TC is around ~190K, 215K if you amortize signing bonus over 4 years, but that seems unreasonable whats a good amount to pay for rent in NYC, assuming i live with one other person? id like to have my own bed/bath. i see people say to divide income by 40 to get a monthly limit; is this only post-tax or only base salary or both? 190K/40 = 4750 a month, which seems kind of ridiculous, but in general i’m willing to pay a little extra for nicer living (def not that much tho). nice housing has a high weight in my overall utility function :) any insight would be greatly appreciated! thanks a lot! (tagged FGA cuz they seem to have the largest tech presence in NYC 🤷🏽♂️)
That’s the formula landlords use to gauge your affordability... but you should used 20-30% range of your annual base ( not TC ) ... I’m currently on 21%
Why do you have to be so strict with using a salary based formula to determine what you can spend on rent? Why not just start with a number that you’d be willing to spend and see if anything is available in that range. Then expand your search radius/budget as needed.
I’ve never really budgeted before lol and I would optimally like to spend a lot but obviously not to an extent that isn’t feasible/sustainable. I’m just trying to get a feeling for the ceiling, but I’ll obviously try to go as low as possible
The thing is, nyc prices are all over the place. Let’s say your cap is $3K/month but in that range you may not be able to find anything within walking distance or short commute, may require a roommate or most likely may require a long commute 1hr+. So now you have to decide what’s more important. I live in Brooklyn and my commute sucks. But I can afford my place. However, even in my area a 2 bedroom apartment can range from $1500-$5500/month. Which is insane.
I would say that at 3500 you are looking at a walk up garbage 1 bed. 4500 is a decent elevator big building. 5k+ for a building with amenities. You can go lower if you don’t mind living in a place further on the subway or something like stuy town but I wouldn’t recommend it. Or get a studio and save about 500 off the prices I said. Just go on StreetEasy.com and look at 1 beds in the neighborhoods you like and price it with whatever features you need.
Hmm are these prices applicable for 2 BRs? I’m totally fine with these prices in that case, but 5K for just myself seems a bit much, and I really wouldn’t mind a roommate for a little while (at least until promotion or refreshers lol)
Wtf 3500 definitely gets you a nice new elevator building 1br... My friend had a new luxury unit in Hudson yards for 3200. There's plenty of really nice looking places in Tribeca at 3500 too. Just go search Zillow (they own Streeteasy so you'll see strictly more listings there) and you'll quickly get a sense.
Just live in Brooklyn, the people are cooler, the bars are awesome, the rent is like half.
Upper east side you can get a decent studio for 2k. 1 br would be 3k
You should be able to find a 1 BR apartment in the east village / lower east side / stuy town (all walking distance from FB) for less than 3K easily. Granted it’s a walk up, but you’re young and EV/LES are amazing neighborhoods, and you wanna start with a walk up and later in your life upgrade to a high end building. Save as much as you can now, and invest
1/4 of your monthly take home amount is a good approximation
I would just do 1/3 of your NET monthly income.
so post-tax? does this include RSUs as well?
Yes and if you get your RSUs monthly, sure.