rent x 40 = < tenant's annual salary ?

Question

Is it typical for a NYC (Manhattan) landlord to require that their rent times 40 should be equal to or less than the tenant's annual salary? Is this equation true for you Manhattan residents out there? Thanks.

Answer 1

Sounds about right most where I am require you earn at least 3 times your rent some might require more. So if your rent is $1K per month you would need to earn at least 36K to afford the rent. You finding they want you to earn 40K to pay 1K and since NYC cost of living is high that is reasonable.

Answer 2

That is not a typical requirement. Maybe the landlord has found that the stated ratio works for him. That ratiolisted in a different fashion says that rent should be no more than 30% of your income which is the more common way to make the statement.pp

Answer 3

In the US it sure depends on where you live. Coming from the Washington D C area, if you didn't make $40,000 you honestly couldn't afford to live within 20 miles of where you worked. I'm now in South Carolina and housing is so much cheaper, I think a single person could get by on $20,000 to $25,000 being pretty comfortable. I'm retired but if I worked here, I would like to make $35,000 to $40,000 and I would be living well.

Answer 4

I'm glad I'm not in Manhattan. Rent per month should equal 1 weeks pay. there are 52 weeks in a year. If you are paying more, you need to move.

Answer 5

A friend of mine just moved to Manhattan, and yes, that is exactly what they required.

Answer 6

It looks like this would guarantee that you made enough money to pay rent. They just don't want poor people around.

Answer 7

Never heard that one before

Answer 8

seems to be so:
www.citi-relocation.com/rental_guide.html
www.archhousing.org/rental/Senior%20Rental%20Packet_06.pdf
you'll find a lot more sources on googling for them!