monthly rent budget for clerking in NYC Forum

[Anonymous User]

i'm doing a clerkship in New York for a year making 64,700 w/o accounting for taxes. no student loans. can i afford $2,000 a month for an apartment? i'm looking primarilly Brooklyn, but even that's pretty pricy. looks like things are gonna be between 1750-2100/ month for a decent apartment not in the ghetto. Not sure if i'm doing it wrong. (i'm terrible at figuring out budgets).

[Pokemon]

1-bed? I think you can find cheaper than that in Queens or Brooklyn. On the other hand, people have different definitions of what constitutes a bad area.

[Anonymous User]

You're going to have a hard time getting a $2000 a month apartment with that salary unless you can find someone who can co-sign for you. If you're making 48k after taxes, thats half of your net income going to rent. You can definitely get a nice studio in a good neighborhood in brooklyn for 1600-1700, so you should prob go for something like that

[IAFG]

lol MFH

[goodolgil]

You could pay $1,200 or less for 1BR in a lot of non-ghetto areas of Brooklyn or Queens (like Bay Ridge, Bensonhurst and Kensington in Brooklyn. Or Woodside or Jackson Heights in Queens). However, while these areas are very safe and some are pretty (like Bay Ridge), there isn't much to do in them and the commute could be a little long.

Brooklyn is probably more convenient than Queens for clerking since SDNY is downtown and thus more convenient to access from BK than Qns.

[09042014]

lol MFH

I'm waiting for people to start making dorm style apartments. You shit and shower communally, and have bunk beds. Cost 1500 a month.

[dingbat]

If you're not subletting, you typically need to make 40 * the monthly rent, so you'd be limited to $64,700/40=$1617.50, which, by the way, can get you a small one-bedroom in a decent part of manhattan or a slightly bigger place in a good part of crooklyn.

[dingbat]

lol MFH

I'm waiting for people to start making dorm style apartments. You shit and shower communally, and have bunk beds. Cost 1500 a month.

http://en.wikipedia.org/wiki/Tenement

[goodolgil]

lol MFH

I'm waiting for people to start making dorm style apartments. You shit and shower communally, and have bunk beds. Cost 1500 a month.

This is happening in lofts in East Williamsburg and Bushwick. Disgusting 7 or 8 BR lofts with one bathroom that dumb 20 year olds pay $700 a month plus for.

[legalmindedfella]

It's entirely possible to live in a decent room in many parts of NYC, including very comfortable places like the Village, Western Brooklyn, or the UES/UWS, for something in the $1200-$1400 range (counting utilities/$100/mo subway card), without a broker fee. Just block out a few days to do a real search once you're in the city. $2000 seems way excessive unless you're heart-set on a studio.

[Anonymous User]

I'm in a similar situation and am currently looking for an apartment, except I'm coming in at JSP-12 (aka $77,000). I've also lived in NYC for 4 years. The problem for you is that you could possibly afford $2000 per month in rent, but it's unlikely that a landlord would approve you for it. A JSP-11 salary is in roommate territory in terms of what you can get in Manhattan.

The larger landlords (i.e., the luxury buildings) require tenants to earn 40 (or sometimes 45) times the monthly rent and have good credit. The 40 times rule comes from the conventional wisdom that your rent should only be 30% of your gross income. That means your limit for those buildings would be roughly $1450 to $1650. The mom-and-pop landlords (i.e., the walk-ups and other smaller buildings) tend to be less demanding, although there are some who still adhere to the 40 times rule. Some landlords will want a guarantor earning 80 times the monthly rent (or $160000 for a $2000 apartment), and may even require that guarantor to live in CT, NY, or NJ.

From looking at listings, I really am not seeing even small one-bedrooms in nice NYC neighborhoods for $1650, although I am not looking in the UES or north of 96th Street. That price could get you a walk-up studio, although I have seen very few studios below $1700. Perhaps they exist, but I suspect they get taken by friends of the current occupants. There definitely are studios for $2000.

