How Much is Your Rent in Manhattan (New York, York: lease, island)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
So if you can afford over $8000 in rent a month, why on earth wouldn't you buy something??
I know quite a few folks in NYC who rent, and pay over $6k a month, and don't own.
A friend in Hell's Kitchen pays $8500 for a large studio apartment on the 41st floor with south facing windows, floor to ceiling (nice place).
Another couple I know pay $9300/month for a 2 bed in the West Village, and a friend pays $6800 for a large 1 bed loft in Williamsburg, facing the river on the northside.
That's NYC rent for ya, LOL, and people prefer to do that so they don't have to worry about upkeep, selling, maintenance, losing money if market falls, etc.
236 is the name of the federal program that subsidizes his place, not a dollar amount. He pays 30% of his agi for maintenance meaning he took home ~30k last year to live in yorkville, an impossible feat without said program. Lottery winner indeed.
Not quite.
All 1 bedroom apartments pay the same amount: Maintenance is not adjusted according to AGI. My rent only changed once in 9 years and that occurred for everyone living here under approval from HUD and HPD (The board had requested the increase 3 years earlier.) Nearly everyone pays the same 236 surcharge ($105) at least for the 1 bedroom apartments.
Sleuthing:
[SIZE=3]
Quote:
The Housing and Urban Development Act of 1968 (P.L. 90-448) created the Section 236 and Section 235 programs. In the Section 236 program, the government subsidized private developers’ mortgage interest payments so that they would not pay more than 1% toward interest. Some Section 236 units also received rent subsidies (referred to as Rental Assistance Payments [RAP]) to make them affordable to the lowest-income tenants.
[/SIZE]
Only a handful of owners are anomalies because of SCRIE but because we almost NEVER see an increase, even SCRIE benefits must be inconsequential. One would have to have an incredibly low income for $600-$700 month base fee to be more than 30% of your income and thus shield someone from rent/maintenance, although some are too poor to afford even the $15 a month air conditioner assessment
Best I can fathom, 236 funds might have something to do with Amortizing the mortgage principal but periodically we hear talk of "HPD is allowing us to spend 236 money on some big, expensive upgrade." Perhaps that fund will pay for what is going to be a hefty plumber's bill for our gas piping repair? So akin to a mandatory reserve fund contribution?
Last edited by Kefir King; 12-07-2019 at 08:15 AM..
I know quite a few folks in NYC who rent, and pay over $6k a month, and don't own.
A friend in Hell's Kitchen pays $8500 for a large studio apartment on the 41st floor with south facing windows, floor to ceiling (nice place).
Another couple I know pay $9300/month for a 2 bed in the West Village, and a friend pays $6800 for a large 1 bed loft in Williamsburg, facing the river on the northside.
That's NYC rent for ya, LOL, and people prefer to do that so they don't have to worry about upkeep, selling, maintenance, losing money if market falls, etc.
$8500 for a studio.... Yikes... I wonder what’s the sq. footage on that place, and the amenities?
You should ask for people to post about their market rate rent. Since you don't currently live in New York and you only want to live here part time, you won't be eligible for any of these subsidized programs. Most people here are telling you about their rents and maintenance amounts that won't be helpful for you.
You should ask for people to post about their market rate rent. Since you don't currently live in New York and you only want to live here part time, you won't be eligible for any of these subsidized programs. Most people here are telling you about their rents and maintenance amounts that won't be helpful for you.
I know quite a few folks in NYC who rent, and pay over $6k a month, and don't own.
A friend in Hell's Kitchen pays $8500 for a large studio apartment on the 41st floor with south facing windows, floor to ceiling (nice place).
Another couple I know pay $9300/month for a 2 bed in the West Village, and a friend pays $6800 for a large 1 bed loft in Williamsburg, facing the river on the northside.
Madness.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
