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10-27-2012, 11:46 PM
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2 posts, read 11,237 times
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I'm just out of college and making 40k a year. The place I work in is in Manhattan and I've always wanted to live here. Is it possible to live in Manhattan on this low of an income? I'm not really looking for for anything nice. Actually, to be honest anything will do - no matter how crappy and small it is is fine with me as long as it's somewhere in midtown or below. I'm completely ignorant about what's "cheap" in Manhattan and what's not. Thanks for any help.
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10-27-2012, 11:56 PM
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6,263 posts, read 15,291,180 times
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You would need to rent an apartment with a few other roommates, and it will cost a lot. My daughter recently paid $4,500 a month for a two-bedroom they made into a 3-bedroom, and she had two roommates, and they had their significant others. Three couples shared the $4,500 rent. They lived in the Stuyvesant Town/Peter Cooper apartments. (You can find their history on Wikipedia.)
We pay $700 in a mortgage payment for a 5-bedroom, 3-bath house in North Carolina with a big yard in the city -- just for the two of us. So from my perspective, Manhattan apartments cost a lot.
Last edited by lovebrentwood; 10-28-2012 at 12:13 AM..
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10-28-2012, 12:00 AM
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12,344 posts, read 24,525,733 times
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Quote:
Originally Posted by lovebrentwood
You would need to rent an apartment with a few other roommates, and it will cost a lot. My daughter recently paid $4,500 a month for a two-bedroom they made into a 3-bedroom, and she had two roommates, and they had their significant others. Three couples shared the $4,500 rent. They lived in the Stuyvesant Town/Peter Cooper apartments.
We pay $700 in a mortgage payment for a 5-bedroom, 3-bath house in North Carolina with a big yard in the city for the two of us. So from my perspective, Manhattan apartments cost a lot.
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I agree, roommates is the only way to go if you are earning $40K and want to live in that area. You could only afford $1000 in rent (40x rule) and you aren't going to find a $1000 apartment.
Regarding the Stuy Town apartment, I am surprised that putting 6 adults in a 2 bedroom apartment didn't exceed the legal occupancy limits. |
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10-28-2012, 01:02 AM
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Location: New York City
4,036 posts, read 9,765,097 times
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I did it for years. If you do a private sublet (i.e. your name is not on the lease) you can go below the 40x rule. It all depends on what you're willing to sacrifice/put up with. $1,200 is about as low as you can go in Manhattan and have your own bedroom, but they're getting harder to find downtown. You might have to go up to $1,350 or so.
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10-28-2012, 09:38 PM
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107 posts, read 259,606 times
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Midtown or below? Not without multiple roommates. I live all the way up in Inwood with 2 roommates and pay $650 a month.
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10-28-2012, 10:06 PM
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6,263 posts, read 15,291,180 times
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Quote:
Originally Posted by Henna
Regarding the Stuy Town apartment, I am surprised that putting 6 adults in a 2 bedroom apartment didn't exceed the legal occupancy limits.
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They made it into an "official" 3-bedroom apartment after they moved in. |
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10-29-2012, 12:23 AM
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2,665 posts, read 5,355,092 times
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not worth it, not on 40k
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10-29-2012, 05:07 AM
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Location: 20 years from now
6,406 posts, read 6,580,947 times
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Yes, if you're willing to have 5 roomates and live in a closet. Seriously, why would anyone subject themselves to these living conditions just to live out a fantasy?
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10-29-2012, 05:42 AM
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6,263 posts, read 15,291,180 times
Reputation: 4725
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Quote:
Originally Posted by itshim
Yes, if you're willing to have 5 roomates and live in a closet. Seriously, why would anyone subject themselves to these living conditions just to live out a fantasy?
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Young people! That's what they're SUPPOSED to do! |
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