Most NYC residents rent, they don’t purchase the homes they live in.
$1.3M is actually lower than I would have guessed for this neighborhood considering the amount of homes here that are probably worth more than $10M (maybe it’s a median, not a mean?).
A quick search does show a bunch of listings for studios less than $500K.
140K is an after-tax income of 100K. If you spend 75% of your after-tax income on housing (which is utterly insane but people do it), that’s $6250 per month, which could support a house price of $800,000 to $900,000. Not a lot for Manhattan.
You could also pay $6250 a month for rent which is also utterly insane, but would at least get you a somewhat normal apartment with some actual space.
you can live in manhattan on that income or is that like two people making that income?
You can definitely live in Manhattan on $140k. You probably have a studio or 1BR apartment.
yeah but it lists it as an average while housing is averaging 1.3mil.
Most NYC residents rent, they don’t purchase the homes they live in.
$1.3M is actually lower than I would have guessed for this neighborhood considering the amount of homes here that are probably worth more than $10M (maybe it’s a median, not a mean?).
A quick search does show a bunch of listings for studios less than $500K.
140K is an after-tax income of 100K. If you spend 75% of your after-tax income on housing (which is utterly insane but people do it), that’s $6250 per month, which could support a house price of $800,000 to $900,000. Not a lot for Manhattan.
You could also pay $6250 a month for rent which is also utterly insane, but would at least get you a somewhat normal apartment with some actual space.