One in every 25 New Yorkers walking down these streets is a millionaire.
Now, those are some pretty decent odds. It's realistic to say that you might run into
a millionaire while walking down the streets in New York City.
But on the other hand 1 in every 5 New Yorkers walking down these same streets live
below the national poverty line. New York is a city of extremes and living
here it's not for everyone but if you're interested in seeing what
it's like to rent an apartment on a realistic budget then this video is for you!
Now I've shown you some of the most expensive places to rent and buy in this
city but today we're going to be exploring some different options.
The most affordable neighborhoods in the city, living situations and more so you
can learn about what it takes to live in New York City!
Your biggest expense living in the city is going to be rent.
Apartments in the city, they go fast! Leases can get signed within minutes of seeing an apartment by applying a via
the internet on the spot as a rule of thumb don't spend more than 30 percent
of your annual income on rent New York is an expensive city but the annual
income is also higher than the national average let's check out the numbers
Manhattan's average annual household income is just about sixty seven
thousand dollars per year while Brooklyn is a mere 45,000 Queens comes in at
fifty-four thousand per year New York's most suburban borough Staten Island is
also its richest with a median household income of 70,000 per year and finally
the Bronx comes in at 33 thousand per year you are probably thinking to
yourself that is way more than I make how could I possibly afford to live in
New York the thing is that number it's very
skewed ax most likely if you are watching this video as research on
moving to New York City you're between the ages of let's say eighteen and
thirty meaning that your median total income is nowhere near the average
household salary of 67,000 in Manhattan with that my first tip for living on a
realistic budget is to live outside of Manhattan
New York has five boroughs and Manhattan is the most popular but it's also the
smallest it's also where most of the big businesses have their headquarters and
where the highest paying jobs are so it makes sense that it would be the most
expensive however with the actual geography of the city along with the
many transportation options living outside of Manhattan gives you more
options for a lot less money the average rent for a one-bedroom in Manhattan is
thirty eight hundred dollars per month for just about 700 square feet worth of
space while in Brooklyn the average rent for a one-bedroom is only two thousand
and five hundred dollars per month in Queens two thousand per month in the
Bronx just 1,800 and in Jersey City just two thousand and six hundred dollars per
month before you can even see an apartment make sure it's in your budget
most landlords in New York City require your gross annual income that to be 40
times the monthly rent meaning that to rent the average one-bedroom in
Manhattan you need to be earning around 150 thousand dollars per year although
if you can't afford that you can get a cosigner guarantor who will need to make
80 times the monthly rent now the simple solution if you don't make anywhere near
that amount or you don't have anyone to co-sign your lease is to live with
roommates it's not ideal but when you're just starting out and you're trying to
make it in the city you have to do what you have to do even though it's the most
expensive for the purpose of this video we're going to be looking at the top
three most affordable neighborhoods in Manhattan number one on my list is sty
Talent sty town is a sprawling collection of red brick apartment
buildings stretching over 80 acres from first Avenue to Avenue C between 14th
and 23rd streets sty town has close to 9,000 apartments in 89 residential
buildings the average price of a studio in stone is $2,600 per month I have
never been to sty town and my first reactions it is so peaceful and so quiet
here it's pretty much like its own separate city within this
there's even a little cafe over there there's people walking their dogs just
going about their daily lives the only drawback I can really think of
is that the buildings are all pretty bland they almost look like hospitals or
some kind of institution but the good thing is right next to you is the East
Village with tons of bars restaurants cafes lots of vibrant nightlife all at
all I would recommend stye town next up on my list is the iconic theater
district the theater district is bound by West 40th Street on the south and
West 54th Street on the north between 6 and 8th avenues the theatre district
also includes the iconic Times Square where the average price of a studio will
run you $2,900 per month most people wouldn't think of the
theater district as a place to live you know it's known for the bright lights
and all the shows but it's actually one of the cheapest places to rent in the
entire city some positives of the theater district you have tons of
restaurants all the shows the bright lights is what people think of when they
think of New York City but with that comes the noise and also the crowds so
if you're looking for that peace and quiet I wouldn't really recommend this
neighborhood but if you're trying to save money you get what you pay for and
coming in at number 3 is Hell's Kitchen which is widely known around Manhattan
for very very affordable rent Hell's Kitchen is located from 34th Street to
59th Street and from 8th Avenue to the Hudson River in the West this is ninth
Avenue now this is the main drag in Hell's Kitchen well the restaurants and
cafes are now Hell's Kitchen is definitely more on the quieter side
compared to the theater district as you can see behind me this is what a typical
neighborhood looks like lots of brown stones very residential so we're just
filming in Hell's Kitchen and we run into max who lives here and what would
you say is the best thing about Hell's Kitchen
absolutely the rent I have a one-bedroom apartment in New York City for $1,900
1904 one bedroom one bedroom no fee try to pay a fee for the broker nothing
newly renovated stainless steel appliances you heard of here from a
local the rent is very affordable in Hell's Kitchen
if you're looking to learn more about how to budget your finances before your
big move to New York City check out this course on money
management which one of the many courses offered by the
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see you in the next video