How much to spend on rent NYC
Currently moving into NYC mid to late January. I want to spend $2200 on an unfurnished apartment but is this too much?
I make $110k base with a $20-30k bonus.
Tell me if I’m crazy or not.
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Totally depends where and what size. If you don't mind sharing an apartment you can find some places for 1.6k-2k depending on location. If you want a studio or 1br it will be more than this again depends on location and size.
Do you see many people paying $2200+ for studios out of school? Or is that too much to spend on rent.
Yes people pay that much, but rather than asking if people pay that much (it doesn’t mean you should), you should sketch out your finances and see if you can afford it. Everybody has their own situation (loans, savings, spending habits, heck even a trust fund) so you should be analyzing your situation.
So I would start with:
1) do you have any debts?
2) how much are you trying to save (I would at a minimum max out your 401k, especially if you have matching)
3) how much money do you want for going out? Trips?
4) any other expenses (support your family, etc)?
Then take what you make, do your pre tax dedications (401k), remove taxes, then go deducting the pieces above and see what sort of rent money that leaves you with.
The only other advice I’d have is: use only your base as the bonus is never guaranteed, try to build up an emergency fund, and assume “fun” expenses (trips, nights out, etc) will be 1.3-1.5x what you are budgeting for.
I have no debts
I’ve been able to save $100k since high school.
I find it hard to try and live with roommates if I want to cook but I feel like $2200 out of school is a lot of money if I can’t save anything from my base. Maybe I should live frugally like I did in college but also want something nice to come home to.
That’s the choice you have to make (something nice to come home to and have the space to cook and live by yourself vs saving some more). It comes down to what your prioritize; some people are fine with roommates, others would lose their mind. Some people want to blow $1k on a weekend out, others want to have a quiet time. Throughout your life (and as you make more money) you’ll have to figure out what you want life to be like and how you want to spend your money. For me, I like my personal space so I would spend it, but also run the numbers on how different the two scenarios can be (is it $500/month? $1000/month?) and decide where you draw the line.
At $110k base and maxing out 401k you are looking at about $5200/month in net pay. After rent and factor in $300 in utilities you are at ~$2700. If you like cooking I’m guessing going out to eat expenses will be low. Just figure out if that number (vs something like $3400 if you get a cheaper place) is good enough. You seem to have savings and you’d still be maxing out your 401k, but again, these are all personal decisions.
This guy's a prick, and I might be the only other CFP on here other than Brofessor even though I don't use it. Enjoy life within your budget. $2200 is pretty low for manhattan but can get you fun stuff in the boros or NJ.
If its your first time livIng NYC, I’d probably find a roommate or 2 just because if you don’t know anyone, it’s easier to meet people and you can cut your rent cost significantly.
But $2200 for just rent, definitely works, depending on the neighborhood, size (studio vs 1bd) and which amenities.
I’d factor in parking if you have a car as well. Street parking is rough these days.
No car is needed in NYC. Save that money and put it towards rent.
That's why I said "if you have a car". Also I'd agree you don't need a car in NYC, but if you live in one of the outer boroughs, or already own a car, it can be useful.
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