1st Year Analyst Rent Amount
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!
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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