I just graduated from college and found a lucrative finance job in the financial district. Many people have said to live in Brooklyn, where I can can get a place for, say, $900/mo/person with a roommate. This would be a 25 minute commute on the subway.
Alternatively, a few people said to get a convertible 1 bedroom in downtown Manhattan and install a false wall and pay $1400/mo/person with a roommate. This would be a 5 minute commute on foot.
I'm not sure which is wiser. $500x12 is a big difference and even bigger to a college student who compares dollar values to pizzas and cases of beer. Should I live in Manhattan rent or should just pretend I still live in a dorm, suck it up, and save the dollar difference for another eventual expense (i.e. MBA, down payment, vacation, sports car...).
I worked hard in school - I don't want to be a cheapskate but I don't want to be an indebted Yuppie either.
2007-06-05 10:54:26 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
You have to do what make you feel comfortable and have a happy decision. If you look at the two extremes. First, go for cheap and find out that you really can do better, well you only have a few more months left on the lease. Second, go for downtown and findout that roommate is a drug dealer, loud party giver or some other unbearable habit. You could end up without a place to live and without a job....think about it. You have worked hard to get to this point, is one more year really that bad?pp
2007-06-05 11:03:38 · answer #1 · answered by ttpawpaw 7 · 0⤊ 0⤋
This depends mostly on how much other debt you have, and how much you want to be able to save.
I figure that $1400/mo only represents 28% of your gross income, so that should be quite achievable. On the other hand, I would personally opt for the 25 minute commute saving $500/mo. If the commute were an hour or more, I might feel differently, but I don't think 25 minutes is an unreasonably long commute - plus it'll be nice to have a little bit more space.
Maybe I'm wrong, and you'll have to live in Manhattan for people to "accept" you as a serious financial district guy. But I live in California, where I consider myself lucky to have only a 25 minute commute, considering that others spend hours on the freeway because they have no other way to afford to live here.
Bottom line - do what feels right for you. Good luck.
2007-06-05 11:14:12 · answer #2 · answered by Marko 6 · 0⤊ 0⤋
Pfft. I feel your pain. I was paying $2200 for my apartment in Brooklyn Heights and I was making less than you. It's an expensive town, I feel ya. You should try near Columbia, or how about Astoria? All my friends are over there, and it's actually a pretty cute place. Or Hoboken, but the prices are the same as Manhattan. Interestingly enough, I recently read an article that stated that a lot of New Yorkers are saying that they are moving out of the city: cost of living and rent prices aren't practical in this economy. Hmmm.
2016-05-17 13:45:18 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The biggest mistake that most people make is to get in debt up to their eyeballs. If you are making 60k per year.. use it wisely. Wisely is NOT buying a convertible and living the life of a rock star. Be a little frugal in your younger years and reap the benefits of investments when your not so young any more.
2007-06-05 11:03:00 · answer #4 · answered by Jeff_Tomas 2 · 0⤊ 0⤋
I would go the most prudent direction and save the difference monthly for the future. Remember you are not deciding on permanent housing, simply making a transition from college to professional life.
Check your roommates credit, make sure they are as committed to being responsible as you are.
Congrats on the graduation and good luck.
2007-06-05 11:02:46 · answer #5 · answered by TygerLily 4 · 0⤊ 0⤋