Apartments for Cheap

Questions and Answers

Your Questions About Apartments For Cheap In Nyc

November 7, 2012

David asks…

What percentage of your income should go to rent/paying off a house?

A lot of websites say it should be only 25-34 percent of your income. I was wondering if this is accurate. I want to live in manhattan after I finish school, where the cost of rent is extremely high. after finishing school I’m going to be making around $3,800 a month (before taxes). Is it unrealistic to want an apartment in manhattan that costs around $2,000 a month? Thanks for your input.

And yes I understand in other parts of the country rent is MUCH cheaper. but nyc is the only place for me.

Administrator answers:

Great question!
My background in the mortgage world may help with this one. Lenders usually ‘allow’ or ‘suggest’ that people spend around 28-30% of GROSS income (before taxes) on housing. In some cases, I’ve done loans where the number was closer to 45% of gross income spent for housing.
Having said that, there’s not one ‘right thing for everyone.’ I admire your intention to live in NYC and your commitment to simply make it happen! It’s that kind of commitment that will allow you to make it happen.
In light of that, I’ll suggest some other ideas for you to help you along:
1) Commit to remaining debt free in terms of ‘no credit cards or car loans! (Having no car is
probably pretty simply in NYC which is good)
2) Set aside a separate ‘slush fund’ or savings fund for buying your own house. As you amass
a down payment over time, you can use that to buy your own pad if you so choose.
3) Determine some additional ways of increasing your income beyond your job. This could take
the form of finding a product or service to market or sell part time for additional savings.
4) In the future, if you could find a good deal on a duplex or some type of real estate where you
have other rental income, this is a good way to have other people offsetting your housing
expense. In NYC, I would guess that the FHA mortgage limit is probably upwards of
$500,000 for a 2 or 3 unit property. You could always keep an eye out for a good deal.
Just prepare yourself with good down payment money and good credit so if the
opportunity arises you’re ready. Just an example: If you could find a duplex for $400K*
your total monthly obligation may only be around $2800 (after about $20K for down
payment & some closing costs). Rent from the other side would be at least $2000 which
means your half would only run $800. (*Of course, you’d have to look hard for a $400K
duplex..but if you’re committed……something would happen over time!)
Anyhow, the long & short….be smart with money by not getting debt & save money for your down payment so you can lower your monthly outlay.
Hope there was something helpful for you there!
Best,
E

Nancy asks…

Anyone familiar with NYC!!!!??? i have moving question. Please help!?

Im starting school in January in Manhattan. It’s located on 30 West 42nd street. Small trade school. Anyway, the school told me most students live in queens because its a short trip on the 7 line, but where in queens does the 7 line go cause i need to know when im looking for a cheap place what areas of queens i need to look at like when im checking on craigslist. Ideally i really just wanna rent a room in somebodys home or someone elses apartment, does anyone have any idea what this will cost about! I will be so grateful if anyone responds!

Administrator answers:

If you get ana pprtment in the city it would be about 3,000 dollard for one bed room.
Ir queens probbaly abour 1700

get an apartment in brooklyn,
it would be anywhere from 900 to 1300

and its only a 30 min trip to the city i nthe train.

John asks…

Moving to NY?

I want to move from NC to NYC, and I’m still in the beginnings of the planning stage, and I have no idea where to start with a big move like that.

I’ve never moved anywhere so far away like that, and don’t even know where to begin. Any advice for long-distance moves?

Where’s a good reliable place to find a (relatively cheap, but still okay) apartment?

Administrator answers:

Being that your coming from NC, the best advice I can give is JUST DO IT! I’ve moved out of NYC 3 times. Here on the east coast I left NY and went to VA. I made my most recent from Florida back. Take the 9 hour drive to check out areas of interest. If you know where you want to be. There are many apartment brokers throughout the city. Many are rip offs. If you can spend some time looking, do so. It will save you a couple of dollars, and you will get more familiar with the different areas. Sometimes the Craigslist has some decent deals. If you need affordable housing, go to NYC.GOV and look for the apartment lotteries. Good Luck!

Chris asks…

Price for professional moving service…?

I live on a 3rd floor apartment. I have a bedroom set, desk, 3 piece sectional, 50 inch tv, couple tables, tv stand, dinner table/chairs, kitchen stuff, decent amount of clothes and that’s about it. Not a ton of stuff, I live alone. I am wondering what a roundabout $ amount I should expect this summer to move out of my apartment into my new home. My target is 300 or less. Keep in mind I’m in Northeast Ohio, so it’s probably cheaper than CA, NYC, Boston, etc. We keep it cheap out here!!!

Administrator answers:

Just call a moving company and they will give you a free quote.

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