If you made $275k per year ($150k base), and had $400k-$500k saved, would you be comfortable renting an apartment for $3500. Assume no other debt and a car payment of $400 including insurance.
I think the obvious answer is yes. But for some reason don’t feel like pulling the trigger. Currently pay $2,900 for a studio. I’m right on the edge of a promotion but work at a competitive firm and not sure if I will last forever.
What % of your total comp do you guys pay in rent?
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Why did this get removed already
i pay nearly that as a first year, ur good
If you’re in NYC, you won’t have much of a choice if you’re living alone with the current rent market
Not NYC but similar COL city
The only options then are LA or SF. In which case 3500 is reasonable. If you’re talking any major city outside those 3, then it’s reasonable to look a little lower
Yes. Esp if you’re late 20s or older, at 275k annual comp with nearly half a million saved it’s not egregious to spend 3500 on rent in NYC
if it’s Chicago or Boston I’d limit that to 3k
..
You are low for Manhattan unless these are for walk ups, those look like Queens or deeper into BK prices
If you don't mind a studio, or a tiny one bed....With that much saved have you thought of just buying a 1bd....I know I know investments make more, but you seem to be well ahead of the game financially and can easily keep that apartment in the future whether for a family member renting it from you and both having some financial flexibility or rent to a Nurse or premed. People that just need a place to crash and will pay the bills.
I currently rent and still have my first condo in Bos.....Not sure if we are fully committed to current area and might move to the suburbs after the next promotion so no point in buying right now for me.
You rent and also own a condo?
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