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When “low-income” starts at 100k, though, 40k might feel very close to nothing.
by zamfi 2y ago
When “low-income” starts at 100k, though, 40k might feel very close to nothing.
- kjkjadksj 2y ago40k affords your $1600/mo rent at least. Having housing covered is not nothing.
- BobbyJo 2y agoRent in HCOL areas is more than 1600 a month. I live in a college town, hardly HCOL, and 1600 a month will get you a small apartment here. Looking online, median rent in the US for all housing types is over 2k.
- kjkjadksj 2y agoWell chances are people making 40k aren't renting a unit that leaves them with only a thousand a month leftover. They are probably living in that small apartment or with roomates or a significant other, the latter case halves the rent wherever you live for a 1br for example.
- harimau777 2y agoYes but you also have taxes, car payments, gas, and food. It also wouldn't be uncommon for rent to be more that $1600 a month. Edit: To give an idea. According to Google, in New York at $40k a year you will pay $12,000 in taxes. So after taxes and $1600 a month in rent you would only have about $733 a month for transportation, food, entertainment, clothes, savings, etc.
- kjkjadksj 2y agoChances are if that is your spread you have roommates. No one on 40k is renting that 5k manhattan apartment. They are probably out in queens or somesuch. Craigslist says average rent for a 1br in queens is around $2k a month. So if these earners have a roommate or a significant other, they are paying like $1k a month on rent even with the base rent higher than $1600/mo.
- kaycey2022 2y agoCan't you hide your income if you are getting paid hourly at a minimum wage shop? It would be better to receive cash only, under these circumstances.
- janalsncm 2y agoIt’s probably not a great sign if the path to financial stability involves illegal activity.
- gcr 2y agoIn large cities like NYC, landlords require an annual salary of 40 times the monthly rent. That means your $1600/mo rent landlord will not accept applicants making under $64k.