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What are some good places to rent frugally, where I'll be safe, but can commute (by metro) to and from the financial district in under 40 minutes each way?
With a net monthy take home of around $7800, the student loans are going to make a significant dent in lifestyle. With your gross pay, you could rent up to $4k per month, which would get a 1BR in a good part of town, but would leave you with little money for anything else after you make your student loan payment. I'd recommend looking to rent an apartment that's not more than $2.5-$2.75k per month, since you'd have some breathing room for insurance payments, dry cleaning, groceries, etc., though you'd still have to be a little bit frugal with that fixed cost each month.
If you're working in Lower Manhattan, look for a place in Brooklyn Heights or DUMBO, since it's an easy commute, and a 1BR in a good Brooklyn neighborhood is going to be much less expensive than surrounding Manhattan areas of SoHo, TriBeCa, and Greenwich Village. There are apartments in the Financial District itself, but they can still have premiums, despite the recent give aways to get tenants, and the area is still not to the same standard of convenience as a more residential section of the city.
You can live very well in Brooklyn Heights, although this area is more expensive than much of Manhattan. It's perhaps the most elegant neighborhood in New York, you can't beat a Brooklyn brownstone or apartment on Pierrepont overlooking the promenade and a breathtaking view of Manhattan.
You could live in Hoboken or Downtown Jersey city very easily with a budget of $2,000 per month on rent. YOur commute to the financial district would be only 10 - 20 minutes, depending upon what part of town you were living in. Williamsburg would also work.
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