{"id":2389,"date":"2024-01-08T18:41:58","date_gmt":"2024-01-08T23:41:58","guid":{"rendered":"https:\/\/blog.openigloo.com\/?p=2389"},"modified":"2024-01-08T18:42:00","modified_gmt":"2024-01-08T23:42:00","slug":"how-much-money-do-you-need-to-rent-in-new-york-city-4-things-to-know","status":"publish","type":"post","link":"https:\/\/blog.openigloo.com\/how-much-money-do-you-need-to-rent-in-new-york-city-4-things-to-know\/","title":{"rendered":"How Much Money Do You Need to Rent in New York City? 4 Things to Know!"},"content":{"rendered":"\n
Living and renting in New York City is not easy. It\u2019s increasingly unaffordable, and wage growth just hasn\u2019t kept pace with rent increases. But that fact alone isn\u2019t enough to keep people from NYC. If we know one thing for sure, it is that people will always flock to New York for school, work, art, opportunity etc. But how much money to rent in New York City does a person need live here? Here are a few things to keep in mind when considering housing options in New York City:<\/p>\n\n\n\n
In NYC, most landlords will require you to make at least 40x the rent to be eligible<\/a><\/span> for the apartment. For example, if the rent is $2,000 per month, your annual salary needs to be $80,000 (40 x $2000 = $80,000). Keep in mind that the median household income in NYC is around $75,000, and the median rent is $3,300. So if you work the numbers, the majority of New Yorkers are rent-burdened (they spend a larger percentage of their income on rent than what is recommended).<\/p>\n\n\n\n