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$1,600 or $1,700 is pretty affordable compared to the LES.
Yeah but we don't know what the OPs budget is. If you're making $80,000 sure it's affordable. Affordable is pretty subjective these days, especially on here. I think a lot of posters on here earn high salaries (I'm excluding the people that come on here for the lotteries), but most people are not making $80,000 a year. That's why so many people have roommates.
Yeah but we don't know what the OPs budget is. If you're making $80,000 sure it's affordable. Affordable is pretty subjective these days, especially on here. I think a lot of posters on here earn high salaries (I'm excluding the people that come on here for the lotteries), but most people are not making $80,000 a year. That's why so many people have roommates.
Agreed. Even "affordable" housing has an identity crisis. On one hand it can mean affordable for the area, or affordable for just the building, or a mix of both.
I was looking at a unit in Via 57 West for $1554. Income to qualify was $55,234 - $60,120. The higher end of the range is still a couple thousand short for the *recommended* salary ($62,240) for a unit of that price. When you compare this rent solely to the other offerings to the building, only then does it seem truly affordable. The affordable *formula* doesn't seem to be applied in every case.
$1,150 would be more affordable for those salary ranges. $1554 isn't even "normal" since it's roughly 31% -33% of a qualified applicants' income. Then once you start counting life necessities, forget about it.
At least for me, I feel "affordable" is roughly 25% or less of your gross income.
$1700 x 12 / $80,000 = around 25%. That's affordable, since you have some wiggle room for other things.
A person making the recommended salary ($68,000) isn't exactly struggling, but it sure isn't affordable by any means. That 5% really makes a difference.
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