The Price of Admission

By
Services for Real Estate Pros with Avalon Real Estate Agency

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)

LocationStudio1 Bedroom2 Bedroom3 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

 

Comments (3)

Bob & Carolin Benjamin
Benjamin Realty LLC - Gold Canyon, AZ
East Phoenix Arizona Homes
Always good to know about other areas. Thanks for the post.
Jan 10, 2008 03:44 PM
Roberta LaRocca
Simply Vegas Real Estate - Las Vegas, NV
REALTORĀ®, Broker, Salesperson, NV. Lic BS.507
Andrew, Great information.  It is interesting to see how things work in other parts of the country.
Jan 10, 2008 03:59 PM
Richard Halpern
Coldwell Banker Commercial NRT - Ellicott City, MD
Now I can see why Bill Clinton picked Harlem for his offices.Thanks for the info.
Jan 10, 2008 04:23 PM