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I've been reading this forum the past couple of weeks. I will be moving to NYC end of February next year and am starting to plan for it now. I have a couple of questions that I'd like to ask for your advice.
First of all, housing. I will not be able to get to NY until one week before I'm supposed to start my job, at the earliest. Is that enough? What's the typical time needed to find a place? Also, I was thinking of finding roommates so I can live in Manhattan, but given my limited time, I think it may make more sense to just find a studio on my own?
In terms of budget, how much can I afford? My salary will be 70k which means after-tax pay of $3800/month (roughly). I also have student loan that I'd like to pay off within a year, which will mean at least $500/month. I'd also like to save a little money for emergency. Given that, I'm thinking I can afford maybe $1200/month on rent...is that enough to get me a nice studio in Astoria? I will work in midtown (R/W line), so I'm open to any area that's within short commute to work.
I've been reading a lot about housing scams in NY, especially the case of the fake landlord. Is there a way I can verify the person I'm talking to actually owns the building? Also, what is a co-op and how does it work/different from other apartments?
Any other tips regarding the move and living in NY are highly welcome! Thanks in advance!
Yes, you can find a nice studio for $1,200 in many neighborhoods ... probably a nice full 1 br in many( outside of Manhattan) but you will be stretching yourself pretty thin by paying $1,200 in rent when your real take home after your loan payments is only $2,800.You can probably do it but it is not a fun or even pleasant way to live.
I would suggest either finding a neighborhood where the rents are lower or contemplating a roommate situation... at least until your loan is paid off and you get a raise.
In a co-op you buy shares of stock in a corporation that owns and maintains a building, where the shares you purchase are assigned to a specific apartment in the building.It is a little complicated and doesn't sound like you are ready for that yet.For one thing you would need at least 20% of the purchase price for a downpayment which would probably be at least $40,000( on a $200,000 apt) and likely much,much more.
You would also need the income to get a loan for the balance and then be approved by the other shareholders in the building.
You can find a nice 1 bedroom in Astoria for $1200-$1400. With $3300 net per month you can easily afford that and still save.
The net is not $3,300 with $500.00 more in student loans every month.It is $2,800.If you pay $1,400 in rent,that is 50% of your real net income.Not a wise choice to make IMO.Ya,people do it but it is not "easily afforded" as you say...especially when the OP rather wisely stated that he/she would also like to save some money at the same time.
There will also be another 300.00/mo minimum for electric ,a metrocard,cable and cell phone.That would leave the Op,after loan payment,rent and $200 /mo savings with 900.00/.Take off another $400/mo(absolute minimum) for groceries.That leaves 500.00/mo(16.00/day) for everything else including clothes,,health care,ocasional dinners out,drinks,etc. Not a life.
The biggest problem for a lot of NY'ers is spending a way too high a percentage of their incomes on rent.
OP didn't use the phrase "$500 more". S/he said "$500/mo." That's do-able with $3300 take-home and $1200 rent. I would never advocate someone on that take-home diverting $1,000/mo to loan repayments in NYC.
$3300 (net after loans and I'm assuming also 401(k) and Health Insurance):
-$1200 rent
-$200 electric
-$110 cable & Internet
-$60 cell phone est
-$380 savings (10% of net before loans)
-$90 unlimited monthly Metrocard
-$100 misc other transportation (cabs, zip car rental)
-$250 groceries for 1 person
-$400 fun/ going out (approx 1-2 times per week)
-$100 laundry/ dry cleaning ( prob less if you're a guy)
-$400 monthly bucket to pay for clothing, travel, gifts, haircuts, & other unexpected expenses
-
OP didn't use the phrase "$500 more". S/he said "$500/mo." That's do-able with $3300 take-home and $1200 rent. I would never advocate someone on that take-home diverting $1,000/mo to loan repayments in NYC.
$3300 (net after loans and I'm assuming also 401(k) and Health Insurance):
-$1200 rent
-$200 electric
-$110 cable & Internet
-$60 cell phone est
-$380 savings (10% of net before loans)
-$90 unlimited monthly Metrocard
-$100 misc other transportation (cabs, zip car rental)
-$250 groceries for 1 person
-$400 fun/ going out (approx 1-2 times per week)
-$100 laundry/ dry cleaning ( prob less if you're a guy)
-$400 monthly bucket to pay for clothing, travel, gifts, haircuts, & other unexpected expenses
-
You are right. I misread. And that extra 500 makes a little difference but it is still way too close.I don't know anyone in NYC who spends only 60/wk on groceries.And why are you assuming health care and 401K ?
At least the OP now has some figures.He/She can figure out for themselves how close to the edge they like to live.
You are right. I misread. And that extra 500 makes a little difference but it is still way too close.I don't know anyone in NYC who spends only 60/wk on groceries.And why are you assuming health care and 401K ?