Don't forget to factor in the cost of a broker, if you throw in the towel and go that route. (Throwing in the towel is pretty common, btw.) A broker will charge you 15% of the yearly rent, or roughly just under 2 months' rent. Once you add up the first and last month's rent, security deposit, and broker's fee for a $2000 apartment, you're looking at a $9,600 initial outlay.

[rayiner]

It's entirely possible to live in a decent room in many parts of NYC, including very comfortable places like the Village, Western Brooklyn, or the UES/UWS, for something in the $1200-$1400 range (counting utilities/$100/mo subway card), without a broker fee. Just block out a few days to do a real search once you're in the city. $2000 seems way excessive unless you're heart-set on a studio.

What does this part mean?

All the places I've seen in that price range are filthy. I once went to see this apartment in Brooklyn. Chick was asking $1100 for a room in a 1BR. I got a look at the bathroom and had to leave immediately.

[goodolgil]

It's entirely possible to live in a decent room in many parts of NYC, including very comfortable places like the Village, Western Brooklyn, or the UES/UWS, for something in the $1200-$1400 range (counting utilities/$100/mo subway card), without a broker fee. Just block out a few days to do a real search once you're in the city. $2000 seems way excessive unless you're heart-set on a studio.

What does this part mean?

All the places I've seen in that price range are filthy. I once went to see this apartment in Brooklyn. Chick was asking $1100 for a room in a 1BR. I got a look at the bathroom and had to leave immediately.

He means a roommate situation I assume.

[IAFG]

lol MFH

I'm waiting for people to start making dorm style apartments. You shit and shower communally, and have bunk beds. Cost 1500 a month.

This is happening in lofts in East Williamsburg and Bushwick. Disgusting 7 or 8 BR lofts with one bathroom that dumb 20 year olds pay $700 a month plus for.

Sounds like a business I'd like to get into!

[Anonymous User]

OP: i'm in a similar situation. no student loans, clerking for a year (not in NYC but in another expensive city) and making 62,500. i'm paying $1,700 and I don't think I'm living beyond my means. 2k/mo for NYC seems reasonable to me, especially since after the year clerking your income should more than double. having a good living environment is important IMO. clean house, clean mind.

[rayiner]

Live in Jersey. You won't pay NYC city tax, which will save you a couple of hundred a month, plus it's a very fast commute on the PATH to the federal courthouse in lower manhattan. Look at places around the Journal Square and Grove Street PATH stations.

[Rocío]

lol MFH

I'm waiting for people to start making dorm style apartments. You shit and shower communally, and have bunk beds. Cost 1500 a month.

They have them in New York, if you qualify based on your income. But OP likely would not. It is called Single Room Occupancy, or SRO for short. Unfortunately a lot of these arrangements are not stable or ideal, unless you don't mind sharing common space with people transitioning out of homeless shelters, rehab facilities, etc.

[09042014]

lol MFH

I'm waiting for people to start making dorm style apartments. You shit and shower communally, and have bunk beds. Cost 1500 a month.

They have them in New York, if your qualify based on your income. It is called Single Room Occupancy, or SRO for short. Unfortunately a lot of these arrangements are not stable or ideal, unless you don't mind sharing common space with people transitioning out of homeless shelters, rehab facilities, etc.

I'd cater to bankers, lawyers and med residents. And F1B visa workers in the FIGHT OF THEIR LIFE to afford a bride price.

[dingbat]

Live in Jersey. You won't pay NYC city tax, which will save you a couple of hundred a month, plus it's a very fast commute on the PATH to the federal courthouse in lower manhattan. Look at places around the Journal Square and Grove Street PATH stations.

wrong. If you live in Jersey but work in NY, you are liable for NYC city tax.
Hoboken is nice, but Jersey City is a dump. Both are more affordable than Manhattan.

[legalmindedfella]

It's entirely possible to live in a decent room in many parts of NYC, including very comfortable places like the Village, Western Brooklyn, or the UES/UWS, for something in the $1200-$1400 range (counting utilities/$100/mo subway card), without a broker fee. Just block out a few days to do a real search once you're in the city. $2000 seems way excessive unless you're heart-set on a studio.

What does this part mean?

All the places I've seen in that price range are filthy. I once went to see this apartment in Brooklyn. Chick was asking $1100 for a room in a 1BR. I got a look at the bathroom and had to leave immediately.

