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The general rule is that you should spend no more than a third of your take-home pay on this stuff. Are the rules different in NYC?
I would like to know how much everyone spent on rent + utilities while starting out in NYC. Obviously if you started out making 60K and now make 500K, the 500K is not a good representation of someone starting out in NYC...vote!
When I was starting out, I spent close to half my take-home on rent and utils. It's a personal choice - I wanted to live in a nice neighborhood, a friend of mine had gotten a nice place and was looking for a roommate, and I was working long hours so I didn't want a long commute either professionally or socially for the limited free time I had. I could also cut back on eating/drinking out in any given month if I needed to. Other people have a different view, and will prefer to de-prioritize their apt/neighborhood needs in favor of going out more (or to fancier places) or shopping more. That's OK too. It's your discretionary spending, so do what makes you happy.
My parents did a good enough job of beating a 25% rule into my head that I don't think I have ever violated it,even when I first came to NY a long time ago.No more than 25% on the roof(including all utilities) over your head and at least 10% into savings no matter what.
I have never had a problem with this.It forced me to be realistic about where I would live which forced me to dig into NY and explore other than trendy neighborhoods.It has led me to a very comfortable place in life where I own my apartment and could retire now at a young(well,relatively) age if I wanted too.I have never felt deprived,travel a lot and go out as much as i want.
I thank my parents frequently( in my mind as they are both dead) for this wisdom because I have too many friends in NY who have spent 50% of their incomes on rent,etc their whole lives and saved nothing.They are facing grim retirements.
What percentage of your income you choose to spend on shelter and savings today will turn out to be the most important factor(other than health) in the quality of later life.
I think for most New Yorkers, spending close to 50% of their monthly income on housing is out of necessity. If you have a family, the husband and wife must work. One salary pays the mortgage or rent, the other pays the car note, insurance, etc.
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