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Old 08-26-2014, 08:12 PM
 
102 posts, read 190,148 times
Reputation: 77

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Some NYCHA residents only pay 40 bucks a month in rent..lol
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Old 08-26-2014, 08:24 PM
 
Location: Brooklyn, NY
23 posts, read 41,262 times
Reputation: 62
I will be paying about 55% of income to live by myself. The struggle is going to be real. But then again, I'm fresh out of college and starting my first job in Manhattan. I don't expect this to be the case forever.
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Old 08-27-2014, 06:11 AM
 
Location: New York City
4,035 posts, read 10,276,889 times
Reputation: 3753
My salary is 40 times monthly rent exactly (to the dollar). I don't know how it worked out that way. I didn't plan it. Put another way, it's almost 50 percent of my monthly income after taxes. It's a lot and I'm hoping for a raise very soon.
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Old 08-27-2014, 06:34 AM
 
6,192 posts, read 7,330,651 times
Reputation: 7569
Less than 14% of our gross income is put toward our mortgage and maintenance. Though, depending on the hours I work, it can shift up or down.
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Old 08-27-2014, 07:47 AM
 
257 posts, read 682,944 times
Reputation: 192
Around 15% when I was living by myself, 12-13% now that I have a roommate.
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Old 08-27-2014, 08:22 AM
 
Location: new yawk zoo
8,654 posts, read 11,032,673 times
Reputation: 6318
I never paid rent in my life.
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Old 08-27-2014, 08:25 AM
 
Location: Lower East Side, NYC
2,970 posts, read 2,604,090 times
Reputation: 2371
37% of my gross income right now, but will be 17-20% come mid January. Might become 12-15%, but we'll see.
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Old 08-27-2014, 08:32 AM
 
Location: Riverdale, NY
300 posts, read 373,970 times
Reputation: 163
Quote:
Originally Posted by hhp3333 View Post
I spend about 20% of my income on housing costs. You are spending far too much on rent... The general rule is no more than a 3rd of your income should go to rent.
I live in Riverdale. My household income is that of an upper middle class salary, but I also did not max out my housing costs because you never know what can happen, especially in this economy. You can have a salary cut, and then suddenly that nice salary isn't so nice.
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Old 08-27-2014, 08:42 AM
 
Location: New York, NY
624 posts, read 979,934 times
Reputation: 468
Quote:
Originally Posted by hhp3333 View Post
I live in Riverdale. My household income is that of an upper middle class salary, but I also did not max out my housing costs because you never know what can happen, especially in this economy. You can have a salary cut, and then suddenly that nice salary isn't so nice.
This is good advice. You can have a salary cut, you can lose your job. If you are depending on 2 incomes, one person can get sick, injured, or disabled.

Finally, if you spend too much on housing not much is left to actually enjoy life. I'd rather live in an affordable place and have money to enjoy all this great city has to offer, instead of paying everything I have to live in a closet sized rat hole in a hip neighborhood.

Lets also not forget America's favorite habit. Which is living above your means, buying too much junk you don't actually need, contributing little to nothing to 401K/savings/investments, and maintaining credit card balances. The road to poverty lies ahead.
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Old 08-27-2014, 09:07 AM
 
Location: Riverdale, NY
300 posts, read 373,970 times
Reputation: 163
Quote:
Originally Posted by fmatthew5876 View Post
This is good advice. You can have a salary cut, you can lose your job. If you are depending on 2 incomes, one person can get sick, injured, or disabled.

Finally, if you spend too much on housing not much is left to actually enjoy life. I'd rather live in an affordable place and have money to enjoy all this great city has to offer, instead of paying everything I have to live in a closet sized rat hole in a hip neighborhood.

Lets also not forget America's favorite habit. Which is living above your means, buying too much junk you don't actually need, contributing little to nothing to 401K/savings/investments, and maintaining credit card balances. The road to poverty lies ahead.
I happen to be lucky enough to be looking around the time when the prices were low so I got a good deal and took advantage of it. I can always upgrade later, but I'm very happy with my living situation. I was expecting to pay much more a month than I currently do. The way utilities increase and food prices keep shooting up, it's good to have a cushion.
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