He means a roommate situation I assume.

Yeah, sorry if that was unclear. I meant your own bedroom but other people in the same common living space, which doesn't mean "studio," to me, but I may be wrong in how I'm using it.

It's going to get pricier if you have to find somewhere where you need to assume the lease directly in an apartment with no roommates; I don't see why that's necessary to do, but maybe that's how OP would like to handle it.

[clintonius]

Live in Jersey. You won't pay NYC city tax, which will save you a couple of hundred a month, plus it's a very fast commute on the PATH to the federal courthouse in lower manhattan. Look at places around the Journal Square and Grove Street PATH stations.

wrong. If you live in Jersey but work in NY, you are liable for NYC city tax.
Hoboken is nice, but Jersey City is a dump. Both are more affordable than Manhattan.

http://www.nyc.gov/html/dof/html/servic ... come.shtml

"Most people living outside the City are not subject to NYC personal income tax. However, non-city residents who are Employees of New York City must file Form 1127 and pay taxes each year."

Is that outdated or wrong? I'm almost positive my tax went up a fair amount when I moved from NJ to Brooklyn while working the same job at the same salary.

[rayiner]

Live in Jersey. You won't pay NYC city tax, which will save you a couple of hundred a month, plus it's a very fast commute on the PATH to the federal courthouse in lower manhattan. Look at places around the Journal Square and Grove Street PATH stations.

wrong. If you live in Jersey but work in NY, you are liable for NYC city tax.
Hoboken is nice, but Jersey City is a dump. Both are more affordable than Manhattan.

Nope: http://www.akerman.com/documents/res.asp?id=1089

You shoulda told HR you lived in the dirty Jerz bro.

[Anonymous User]

Live in Jersey. You won't pay NYC city tax, which will save you a couple of hundred a month, plus it's a very fast commute on the PATH to the federal courthouse in lower manhattan. Look at places around the Journal Square and Grove Street PATH stations.

wrong. If you live in Jersey but work in NY, you are liable for NYC city tax.
Hoboken is nice, but Jersey City is a dump. Both are more affordable than Manhattan.

Nope: http://www.akerman.com/documents/res.asp?id=1089

You shoulda told HR you lived in the dirty Jerz bro.

But isn't this just a question of whether or not you're being taxed on income earned outside of NYC? It seems (even from the link you sent) that income earned in the city is still subject to the NYC tax regardless of where the person lives.

[dingbat]

Live in Jersey. You won't pay NYC city tax, which will save you a couple of hundred a month, plus it's a very fast commute on the PATH to the federal courthouse in lower manhattan. Look at places around the Journal Square and Grove Street PATH stations.

wrong. If you live in Jersey but work in NY, you are liable for NYC city tax.
Hoboken is nice, but Jersey City is a dump. Both are more affordable than Manhattan.

Nope: http://www.akerman.com/documents/res.asp?id=1089

You shoulda told HR you lived in the dirty Jerz bro.

That doesn't address source of income. A non-resident is liable for NY State (and city) income tax for all NY source income (being one's salary, if your job is in NY)there are exceptions
http://www.tax.ny.gov/pubs_and_bulls/tg ... sident.htm

Edit: scooped.

[IAFG]

Live in Jersey. You won't pay NYC city tax, which will save you a couple of hundred a month, plus it's a very fast commute on the PATH to the federal courthouse in lower manhattan. Look at places around the Journal Square and Grove Street PATH stations.

wrong. If you live in Jersey but work in NY, you are liable for NYC city tax.
Hoboken is nice, but Jersey City is a dump. Both are more affordable than Manhattan.

Nope: http://www.akerman.com/documents/res.asp?id=1089

You shoulda told HR you lived in the dirty Jerz bro.

That doesn't address source of income. A non-resident is liable for NY State (and city) income tax for all NY source income (being one's salary, if your job is in NY)there are exceptions
http://www.tax.ny.gov/pubs_and_bulls/tg ... sident.htm

Edit: scooped.

You have to pay STATE tax (for which you get consideration on your NJ state tax) but not city tax.