15 ms·
It's definitely outdated, or at least location dependent. The average rent in Manhattan in 2/16 was $3,850. Landlords won't rent to you unless you earn 40x the
by citizens 11y ago
It's definitely outdated, or at least location dependent. The average rent in Manhattan in 2/16 was $3,850. Landlords won't rent to you unless you earn 40x the monthly rent which is $154k. In Brooklyn, the average is $2,716 which ends up being $108,640. (http://www.mns.com/brooklyn_rental_market_report http://www.mns.com/brooklyn_rental_market_report)
- cookiecaper 11y agoMost people don't live in Manhattan or Brooklyn. If you live in a high COL area, adjust accordingly. I suggested using an approximate 2.3x multiplier elsewhere. The most financially effective way to be a programmer is to work remotely for someone who pays SF or NYC salaries and live in a moderate COL area. I've always seen the rental income requirement you stated phrased as "monthly income must be at least 3x monthly rent", in case the 40x thing threw anyone else off (40/12=3.33).
- rlonstein 11y ago> Landlords won't rent to you unless you earn 40x the monthly rent I've recently seen 45x monthly in Manhattan and LIC (Queens).
- wallflower 11y agoThe loophole is a sublet where the person subletting (this is probably illegally) assumes the financial and personal risk.
- deleted 11y ago[deleted]