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 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.