What's Life Like in New York City?

[mikeyank]

And for a fraction of the price. haha

No question Tampa. New York’s rent control and rent stabilization laws have made it possible for me to live in one of the cities priciest neighborhoods at a ridiculously low rent.

Tuesday afternoon as I was coming back home after taking pics as I planned my tour for this coming Sunday, there was a young couple, in their twenties moving some boxes into the building. I introduced myself and the guys name was Ethan, and he was sure cute enough fir me, but I digress. They told me they were moving into Unit #4 on the top floor. I was wondering what kind of work he does to afford the place. I just looked it up now and the listing was for $4000 a month. This was the listing.

Entire top floor of townhouse, four flights up. Two bedroom. Renovated kitchen with granite counter tops and stainless steel appliances. Hard wood floors, beautiful wood work. Lots of light and space. Laundry in basement. No dogs please. May 14 Occupancy

Beautiful apartment but $4000 a month is not for everyone. But I hope to see a lot of young Ethan running around in shorts or maybe shirtless this summer.

 

[br6205]

Can you say a rich "rellie" or perhaps he inherited the money or the third possibility he made it through some above-board or not-so-legal mean?

 

[tampa24]

No question Tampa. New York’s rent control and rent stabilization laws have made it possible for me to live in one of the cities priciest neighborhoods at a ridiculously low rent.

Tuesday afternoon as I was coming back home after taking pics as I planned my tour for this coming Sunday, there was a young couple, in their twenties moving some boxes into the building. I introduced myself and the guys name was Ethan, and he was sure cute enough fir me, but I digress. They told me they were moving into Unit #4 on the top floor. I was wondering what kind of work he does to afford the place. I just looked it up now and the listing was for $4000 a month. This was the listing.

Entire top floor of townhouse, four flights up. Two bedroom. Renovated kitchen with granite counter tops and stainless steel appliances. Hard wood floors, beautiful wood work. Lots of light and space. Laundry in basement. No dogs please. May 14 Occupancy

Beautiful apartment but $4000 a month is not for everyone. But I hope to see a lot of young Ethan running around in shorts or maybe shirtless this summer.

If he does his own laundry you might get lucky catching a good glimpse of him in minimal clothing in the laundromat. haha

Yeah. Four grand a month is pricey.

 

[mikeyank]

Tonight I had my birthday dinner in Bay Ridge right in the shadow of The Verrazano Bridge connecting two of the five boroughs of New York City, Brooklyn and Staten Island. Anyone who saw the John Travolta flick from the late seventies, Saturday Night Fever will remember both Bay Ridge and the Verrazano Bridge as both were prominently featured in the film.

This is yet another part of New York City from just before dusk this evening.

 

[br6205]

Brings back, memories to me a time when even I was young, foolish and yes innocent.

 

[tampa24]

Tonight I had my birthday dinner in Bay Ridge right in the shadow of The Verrazano Bridge connecting two of the five boroughs of New York City, Brooklyn and Staten Island. Anyone who saw the John Travolta flick from the late seventies, Saturday Night Fever will remember both Bay Ridge and the Verrazano Bridge as both were prominently featured in the film.

This is yet another part of New York City from just before dusk this evening.

View attachment 65779

Oh yes. The bridge was feautred often as a backdrop. I believe it was shown in the movie most often at night. It's hard to believe how long ago SNF feels like now.

 

[mikeyank]

Oh yes. The bridge was feautred often as a backdrop. I believe it was shown in the movie most often at night. It's hard to believe how long ago SNF feels like now.

It was 1977 and this is the tragic scene most memorable for me. regarding the Verrazano Bridge.

 

[mikeyank]

And a more pleasant memory is the opening credits scene where Tony Manero is bopping down 86th Street under the EL subway in in Bay Ridge to the track of The Bee Gees Staying Alive.

 

[br6205]

These scenes do date us.

 

[mikeyank]

Today is a picture perfect June day in New York City with blue skies, sunshine and low humidity. I was out earlier on the Brooklyn Heights Promenade, listening to the Yankee game and enjoying the day!

