Author Topic: Someone set me straight with NYC housing decisions  (Read 12615 times)

EfficientN

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Re: Someone set me straight with NYC housing decisions
« Reply #50 on: June 02, 2015, 04:39:08 PM »
I wanted to provide an update for anyone who was watching, or finds this thread and is also moving to NYC. Feel free to PM me if you want to pick my brain for further details. Hopefully I'll see some of you at a future meet up!

I was familiar with NYC prices from rental searching years ago with family members, but prices are seriously out of control. I think I'm lucky splitting a $3,000 1br (flexed into 2 bedrooms by putting up a wall in the living area). For year 1 and using my forecasted budget, I'm saving roughly 35% of my pre-tax income. I'm pretty happy with the result, but it was a massive amount of shoe-leather to search and find a place that was a reasonable compromise between price and commute. My commute will about 20-25 minutes, which I hope to reduce next time around. Thankfully, there is a safe bike route that would also take 20-25 minutes.

lise

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Re: Someone set me straight with NYC housing decisions
« Reply #51 on: June 02, 2015, 06:47:19 PM »
Congrats EfficientN - what area of New York did you end up moving too?
A 20-25 minute commute is not too bad.

Krnten

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Re: Someone set me straight with NYC housing decisions
« Reply #52 on: June 02, 2015, 07:10:51 PM »
Another vote for living in NYC while you're young and just starting out.  It is so much fun.  NYC doesn't have to be too expensive after housing.  Many things are cheaper than elsewhere and there's so much free entertainment.  I started out here on like 45k and while I didn't have a high savings rate, I did just fine and have saved plenty. 

I would HIGHLY recommend getting a walking or biking commute though, even if it means more rent.  NYC subway service has been particularly bad this past year.  I switched to a bike commute in Feb and am much happier, and I get to work faster. 

Although Brooklyn is awesome and fun, the subway commuting from it can be just miserable.  If you must choose a subway commute, make sure it's "one seat"; no transferring.

Krnten

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Re: Someone set me straight with NYC housing decisions
« Reply #53 on: June 02, 2015, 07:12:50 PM »
Oh wait nevermind.  Old thread!  I'm glad you found a place you like.  Also agree that 20-25 mins is just fine for an NYC commute.

MustacheNY

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Re: Someone set me straight with NYC housing decisions
« Reply #54 on: June 03, 2015, 09:15:29 AM »
I know this is an old thread an the OP just mentioned he had found a place, but I still wanted to chip in my 2 cents.

I believe that as a young single person, the right housing decision comes down to your personal preference and definition of a "home".  If you are the type that needs their own place to come home to unwind at night, or spends a lot of time in there apartment, then it might make a little more sense to splurge a little, since you will be spending quality time at home.  However, for me personally when I was younger, and many of my friends, we were too busy working, or playing to spend any real time at home, and our home mostly functioned as a place to shower and sleep, before starting all over the next day.  In this case, I could never fathom why many of my friends and co-workers would spend $1,500-$4000+ a month on a place when they could share a place that was only an extra 10 minute commute for $700 to $800 that was actually a decent place. 

As your life evolves, and you have a wife or kids, a home does tend to take on a new meaning, but even so, there are decent buildings in safe neighborhoods in Brooklyn conveniently located near the trains where you can rent 3-bedrooms for less than $2,500. 

I get the whole "excited and fun" part of living in NYC, but it is possible to have that exciting and fun life in NYC without spending $1,500+/month. 

Merlion

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Re: Someone set me straight with NYC housing decisions
« Reply #55 on: June 04, 2015, 12:48:40 PM »
Hi all,

Remember reading this thread a couple of months ago and getting some ideas just in case I moved to NY in the future...And now I have a job offer in NYC to decide on in the next day or so (and will likely accept).

I'm not sure where in NYC to start looking for apartments - any advice would be appreciated, based on the info below. Also, any advice on websites popular to search for apartments in NY?
 
My office will be in lower Manhattan, so I'm guessing Brooklyn or Jersey City (though that doesn't seem to be a popular choice on this thread) would be best?
Commute: 30-40 mins tops if possible. I have a 40 minute bus commute now in Singapore. It's bearable but wouldn't want it to be much longer.
Neighborhood: If possible, somewhere with some good cheap ethnic food options, decent grocery store nearby.
It will be my wife and I - we are looking for either a 1 or possibly small 2 bedroom place.
Budget: 2000-2500/month

Any specific neighborhoods in Brooklyn that we might want to look at? Or elsewhere?

lise

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Re: Someone set me straight with NYC housing decisions
« Reply #56 on: June 04, 2015, 01:10:22 PM »
I'm going to repeat saying Lower East Side / Chinatown which I mentioned earlier in the thread!  You should be able to get a decent 1 bedroom for $2,500 in this area is cheaper than parts of gentrified Brooklyn.  You'll be able to walk or bike downtown or quick commute by subway.  Ethnic food in abundance!   

MustacheNY

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Re: Someone set me straight with NYC housing decisions
« Reply #57 on: June 04, 2015, 06:57:40 PM »
You can get a 2 bedroom in the Midwood neighborhood of Brooklyn off of the B/Q subway line for under $2,000.  It won't be luxury, but it will be in a nice safe neighborhood, super convenient to trains, and reasonably sized for NYC apartments.  There are many pockets like this all through NYC.  However, depending on your salary level, you may find it more financial advantageous to live somewhere in Jersey (Hoboken, Jersey City, etc.) that is convenient to trains or the Ferry.  Rent may be slightly cheaper for what you get, but the big savings will be in what you save on the NYC taxes.