NY/CT - What's a reasonable amount to spend on rent?

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?

Comments (10)

 
  • Principal in HF - Event
Jan 9, 2021 - 4:38pm

Principal in HF - Event

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?

bumpity bump

 
  • Analyst 3+ in HF - Other
Jan 9, 2021 - 4:57pm

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. 

 
  • Principal in HF - Event
Jan 9, 2021 - 4:59pm

 

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.

 

 
  • Analyst 3+ in HF - Other
Jan 9, 2021 - 5:52pm

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. 

 
Jan 9, 2021 - 6:04pm

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.

 
  • Principal in HF - Event
Jan 9, 2021 - 6:06pm

DatAnalyst

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.

 
  • Analyst 2 in CB
Jan 11, 2021 - 1:02am

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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