Some of our key findings this year include:<\/strong> <\/p>\n You may have heard you shouldn\u2019t spend more than 30% of your income on rent. The way the math works out, your household\u2019s yearly income should be 40 times the monthly rent to afford an apartment and many landlords won\u2019t accept anyone who doesn\u2019t.<\/p>\n For example: for NYC as a whole, the median 2-bedroom rent<\/a> as of June is around $3,650<\/strong> which would require a household income of $146,000 to secure and comfortably afford. The median income for New York City stands at $58,856 according to the most recent census data<\/a>, putting the median 2-bedroom far out of reach, since spending over 70% of your pre-tax income on rent is unsustainable if not impossible.<\/p>\n There are exceptions to the rule: If you have vast savings or a guarantor whom makes 80 times the rent, a landlord is likely to let you slide without meeting the income requirements. It\u2019s also not unheard of for a landlord to request last month\u2019s rent in addition to the first month and security deposit for those with below average credit \/ income. Our \u201chow much can I afford<\/a>\u201d guide can give you a little more info on these rules and some ways to overcome them.<\/p>\n So how much DO<\/b> you need to live in New York City?<\/p>\n
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The 40x Rule \u2013 30% of Income<\/strong><\/h2>\n
The Map Below Shows Income Required for a 2-Bedroom Apartment in NYC<\/strong><\/h2>\n
