For the few and the proud (about 8+ million in all) who live in the urban jungle of Manhattan there are many costs involved in renting and owning. The biggest price of admission is provable income. Unlike the mortgage debacle with "Stated" Incomes, Landlords in Manhattan want to see hard valid statements of income, and a lot of it! The standard formula is 40x the monthly rent + sterling credit (700+) nothing in the public record etc. And for goodness sakes don't end up in Landlord / Tenant Court. The included graph shows just what it takes to rent in the city. The numbers are averages compiled over several months and yes you can find cheap apartments if you are lucky and find that one deal but considering an average of 1% vacancy rate they are hard and few to find. The next time around I will reveal a few handy tips to ease a hostile landlord - tenant situation. Average Minimum Salary's to Live in an Area (@ 40x the Monthly Rent) | Location | Studio | 1 Bedroom | 2 Bedroom | 3 Bedroom | | Chelsea | $ 89,800 | $ 116,760 | $ 172,600 | $ 228,000 | | East Village | $ 77,520 | $ 97,560 | $ 133,120 | $ 175,560 | | Gramarcy / Flatiron | $ 88,760 | $ 114,480 | $ 164,000 | $ 217,840 | | Harlem | $ 43,560 | $ 52,000 | $ 75,040 | $ 91,320 | | Lower East Side | $ 63,960 | $ 103,480 | $ 141,200 | $ 169,320 | | Midtown East | $ 74,200 | $ 107,680 | $ 146,760 | $ 202,640 | | Midtown West | $ 81,680 | $ 119,640 | $ 170,120 | $ 202,000 | | Morningside Heights | $ 64,000 | $ 85,800 | $ 107,320 | $ 130,000 | | Murrary Hill | $ 84,640 | $ 107,720 | $ 158,000 | $ 184,680 | | SoHo - Tribeca | $101,000 | $ 140,720 | $ 220,320 | $ 269,960 | | Upper East Side | $ 71,320 | $ 96,240 | $ 143,760 | $ 195,800 | | Upper West Side | $ 79,320 | $ 103,960 | $ 164,000 | $ 228,000 | | FiDi - Battery Park | $ 96,560 | $ 124,840 | $ 163,840 | $ 186,280 | | Washington Heights | $ 50,000 | $ 52,880 | $ 66,920 | $ 82,480 | | West Village | $ 87,400 | $ 139,200 | $ 172,760 | $ 233,920 |
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3 Comments on The Price of Admission
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Always good to know about other areas. Thanks for the post.