"The rents for one-bedroom apartments in Manhattan average $2,567 a month, and two-bedrooms average $3,854 a month, according to data from Citi Habitats, a large rental brokerage company, but rents tend to be far higher in coveted neighborhoods like the Upper West Side and TriBeCa. Because landlords typically require renters to earn 40 times their monthly rent in annual income, renters of those average apartments would need to earn at least $102,680, individually or combined, to qualify for a one-bedroom and $154,160 to afford a two-bedroom. New York Times So you want a 1 bedroom apartment? You need to make $102, 680 a year.
<div class='quotetop'>QUOTE(jared2 @ May 10 2007, 11:20 AM) [snapback]439102[/snapback]</div> Man we are all in the wrong business, be a rental owner and make real money! What about a co-op? I have family in manchester, hes a middle skool teacher and makes like 120k
To buy a reasonable 1 bedroom coop in Manhattan would be well over a million, plus maintainence fees of at least a thousand per month. People still keep coming. Go figure.
<div class='quotetop'>QUOTE(jared2 @ May 10 2007, 10:20 AM) [snapback]439102[/snapback]</div> And hundred years, you'll have the pleasure of transportation via canals instead of taxis.
In 2000 and 2001 for about 18 months, my company invited me to spend some time in the NYC office on some projects. One 3 month period, they put me in a short stay hotel kitchentte type place that was $5600 a month. The rest of the time I stayed at the times square hilton anywhere from $300 - $400 a night, usually 10 days at a time. They never blinked at the expense reports, so I guess there's a lot of money in NYC to be spent.
Actually, I think most people that work in NYC actually commute from New Joisey. I'd think it nuts to try and live in the city! (On a personal note, a house in Central Park would be kinda neat, except that at night you'd have weirdos all over your property and during the day you'd have tourists trying to peek in. Other than that it would be nice :lol
"I'd think it nuts to try and live in the city!" If you live in Manhattan long enough, you go nuts. And no, I do not live in Mahattan, so that doesn't explain it.
I do not live in both nuts as well as mahattan but your post give me knowledge about this now when i ll go there then your things will in my mind.
Re: Thinking of moving to New York? Fogetaboutit! a buddy of mine founded citi habitats after college ... sold it for $30 million that's the ticket kids :thumb: i got a g/f in new york in the real estate game ... let me know if you want a connection :tea:
I read a site called AskMetafilter and every now and then someone posts a question on how to live in NYC on modest income (or some variant of that question - how much does it cost to move there, how can I live there while looking for a job, etc, etc). A near universal reply is to forget about Manhattan and look to the other boroughs (Queens, Brooklyn, etc) for an apartment/room. It'll still be relatively expensive compared to other major cities and suburbs but much more reasonable on a less than six figure salary. Depending on your income and savings, you may have to make sacrifices or put up with less than ideal living situations but if you can get a place near NYC's extensive public transportation you're half way there.
