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I have family that rents in outer Brooklyn and they don't check for 40x rent. The landlords are typically owners of multi-family houses and rent out one of the floors.
Helping a friend look for an apt in queens and came across this listing. Rent is $1500/month but the landlord requires that the tenant make at least $80k/year! LOL.
1 bed, $1,500
HUGE 1 BEDROOM
APPROXIMATELY 800SQFT
Walk to LIRR Bayside Station, Northern Blvd. Buses.
Brown Stone Semi-Attached Building.
Large One Bedroom fits a large king-size bed.
Large Living-room with a Dining-room Area / Office Area.
Modern eat-in-kitchen.
Large bathroom with bathtub.
Lots of closet spaces with a separate linen closet.
Polished hardwood floors.
LANDLORD REQUIREMENTS: (NO EXCEPTIONS)--APARTMENT FOR ONLY 1 PERSON MAXIMUM--MINIMUM $80,000 ANNUAL INCOME--GOOD CREDIT
The 40x rule is nothing but ridiculous. Just the idea of using a pure multiplier to determine who should and shouldn't rent is inherently wrong. Prices and incomes generally don't increase at a constant rate.
Last edited by Glacier Azure; 05-02-2016 at 07:25 AM..
Honestly, with that rule, someone would need to earn $48,000/year to afford even the very cheapest outer borough studio/one bedroom apartment of $1200/month.
I don't quite understand, if landlords go by that rule, where all the working class and middle income families are living in NYC.
that "rule" is certainly not set in stone, i think it's more of manhattan thing. In the outer boroughs its not always applied. I mean if you have good credit and qualify I dont think many LL's outside of manhattan will turn down someone making 35k or so for a 1k apt.
"Affordable is based on 30% of income. Has been that way for a long time.
So the person making $38,949 should spend $974 in rent. THe upper limit guy at 48,350 should spend $1209 for rent.
The $1097 rent is precisely 30% of income for someone making $43,880, almost the exact midpoint of the range ($43, 650.)
Yes, things are expensive in New York City but then who didn't know that?
Do you have any idea in how many parts of the country people would KILL for a 44K job.
with that 44k job goes a higher work record towards social security too. relocate to cheapsville later and you are way ahead of the locals in cheapsville with a much higher social security payment for life .
it all depends how you define middle class and middle class lifestyle .
as the ny times said in their study :
There is no single, formal definition of class status in this country.
Statisticians and demographers all use slightly different methods to divvy up the great American whole .
A $70,000 annual income is middle class for a family of four, according to the median response in a recent Pew Research Center survey, and yet people at a wide range of income levels, including those making less than $30,000 and more than $100,000 a year, said they, too, belonged to the middle.
By one measure, in cities like Houston or Phoenix — places considered by statisticians to be more typical of average United States incomes than New York — a solidly middle-class life can be had for wages that fall between $33,000 and $100,000 a year.
By the same formula — measuring by who sits in the middle of the income spectrum — Manhattan’s middle class exists somewhere between $45,000 and $134,000.
But if you are defining middle class by lifestyle, to accommodate the cost of living in Manhattan, that salary would have to fall between $80,000 and $235,000. This means someone making $70,000 a year in other parts of the country would need to make $166,000 in Manhattan to enjoy the same purchasing power.
Using the rule of thumb that buyers should expect to spend two and a half times their annual salary on a home purchase, the properties in Manhattan that could be said to be middle class would run between $200,000 and $588,000.
On the low end, the pickings are slim. The least expensive properties are mostly uptown, in neighborhoods like Yorkville, Washington Heights and Inwood. The most pleasing options in this range, however, are one-bedroom apartments not designed for children or families.
It is not surprising, then, that a family of four with an annual income of $68,700 or less qualifies to apply for the New York City Housing Authority’s public housing.
Helping a friend look for an apt in queens and came across this listing. Rent is $1500/month but the landlord requires that the tenant make at least $80k/year! LOL.
1 bed, $1,500
HUGE 1 BEDROOM
APPROXIMATELY 800SQFT
Walk to LIRR Bayside Station, Northern Blvd. Buses.
Brown Stone Semi-Attached Building.
Large One Bedroom fits a large king-size bed.
Large Living-room with a Dining-room Area / Office Area.
Modern eat-in-kitchen.
Large bathroom with bathtub.
Lots of closet spaces with a separate linen closet.
Polished hardwood floors.
LANDLORD REQUIREMENTS: (NO EXCEPTIONS)--APARTMENT FOR ONLY 1 PERSON MAXIMUM--MINIMUM $80,000 ANNUAL INCOME--GOOD CREDIT
Ha most single people can't afford $1500 rent.
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