 

[tampa24]

Thanks for the pics Mikey!

 

[br6205]

Beautiful pics, Mike, TY. Unfortunately the area I lived in and many others was not that way.

 

[mikeyank]

I am very grateful to live where I do, five minutes from Brooklyn Bridge Park, ten minutes to the Promenade, twenty minutes to DUMBO, all walking or a ten minute subway ride to lower Manhattan and the financial district.

 

[mikeyank]

Today is a beautiful late spring day, 80 degrees and sunny with low humidity. I spent part of the afternoon hanging out in Brooklyn Bridge Park and I took a few photos from one of the piers.



And I love the New York City ferries where you can travel on the East River as far up to the Bronx or down to Far Rockaway and every place in between all for the price of a subway ride, $2.75 and it’s good for a round trip. Great way to spend an afternoon on the river!

 

[mikeyank]

And on my way back home, I walked along Atlantic Avenue and saw a promo for this fall’s Atlantic Antic, the street fair every fall that goes from the river all the way to downtown Brooklyn near Barclay’s Center. When I looked closely at the sign, I saw it is the 46th annual event and it occurred to me that I moved to my apartment 46 years ago, in August 1976. Time sure flies when your having a good time.


Upon checking that it says October 3rd which is a Monday this year, I realize that this sign is left on a store for rent from last year, which means this October will be the 47th annual event, one year before I moved into my apartment.

Speaking of renting in New York City, this article was posted this morning.

https://news.yahoo.com/median-rent-manhattan-reaches-high-114525742.html

The New York Times
Median Rent in Manhattan Reaches a New High



Anna P. Kambhampaty
Fri, June 10, 2022, 7:45 AM·3 min read
NEW YORK — The median rent in Manhattan reached $4,000 in May, the highest price ever reported by brokerage Douglas Elliman. This was a nearly 2% increase from April and more than a 25% increase from May 2021. The average rental price in Manhattan was just under $5,000 in May.

The median rental price in Brooklyn also increased to $3,250 in May, an 18% rise from the previous year.

Soaring rent rates in New York City have worried residents for months, after people left the city in droves and prices plunged at the beginning of the pandemic. The recent rise has been spurred by more people returning to the city in recent months, high mortgage rates and remote work that justifies paying higher rents for some tenants who have put more value on their home spaces.

At the same time, following the expiration of New York’s eviction moratorium, rising eviction rates in combination with the lack of affordable rents might further exacerbate dislocation. The price threshold reached in May suggests that rents will continue to stay high, at least through the summer, which many real estate agents consider to be peak rental season. But long term, brokers say, renters will not be able to keep up, and rates will have to even out.

The influx of renters to the city is the primary factor in the increased demand for apartments. “I’m seeing people who left the city for the pandemic coming back for the first time. And if you throw into the mix the many new hires and recent graduates that are looking for places right now, this is what happens,” said Keyan Sanai, a real estate agent at Douglas Elliman.

Rising mortgage rates are also incentivizing people to rent apartments in lieu of buying property right now. “This tips a portion of would-be homebuyers into the rental market, which is already tight,” said Jonathan Miller, of Miller Samuel, an appraisal company.

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With the median rent in Brooklyn now $3250 a month, I’m sure lucky to live where I do in a modest rent stabilized apartment, paying a fraction of that median rent.

 

[br6205]

With the median rent in Brooklyn now $3250 a month, I’m sure lucky to live where I do in a modest rent stabilized apartment, paying a fraction of that median rent.

As you should be.

 

[tampa24]

https://news.yahoo.com/median-rent-manhattan-reaches-high-114525742.html

The New York Times
Median Rent in Manhattan Reaches a New High

View attachment 66714

Anna P. Kambhampaty
Fri, June 10, 2022, 7:45 AM·3 min read
NEW YORK — The median rent in Manhattan reached $4,000 in May, the highest price ever reported by brokerage Douglas Elliman. This was a nearly 2% increase from April and more than a 25% increase from May 2021. The average rental price in Manhattan was just under $5,000 in May.

