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I know it used to be, but I think those days maybe dead. Except in Staten Island.
Right now I make over 60k a year, but that's with two jobs. Thinking of dropping down and just getting one higher paying one. 40k is the absolute lowest I'd settle for, but I think even that's too low.
If you make 42K a year, you could even get a 1BR for 1000 per month in Kingsbridge or Soundview (this is just going by what I've seen on Zillow so far)
The 40x rule is not set in stone. It may be strongly enforced in high demand areas of Manhattan, Brooklyn, and Queens but its not enforced across the board in other areas.
If you're 35x, they'll still rent to you if your credit is fine along with no housing court record.
For example, when I rented my apartment in the Bronx I was around 37X and less than a year back from taking off a year from work (no income) and living in another country. I rented from a major, legit management corp as well.
I just submitted my pay stubs, letter from employer, and credit check and was approved without a problem. Thankfully, I received a raise shortly thereafter and now am at about 45X but there's no way they even though of that.
If the 40x rule was set in stone, there'd be a lot more vacant apartments in NYC. The 40x rule is enforced when there's a lot of demand and the management coimpany can be picky. Then, it's just another sorting tool.
The 40x rule is not set in stone. It may be strongly enforced in high demand areas of Manhattan, Brooklyn, and Queens but its not enforced across the board in other areas.
If you're 35x, they'll still rent to you if your credit is fine along with no housing court record.
For example, when I rented my apartment in the Bronx I was around 37X and less than a year back from taking off a year from work (no income) and living in another country. I rented from a major, legit management corp as well.
I just submitted my pay stubs, letter from employer, and credit check and was approved without a problem. Thankfully, I received a raise shortly thereafter and now am at about 45X but there's no way they even though of that.
If the 40x rule was set in stone, there'd be a lot more vacant apartments in NYC. The 40x rule is enforced when there's a lot of demand and the management coimpany can be picky. Then, it's just another sorting tool.
Agree. I don't make close to the 40x rule. But I have great apartment renting history, some money in the bank, and a credit score of about 820. My credit score has always got me into apartments when my income lacked.
You can probably find a studio apartment for around $1,000/mo in the hood.
There are some non-hood areas in Queens where one might be able to find a studio apt. for approx. $1000 a month if the OP is willing to invest time looking.
There are some non-hood areas in Queens where one might be able to find a studio apt. for approx. $1000 a month if the OP is willing to invest time looking.
I definitely am Any places you'd suggest?
Ideally I'd prefer Manhattan or Brooklyn. Hence why I'm REALLY hoping to get more than 40K when I drop down to just one job. I know a studio for 40K in Manhattan or Brooklyn is impossible these days. Although I am intrigued by what the lowest you could get a studio for Manhattan is outside of Inwood and Harlem. Not saying I wouldn't consider Inwood or Harlem (I used to live in Harlem), but am curious about the areas I'm less familiar with.
Ideally I'd prefer Manhattan or Brooklyn. Hence why I'm REALLY hoping to get more than 40K when I drop down to just one job. I know a studio for 40K in Manhattan or Brooklyn is impossible these days. Although I am intrigued by what the lowest you could get a studio for Manhattan is outside of Inwood and Harlem. Not saying I wouldn't consider Inwood or Harlem (I used to live in Harlem), but am curious about the areas I'm less familiar with.
Jackson Heights or Rego Park in Queens, for example.
Jackson Heights or Rego Park in Queens, for example.
Good luck with that. The studios I'm seeing listed in Jackson Heights lately are $1400 to $1600. I suppose there might be some basement (illegal) studios for $1200 somewhere listed for "Jackson Heights" that are actually in East Elmhurst or Corona. But I highly doubt you'll find anything for $1000. But hey, doesn't hurt to try.
p.S. just checked craigslist for apartments in Jackson Heights for anything between $1000 and $1700. There are only 6 listed, and they start at $1500. There is only one studio listed and it's $1550. http://newyork.craigslist.org/search...&query=jackson
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Any places you'd suggest? 