At least the OP now has some figures.He/She can figure out for themselves how close to the edge they like to live.
True, I just did a quick paycheck estimate and after a 6% 401(k) contribution and $125/mo for Health Insurance, net pay is $3,600. With OP's massive student loan payment, I would either make a goal to pay it off over 2 years, not 1, or find an outer-borough studio for $1,000/mo or a share paying $1,000 /mo.
I'm a girl, not a 6' tall guy, but I actually did spend about $70/ week on lunch & groceries. About $6-7/day for lunch for an under $6 lunch at Subway, a $5 lunch from the awesome street vendor outside my building, or a $7-8 salad.
Groceries were about $35 per week for the basics I always have at home: orange juice, cereal or oatmeal, cheese or hummus and crackers/pita, diet coke, frozen veggies (2-3 bags per week), a fruit, 1/2 dozen eggs, and something sweet- ice cream, ingredients to make brownies or cookies.
..........Groceries were about $35 per week for the basics I always have at home: orange juice, cereal or oatmeal, cheese or hummus and crackers/pita, diet coke, frozen veggies (2-3 bags per week), a fruit, 1/2 dozen eggs, and something sweet- ice cream, ingredients to make brownies or cookies.
And I guess the OP can go grocery shopping and spend $35.00 and see if that will be enough to last her/him a whole week.
I don't know how you do it,Turtle Creek.You must be a bird.I am a normal sized guy and I find it very difficult to go grocery shopping for a whole week including dinners and stuff to take in a brown bag for lunch on less than $100 or $125...and I'm pretty frugal(Bustelo or El Pico coffee,etc).I don't overeat but I do eat 3 meals a day and usually have at least 1 bottle of wine and a six pack in the house.I even shop at BJ's once in a while to try to cut down on costs.
I budget $1,000/mo for groceries and other supplies and eating out,drinks with friends( occasionally buying others drinks),etc... which I do a couple of nights a week.
Precisely. Plus I only pay $45 a month for Con Ed in Astoria, and you can borrow a bit from the going out and miscellaneous funds to supplement your food budget. I generally spend around $650 a month on food, but that's because I eat out pretty much everyday. You can definitely do it for around $500 and still eat well. $1000 for food seems like a lot for a single person.
You can definitely do it on this budget. I'd rather pay a little more to live comfortably alone rather than with a roommate that I don't know but if you have someone to split the rent that you trust, then you can really live comfortably on that budget.
Quote:
Originally Posted by TurtleCreek80
OP didn't use the phrase "$500 more". S/he said "$500/mo." That's do-able with $3300 take-home and $1200 rent. I would never advocate someone on that take-home diverting $1,000/mo to loan repayments in NYC.
$3300 (net after loans and I'm assuming also 401(k) and Health Insurance):
-$1200 rent
-$200 electric
-$110 cable & Internet
-$60 cell phone est
-$380 savings (10% of net before loans)
-$90 unlimited monthly Metrocard
-$100 misc other transportation (cabs, zip car rental)
-$250 groceries for 1 person
-$400 fun/ going out (approx 1-2 times per week)
-$100 laundry/ dry cleaning ( prob less if you're a guy)
-$400 monthly bucket to pay for clothing, travel, gifts, haircuts, & other unexpected expenses
-
..... $1000 for food seems like a lot for a single person.
It wasn't $1,000 /mo for food. It was $400 to $500/mo( 100 to 125/week) for groceries and all other household supplies (cleaning,toiletries,coffee,wine beer, snacks,etc) for around the house and another 400 to 500/mo for going out to dinner,going out for drinks,frequently buying others drinks,ocassionally buying someone else dinner, occasionally eating lunch out( though I usually brown bag it),a movie once in a while,etc).The total was $1,000 which I try not to exceed. Believe me,it's not extravagant.
It is hard to go out for dinner and a few drinks just for yourself for less than $75.00.If you do that just once a week it's 300/mo.If you go out just for drinks one other night a week it's at least $25 or another 100/mo.You are already at $400/mo and you have only gone out to dinner once a week and for a few drinks once a week and you haven't bought anyone else a drink or dinner or been to a movie or anything else.
I think this is pretty normal for living in NY ...going out a couple of times a week to socialize.
The only extravagance that I would admit to is that I have a tendency to like a $25.00 bottle of wine rather than a $10.00 bottle of wine but since I rarely have more than 1 bottle a week at home it isn't really a big deal.
A relatively INEXPENSIVE dinner out for 1 in NYC : 2 glasses of wine @ 10( $20),appetizer($15),entree($30),20% tip($13).That is $78.00 with no coffee or desert.Maybe you could skip the appetizer and have coffee and desert instead.
Last edited by bluedog2; 11-26-2009 at 01:09 PM..
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