My base salary is 200k and my last year's bonus was ~270k.
I expect to make more this year, although I could be wrong.
I want to rent a nice house north of Manhattan or near Stamford, CT.
What's a good amount to spend on rent?
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Do you want to rent a house? Well, I'd say look around Stamford, and $3-4k will get a nice place. However, you'll have to drive to the train and take the train into Manhattan. So it's an expensive 1-hour commute. I'd just get a nice condo in Manhattan for the same price.
My work is in CT, but not finding much below $4k around Stamford. Most house options seem crummy under $5k.
Well, working on CT makes it a lot easier. I'll assume you work in Stamford. Then I'd suggest Darien, New Canaan, or Westport. The more you go N or NE, the cheaper places will be. After looking at Zillow, the options aren't as good as when I worked out there years ago. There are more options if you're buying, but I don't know your situation.
Yeah, I suppose going more N is an option, but I want that flexibility to take a quick uber to Stamford station and take a direct express train to Manhattan when I want to.
$5k is way too much at my income level, but I suppose I'll have to pay for that convenience.
$5k is about the upper limit I would feel comfortable with at your income level. It is high, but should be manageable with just your base and then you can still save the bonus. This depends on whether or not you have other debt.
Is it just you? At $5k you are looking at relatively large houses which may be annoying to deal with as a single person (or a couple).
In Stamford as you get closer to the meritt (or even on the other side of it) you’ll find some more affordable homes.
Might I ask why you’re looking at renting not buying? At the point you get to $4K in rent it just seems crazy to not be building equity for the amount you have to drain into the monthly payments. Say you move, it’s not that hard to hire a property manager and rent the place out. Just curious.
I dislike owning homes. They are a headache. I dislike all the various maintenance charges, all the paperwork, the shitty returns, etc. Also I think the sweet spot for me in terms of homes I want to own are above what I can afford currently.
Start your own firm in Fresno, California. You'll find affordable homes and create decent finance ops for people.
Spend you're money on what makes you happy. If 4-5k rent makes you happy, so be it. No one else can capture the value that intangibles bring to you.
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