How Much Rent Can I Afford?

no-fee luxury rentals in times square

Moving apartments in New York City is known to be financially tricky as the cost of apartments are on the rise and the cost of moving can be unpredictable. We’ve got you covered with some simple and useful tips to simplify your moving process as well as figuring out how much rent you can afford based on your annual income.

The Rent to Income Ratio

By now, you’ve most definitely heard of the Rent to Income Ratio, or what buildings popularly ask of you to provide when applying to move-in to an apartment: the infamous “You must make at least X40 times the monthly rent”.

How does this often asked question come in handy when calculating your ability to pay rent based on your yearly income? It’s simple! Divide your annual income by 40 to find the monetary figure of how much you can afford to spend per month on an apartment. If you don’t feel like doing the math, we’ll go ahead and write a table up for you below!

ANNUAL INCOME                                                                                      PREFERRED MONTHLY RENT

$90,000 $2,250
$100,000 $2,500
$110,000 $2,750
$120,000 $3,000
$130,000 $3,250
$140,000 $3,500
$150,000 $3,750
$160,000 $4,000
$170,000 $4,250
$180,000 $4,500
$190,000 $4,750
$200,000 $5,000
$210,000 $5,250
$220,000 $5,500

Finding the Affordable Middle Ground

Many people say the appropriate approach to find affordability in your monthly rent is by taking your annual income and dividing it by 30, though we’ve always thought its good to plan ahead for extra expenses related to your rental, whether it be amenity fees, wifi, added services etc. Another way to save a little when moving into a new apartment is to go for no-fee options such as many of the buildings we show to our clients! Be sure to fill out a form on our homepage so that we can help you find your ideal home within your ideal price preference.

The Median Prices of New York City Rentals

Luckily for you, we’ve also ran several researches and compiled a straight forward current median price range of neighborhoods (which you can also see on our neighborhood banners!). While apartment searching for luxury no-fee apartments, you should always keep in mind that the price will greatly be affected by the neighborhood in which your apartment is situated. Have a look through our Neighborhood page to see what the median prices for Studios, 1 Bedrooms and 2 Bedroom apartments are. Below is a simplified report of our Neighborhood pages so that you can get a quick insight into the median prices of studios depending on different neighborhoods:

  • Chelsea: $3,275
  • Chinatown: $3,000
  • Dumbo: $3,200
  • East Harlem: $2,900
  • East Village: $3,425
  • Fashion District: $3,610
  • Financial District: $3,095
  • Flatiron: $3,610
  • Gramercy: $3,425
  • Greenwich Village: $3,200
  • Harlem: $2,400
  • Long Island City: $2,750
  • Lower East Side: $3,300
  • Meatpacking District: $3,600
  • Midtown West: $3,250
  • Midtown: $3,430
  • Murray Hill: $3,410
  • NoHo: $3,250
  • NoMad: $3,100
  • SoHo: $3,700
  • Times Square: $3,000
  • Tribeca: $3,475
  • Upper East Side: $3,155
  • Upper West Side: $3,525

Now that you’ve had a quick look at our neighborhood insights, be sure to have a more comprehensive look through our Neighborhood page!