According to the Corcoran Group, the real estate brokerage, the median price of all apartments in Manhattan is now $916,000 . The median price of a one-bedroom apartment in Manhattan is $710,000 .
As a rule, how much rent you can afford equals 30 percent of your income. Another way to look at it: Your annual income should be 40 times your monthly rent . But in places like NYC or the Bay Area, finding an apartment that costs less than 50 percent of your income might be laughable.
To live a comfortable and satisfying lifestyle in New York, even when you have roommates splitting the cost, a yearly income of $50,000 or more is ideal.
What is the price of a cheap apartment in New York City , NY ? The price range of a cheap apartment is between $181 and $13,967.
Your annual salary of $200,000 would end up being about $96.15 per hour. You’d live pretty good in NYC in fact you’d be able to live in almost every neighborhood in NYC . Rent average from 1,500 a month if you are lucky to 4,000 and higher but you could most likely buy an apartment with that kind of salary .
New York State Has One of the Tightest Markets Right now, unusually low mortgage interest rates make buying the better option. If rates go up over 7%, then renting becomes cheaper than buying .
Yes you can , you won’t live the life of luxury and you won’t be living on the island, but you can work and live in the five boroughs of NYC on that salary. My first job wasn’t much more than 40k and it was hourly non salary pay without benefits.
120k will not go far in Manhattan. The taxes are very high at that salary level. If you max out your 401k (which everyone should be doing unless you get a pension or have family money/trust fund), then your take-home pay will be around $5026 per month.
NYC rent is high because of high property prices, higher property taxes, expensive home insurance premiums, high renovation cost, zoning laws, 1994 vacancy decontrol law, biased city regulations, and demand for apartments exceeds supply.
The cost of rent has steadily increased since then. 50K would be around 3K/month after taxes. Of course you can live on that, but you’ll have to restrict expenses. If you want to live on Manhattan , you’ll have to share a room, and even that will cost you over $1K just for the room.
$80k is enough technically but it would be a far more comfortable situation to split a place 2 or 3 ways if hell bent on living in Manhattan. Wouldn’t leave you with a lot left over after paying a $2,000 rent bill plus all utilities on your own.
Yes, easily, but you would have to share an apartment, paying about $750 per month for a room in the outer boroughs and far out in them as well, but at $30,000 your taxes would be low and you might still have $1,000 or so a month left for other expenses.
While there’s no getting around the fact that New York is expensive, living on a budget in NYC isn’t impossible! With some smart strategies and a willingness to adjust expectations to match your financial priorities, you can save money in New York while still having fun.
It isn’t enough to simply move to a new city without any money . You need a plan in place for how you ‘re going to thrive when you get there. As I prepared to move to New York I thought long and hard about what it was going to take to make a new life in a new place…with no money .