying. Maybe not a 2 bedroom in Manhattan, but studios and one beds out in Queens, Brooklyn, Bronx...If you make good money, plan to stay in NYC for the long term, and have managed to save up some money (that you don't invest elsewhere) it makes sense to just buy something. At least when I was condo/co-op hunting that's what I saw. It was mostly 25-34 year olds at open houses.