New York City is one of the most popular cities in the United States. Known by many nicknames, how much income do you need to have if you want to experience living in The Big Apple?
Alicia Keys may have put the right words to use in her song "Empire State of Mind." While NYC is truly one of the best places to fulfill your dreams, living in it isn't so light on the budget.
New York City is a famous setting for most TV shows like "Sex and the City" and "Gossip Girl." As can be seen in these TV shows, such as Carrie Bradshaw or Blair Waldorf, those who live in NYC pretty much come from the elite class.
But this doesn't mean only the elite get to live in the Big Apple! According to Money Crashers, you can still fulfill your dream of living in New York City with a couple of considerations in mind.
The publication advised on the use of the 30 percent rule, which means that housing costs should not be more than 30 percent of a person's salary. Say for example, a one-bedroom apartment in Tribeca costs an average of $4,150 per month.
In order for you to be able to rent this property, you need to at least have an annual gross income of $166,000. Other factors such as utility bills and other expenses must also be placed under thoughtful consideration.
Some landlords may include utilities in the monthly rent, but some may not. If you do not ask about these details beforehand, you may find yourself exceeding the 30 percent rule.
The publication noted that there are other boroughs in NYC that need lower annual gross income such as Park Slope in Brooklyn at $98,000 and Queens, Astoria at $86,040.
Meanwhile, as previously reported here on Realty Today, the current real estate trend in 2016 shows that more homeowners are looking to move into second-tier cities.
According to the 2016 Emerging Trends in Real Estate, cities such as Austin, Nashville and San Antonio will be the highlight of this year, overtaking New York City and San Francisco.