How much is too much?
Moving to Manhattan soon and am looking at ~$3.2k monthly rent (if I am lucky) for a studio. Is this market?
Can’t stand living with other people.
Thanks
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Based on the WSO threads discussing NYC housing, a monthly rent of around $3.2k for a studio in Manhattan can indeed be considered within market range, especially in more central or desirable areas. Here's a breakdown of what you might expect:
Location Variability: The cost can vary significantly depending on the exact location within Manhattan. Areas like Tribeca or the Financial District might command higher prices.
Comparison with Other Areas: As per the discussions, studios in areas like the Financial District or Greenwich Village often go for around $3,000 or more. So, $3.2k, while on the higher end, is not uncommon for Manhattan.
Personal Space Priority: Since you prefer living alone, investing in a studio, despite the higher cost, aligns with your personal comfort and privacy needs. This is a common sentiment among those who prioritize having their own space in the city.
Market Trends: The NYC housing market, particularly for areas within Manhattan, has been known for steep prices. Given the ongoing trends and the premium on privacy, your budget of $3.2k for a studio is reasonable.
If you're set on not having roommates and wish to stay in Manhattan, your budget does align with the current market expectations for a studio. However, always ensure to check the latest listings and perhaps negotiate on rent where possible, as the market can fluctuate.
Sources: Millionaire by 30, Managing Your Money - Building a Personal Financial Model, Buying an Apartment in NYC, Best neighborhoods to live WITH GF in NYC (and timing) - 1st year IB Analyst Midtown Summer 2019, NYC Analyst Housing Meltdown
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