The median rental price in Brooklyn also increased to $3,250 in May, an 18% rise from the previous year.

Soaring rent rates in New York City have worried residents for months, after people left the city in droves and prices plunged at the beginning of the pandemic. The recent rise has been spurred by more people returning to the city in recent months, high mortgage rates and remote work that justifies paying higher rents for some tenants who have put more value on their home spaces.

At the same time, following the expiration of New York’s eviction moratorium, rising eviction rates in combination with the lack of affordable rents might further exacerbate dislocation. The price threshold reached in May suggests that rents will continue to stay high, at least through the summer, which many real estate agents consider to be peak rental season. But long term, brokers say, renters will not be able to keep up, and rates will have to even out.

The influx of renters to the city is the primary factor in the increased demand for apartments. “I’m seeing people who left the city for the pandemic coming back for the first time. And if you throw into the mix the many new hires and recent graduates that are looking for places right now, this is what happens,” said Keyan Sanai, a real estate agent at Douglas Elliman.

Rising mortgage rates are also incentivizing people to rent apartments in lieu of buying property right now. “This tips a portion of would-be homebuyers into the rental market, which is already tight,” said Jonathan Miller, of Miller Samuel, an appraisal company.

——————————————————————————————————

With the median rent in Brooklyn now $3250 a month, I’m sure lucky to live where I do in a modest rent stabilized apartment, paying a fraction of that median rent.

One thing I'd be curious about is what those median rent stastistics mean by the size of the apartment. It's like they combined 1, 2 and 3 bedroom apartments all into one median average. I wonder what the average or median rates are individually for studios and 1, 2 and 3 bedrooms.

 

[br6205]

One thing I'd be curious about is what those median rent stastistics mean by the size of the apartment. It's like they combined 1, 2 and 3 bedroom apartments all into one median average. I wonder what the average or median rates are individually for studios and 1, 2 and 3 bedrooms.

Too much!

 

[mikeyank]

One thing I'd be curious about is what those median rent stastistics mean by the size of the apartment. It's like they combined 1, 2 and 3 bedroom apartments all into one median average. I wonder what the average or median rates are individually for studios and 1, 2 and 3 bedrooms.

Good question Tampa. I found this article from May 4, 2022.

https://www.apartmentlist.com/renter-life/average-rent-in-new-york-city

Average Rent in New York City & Rent Price Trends
By: Kimi Kaneshina, Rob Warnock, and Justin Chaplin
May 4, 2022



Considering a move to New York? Before you start apartment hunting, learn about the local rental market. Make sure you know the average rent in New York to get your budget started!

Average Rent in New York

The average rent for a New York studio apartment is $3,638
The average rent for a New York 1-bedroom apartment is $4,761
The average rent for a New York 2-bedroom apartment is $6,188
The average rent for a New York 3-bedroom apartment is $6,544

The article goes on to say:

0% of apartments in New York City cost less than $1,000 per month.
2% of apartments in New York City cost between $1,000-$1,999 per month.
7% of apartments in New York City cost between $2,000-$2,999 per month.
90% of apartments in New York City cost over $3,000 per month.

And:

22% of apartments in New York City are studio apartments.
44% of apartments in New York City are 1-bedroom apartments.
22% of apartments in New York City are 2-bedroom apartments.
12% of apartments in New York City are 3-bedroom apartments.

And finally:

What Salary Do You Need to Live in New York?

Using the 30% rule, we can give a rough estimate of the salary needed to rent an apartment in New York. If these numbers look high, remember that a roommate or two can drastically cut down your monthly rent!

If you are renting an average priced studio apartment in New York City, your annual salary should be around $145,520 or higher.
If you are renting an average priced 1-bedroom apartment in New York City, your annual salary should be around $190,440 or higher.
If you are renting an average priced 2-bedroom apartment in New York City, your annual salary should be around $247,520 or higher.
If you are renting an average priced 3-bedroom apartment in New York City, your annual salary should be around $261,760 or higher

 

[br6205]

With all the education I had I never made any where near the lowest salary shown.