Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > New York City
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 09-01-2008, 01:15 PM
 
6 posts, read 28,643 times
Reputation: 11

Advertisements

Hello,

I currently live in Miami, FL and got a job opportunity to move to NYC with a higher pay. The more I find out about New York's laws, the more it scares me to live there.
First, the taxes taken out of your paycheck are truly outrageous. Second, to find a place to live, they require 40x your yearly pay which I did not know about until I really dug into it. My yearly pay is only 47k but most of my income comes from my eBay Business which I do not have W2's to prove as of yet (around $2k-$3k a month). Then, the Guarantor, since I am not from New York, I would need a Guarantor to rent a place, I do not know anyone in New York and do not have the means to pay 6 months of rent in advance.
I have 3 dogs which I adore dearly but do not make my life any easier (giving them away is not an option), most landlords (even though my dogs don't pee or poop in the house) will probably refuse to rent me a place with 3 dogs.
If I move to New York, I would want to live in Manhattan only. I know its bit much to ask but should I just give up and stay where I am now or make the sacrifice to move there?

I know most New Yorkers are die hard passionate about New York and I would be too (I love it there), but is it truly worth it to live in NYC? Are all the sacrifices of living in a tiny place worth it?

Please only answer if you are knowledgeable on the subject.

Thanks in advance.
Reply With Quote Quick reply to this message

 
Old 09-01-2008, 01:33 PM
 
11,151 posts, read 15,789,995 times
Reputation: 18844
An annual income of $47k won't go far at ALL in Manhattan, although you could probably find something decent in one of the other boroughs. You won't necessarily need a guarantor if you have proof of income and good credit -- of course, you will likely still have to meet the 40x income requirement.

If you haven't yet calculated your probable take-home pay, be sure to take a look at a Paycheck Calculator. Don't forget to check "yes" for the city tax, since that will apply to you.

Whether you want to sacrifice to live in New York is, obviously, a choice that only you can make. However, it sounds as though it might be very tough for you financially.
Reply With Quote Quick reply to this message
 
Old 09-01-2008, 04:50 PM
 
Location: Washington, DC & New York
10,915 posts, read 31,267,502 times
Reputation: 7137
I agree with squeezeboxgal, and I would add that the apartment you could find on the 40x income multiplier in Manhattan is not going to be in your conception of Manhattan. You're looking at East Harlem or parts of Inwood, east of Broadway, not the UWS.

The outer boroughs might not be a bad compromise for a year or so, if you really want to move to NYC, since you can save a good deal of money living there, wait until you have verifiable proof of your secondary income, and then set about finding a place in Manhattan. The dogs will be a problem, however, since many buildings do not take them at all, and ones that do charge more for that, since they do not distinguish between those that are housebroken and those that are not. And, buildings in Manhattan that allow dogs will charge higher rent.

Also, in the outer boroughs, you can find good neighborhoods, and you may be more likely to encounter individual owners, who may bend the rules for you if you make an impression on them. I know someone who does this, especially if her tenants remind her of her children, where she has looked the other way on the 40x rule or an extra roommate not on the lease, but landlords like that are few and far between in Manhattan, owing to the economics of running buildings there, and many don't want the hassle of renting themselves, hence the agents and management companies.

If you are really prepared to move to NYC, you need to be prepared for compromise and a little bit of sacrifice until you get yourself established. Only you can decide if it's worth it, but generally, you need to look for an apartment around $1200 or less per month, based upon your verifiable income, which will not go far in Manhattan. Seriously think about why you want to move to Manhattan and make a list of the pros and cons, then deem which ones you can live with temporarily to see if it's a good move for you.

Plus, living on $1200 rent, with your supplemental income, you will be able to save a good deal of money, which can always come in handy in Manhattan, especially if you use it to get a leg-up on buying a co-op or condo, since then you really can control your living expenses.
Reply With Quote Quick reply to this message
 
Old 09-28-2008, 12:30 PM
 
Location: california
21 posts, read 59,304 times
Reputation: 26
Default website

if you happen to come back and read this go to wecosign.com
Reply With Quote Quick reply to this message
 
Old 09-28-2008, 12:50 PM
 
2,541 posts, read 11,309,224 times
Reputation: 988
try one of the newly "attempting gentrification nabes" like Washington Heights

I know several landlords who would like nothing more than to just get in anyone who has a steady paying job, and is upwardly mobile in their careers, and does not rely on welfare when they are perfectly capable of working
Reply With Quote Quick reply to this message
 
Old 10-04-2008, 09:16 PM
 
Location: Brooklyn
12 posts, read 42,512 times
Reputation: 14
The income requirement for a rental is 40 x the monthly rent not 40 x your annual salary. There are landlords out there that will take you without a guarantor and only ask for a few months security. You need to do some research. Also you can get a letter from a certified public accountant that specifies your income and this should suffice for most landlords as an alternative to tax returns. Hope this helps.
Reply With Quote Quick reply to this message
 
Old 10-23-2008, 10:07 AM
 
2,410 posts, read 5,792,324 times
Reputation: 1916
Quote:
Originally Posted by doughen55 View Post
The income requirement for a rental is 40 x the monthly rent not 40 x your annual salary. There are landlords out there that will take you without a guarantor and only ask for a few months security. You need to do some research. Also you can get a letter from a certified public accountant that specifies your income and this should suffice for most landlords as an alternative to tax returns. Hope this helps.
Is the 40 x the monthly rent a city or state law? Or is it a formula that landlords just use when screening applicants?
Reply With Quote Quick reply to this message
 
Old 10-23-2008, 10:15 AM
 
7,079 posts, read 37,857,451 times
Reputation: 4088
It's a forumula that the landlords use.
Reply With Quote Quick reply to this message
 
Old 10-23-2008, 10:17 AM
 
3,225 posts, read 8,545,270 times
Reputation: 903
Quote:
Originally Posted by xz2y View Post
Is the 40 x the monthly rent a city or state law? Or is it a formula that landlords just use when screening applicants?
It's the latter and actually works out to be about 30% of one's GROSS INCOME/SALARY.
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:




Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > New York City
View detailed profiles of:

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top