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I don't know what your net income is on $55K but I think paying $1200-$1300/month in rent is going to be a hard squeeze for you when you figure that the rule of thumb is that your rental payment should be between 1/4 and 1/3 of your net. If you're still living at home I'd stay there for a while - or get a second P/T job or a roommate.
Just got a raise to $55K/year salary. I have no debt, but live in a pretty high rent market, in NY.
$1200-$1300 for a 1BR is average here.
YOu have have to add up your expenses and see how much you have available(before rent) for savings and then rent, and emergencies. The rule of thumb is income 3x times the rent. But its a rule of thumb because someone said it on tv and now everyone say thats the way it is.
This rule of thumb is affected by many things including if you have student loans, a car payment, how much your car insurance is etc etc.
55k though easily meets the 3x income rule of thumb for income though for a $1200-$1300 apartment.
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$55K gross, so let's say $40K or $3,600 a month take home. $1,200 is 3X income. That leaves you $500 for a car, $500 for food and stuff, $1,000 to invest, and a few bucks for laundry and beer. $55K isn't much these days.
You really need to max out your 401K and a Roth IRA if at all possible. I would make that priorty number one (unless of course you have credit card debt).
Get a cheaper place or find a roommate if you can't afford to fund your retirement.
If you stay in the city, that's what you'll HAVE to pay - if you rent in one of the outer boroughs, you can find less expensive but then you will have to add in at least $200 for travel costs. A weekly express bus pass is running $50 (times 4) now.
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