Can the Average Person Afford to Live in NYC with Roommates?

Affording to live in New York City (NYC) can be a daunting challenge, especially for those who have to manage rent on their own. However, with roommates, living in NYC becomes more attainable. This article explores the various factors and options available for individuals seeking to live in NYC while sharing the financial burden.

Rent Range and Costs

Monthly rent for a single person in NYC can range widely, from approximately $600 to over $2500 or more. This variation is largely due to location, as neighborhoods and boroughs within the city can carry vastly different price points. For instance, a less desirable neighborhood might only require a 1/3 split of a 1800 sqft 1-bedroom apartment including the couch as a temporary bed, estimated at $600 per month. In contrast, an ideal Manhattan or Brooklyn location below 59th Street might cost $5000 per month for a 2-way split.

To find a suitable living situation, it's important to set your budget first, considering what you can afford, where you can live, and what amenities are available. Factors such as the neighborhood, apartment size, amenities like an elevator or doorman service, availability of public transportation, and surrounding conditions all play a significant role. If your initial search doesn't meet expectations, consider adjusting your budget to explore more luxurious options.

Breaking Down the Possibilities with Roommates

Living with roommates provides an opportunity to explore the city in greater depth and variety. For example, while gazing from my spot on the porch, I see a mansion on the hill offering 8 bedrooms, 10 bathrooms, tennis courts, and an Olympic pool. Renting out rooms in this house has turned into a profitable venture, with college students paying a small fortune for a space that includes housekeeping services.

This illustrates the flexibility and cost savings that can be achieved by sharing an apartment. With roommates, it's possible to live in surprisingly luxurious accommodations that might otherwise be out of reach.

Alternative Living Options

If you have a limited budget, cheaper options are available outside of Manhattan. For instance, an average NY salary of $1267 per week translates to a reasonable monthly rent of around $4000 at most. Given that, the average person can afford:

A studio apartment in East Harlem, considered a more economically challenged part of Manhattan. A one-bedroom apartment at the outer edges of Queens, Brooklyn, New Jersey, or Staten Island. A nicer part of Manhattan with roommates, where living conditions can be more comfortable.

For more detailed information and tips on finding affordable housing in NYC, I recommend the following resources:

Official NYC Housing Page RentCafe NYU Student Housing

Financial Considerations

It's crucial to consider your total income and how it aligns with the cost of living in NYC. Often, a studio apartment or smaller space might be the only feasible option, which can be a challenge for three people sharing the rent. In such cases, careful budgeting and financial planning are essential to maintain a comfortable standard of living.

Eating out can also be a significant expense, especially given the high cost of dining in NYC. Knowing how to cook and manage meals at home can help reduce costs and ensure a more affordable living experience. Additionally, finding affordable grocery options and using coupons can further stretch your budget.

Conclusion

Living in NYC as an average person can be made more manageable with roommates. The key is to research thoroughly, set a budget, and be flexible with location and living conditions. By sharing the financial burden, you can explore a wider range of neighborhoods and apartment types, making your dream of living in NYC a more reality.