Qualifying for a starter rental in NYC can be more difficult than getting an apartment elsewhere. First you must earn an annual salary equal to (or greater than) 40 to 50 times the monthly rent. That works out to $120,000 for a $3,000 apartment (the median rent for an apartment in Brooklyn these days).
To live a comfortable and satisfying lifestyle in New York, even when you have roommates splitting the cost, a yearly income of $50,000 or more is ideal.
A salary of $58,450 or less annually is now considered low income in the New York Metro Area. If you are a single New Yorker earning $58,450 or less per year, you fall under the low income category, according to 2018 estimates released last month by the U.S. Department of Housing (HUD).
To apply for either type of help, visit your local Public Housing Agency (PHA). Some PHAs have long waiting lists, so you may want to apply at more than one PHA. Your PHA can also give you a list of locations at which your voucher can be used.
How To Afford Living In NYC And Other Expensive Cities
The general rule is that your monthly apartment rent (excluding utilities) should not exceed 30% of your gross monthly income.
40K is doable when you're young but it's a pretty hand-to-mouth existence and not really sustainable for more than a year or two for most. You can find rooms for about $1000 in upper Manhattan or an outer borough. You'll definitely have roommates and be looking for free things to do.
"I definitely think you can live comfortably on a salary of $50,000, even in New York City," says Haskins. "It's an expensive city, but I think if you know where your money is going and you recognize what your priorities are, it's totally doable."
You can do quite well in NYC with 80k/year depending. ... You can do quite well in NYC with 80k/year depending. If you're sharing an apartment you'll have a lot more buying power, but 80k won't put you in the lap of luxury.
Living Wage Calculation for New York County, New York
| 1 ADULT | 2 ADULTS (1 WORKING) | |
|---|---|---|
| 0 Children | 2 Children | |
| Living Wage | $21.77 | $38.86 |
| Poverty Wage | $6.13 | $12.60 |
| Minimum Wage | $11.80 | $11.80 |
The federal poverty rate is often the statistic cited when policymakers, advocates and service providers talk about poverty and the poor. In 2017 the federal poverty rate is $12,060 a year for an individual and $24,600 for a family of 4.
Income eligibility is usually listed and most of the programs are for lower to moderate income New Yorkers.
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