How much do you spend on rent / save generally?
Title says it all
Currently A2, planning to stay for A2A and really want to move out and get a place for myself when my lease comes due in the summer, currently with 1 roommate in a flex, but these prices for a studio / 1 bedroom in Manhattan are pretty absurd. Currently paying ~$2k per month but it would likely be double $4k once in a place of my own but remain close to office - has anyone made this jump and thought it was or wasn't worth it? That comes out to be an extra 24k a year - is it worth the savings?
I'd pay a premium for my personal (more) space but it does feel hefty - curious how others have thought about it - how much do you guys usually save after tax / spend on rent each month? This looming recession does make me a bit nervous too
Not nyc nor banking but I moved out from living w a roommate and am living by myself for the first time and will never go back. It’s so free’ing doing what you want whenever. I got a really nice Bluetooth speaker and blast music from the moment I wake up until I sleep. I walk around naked, and I have a top floor unit overlooking the city so it’s an amazing view of the sunset.
I doubled my monthly spend concerning rent and utilities and give zero fucks. So worth it man. Also just spent $80k on a car because mine was having issues. Not the best financial decision as that cuts down by annual savings by more than half of historical annual David as, but that’s fine to me.
Some things are worth spending the money on. I say those are your bed, housing, health, and to a much lesser extent, car if you find joy in that.
Nice, what car if you don't mind me asking?
What city?
Personal finance rule of thumb. Your monthly rent should be 1/40 that of your annual base salary (annual rents work out to be ~30% of before tax base salary). Generally, when people are making more money the rent % numbers becomes less. At some premium Class A properties, there are residents whose rent-to-income ratios are only ~20% or so, or even less if your income is higher. Me personally, living expenses all in is ~25% of base before tax.
This sounded like you were being cheap at first glance but I did the numbers and wow it makes sense to me. I’d argue that’s a big loose too - would be spending a ton of money if that were my actual rent payment
Same here, I thought 1/40 was a pretty extreme number until I did the math. It gives a lot of flexibility to live quite large on that salary. I’d imagine it gets tougher as you go lower in salary, but housing doesn’t scale down quite as well. But if you’re making $160k+ base, you can live quite well. Especially if you live with a SO. Damn.. my wife and I would be renting a beachfront house on the 1/40 rule.
Went A2A and went from $2.0k to $3.7k a month moving from a 2br with roomates to a studio.
1000% worth and would never go back. I'm sure my girlfriend agrees as well lol.
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