How much do you spend/plan on spending on rent? I am planning on a 1 bedroom somewhere in Murray Hill or Kips Bay but am not sure if spending 3,200-4,000 a month (with fiance) is crazy or normal.
Thanks for any insight!
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If she’s splitting with you then it’s fine
If I'm not mistaken, the typical rule for rent affordability is annual income/40. So if you're an analyst making 100k, you can technically afford 100k/40=2,500. This works for combined income too, so if you and your fiancé make 160k combined, you can theoretically afford 160k/40=4,000. The catch is that you typically don't include bonus into your calculation, just base (because bonus isn't guaranteed).
Very helpful - thank you
Agree with the above, $2,500 is the typical number for single analysts. Your application won't get accepted for anything more unless you have a guarantor - they won't look at bonus until you have a few years of tax returns to prove it.
Add in annual/40 of your fiance's salary to get to a total budget. Assuming your fiance is working, $3500-4k is reasonable.
Welcome to New York, $3500 is a super luxury 1 bedroom in any other city and a medium sized, non updated studio in NYC
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