One in every 25 New Yorkers walking down
these streets is a millionaire. Now, those are some pretty decent odds. It’s
realistic to say that you might run into a millionaire while walking down the
streets in New York City. But on the other hand 1 in every 5 New Yorkers
walking down these same streets live below the national poverty line. New York
is a city of extremes and living here it’s not for everyone
but if you’re interested in seeing what it’s like to rent an apartment on a
realistic budget then this video is for you! Now I’ve shown you some of the most
expensive places to rent and buy in this city but today we’re going to be
exploring some different options. The most affordable neighborhoods in the
city, living situations and more so you can learn about what it takes to live in
New York City! Your biggest expense living in the city is going to be rent. Apartments in the city, they go fast! Leases can get signed within minutes of
seeing an apartment by applying a via the internet on the spot as a rule of
thumb don’t spend more than 30 percent of your annual income on rent New York
is an expensive city but the annual income is also higher than the national
average let’s check out the numbers Manhattan’s average annual household
income is just about sixty seven thousand dollars per year while Brooklyn
is a mere 45,000 Queens comes in at fifty-four thousand per year New York’s
most suburban borough Staten Island is also its richest with a median household
income of 70,000 per year and finally the Bronx comes in at 33 thousand per
year you are probably thinking to yourself that is way more than I make
how could I possibly afford to live in New York
the thing is that number it’s very skewed ax most likely if you are
watching this video as research on moving to New York City you’re between
the ages of let’s say eighteen and thirty meaning that your median total
income is nowhere near the average household salary of 67,000 in Manhattan
with that my first tip for living on a realistic budget is to live outside of
Manhattan New York has five boroughs and Manhattan
is the most popular but it’s also the smallest it’s also where most of the big
businesses have their headquarters and where the highest paying jobs are so it
makes sense that it would be the most expensive however with the actual
geography of the city along with the many transportation options living
outside of Manhattan gives you more options for a lot less money the average
rent for a one-bedroom in Manhattan is thirty eight hundred dollars per month
for just about 700 square feet worth of space while in Brooklyn the average rent
for a one-bedroom is only two thousand and five hundred dollars per month in
Queens two thousand per month in the Bronx just 1,800 and in Jersey City just
two thousand and six hundred dollars per month before you can even see an
apartment make sure it’s in your budget most landlords in New York City require
your gross annual income that to be 40 times the monthly rent meaning that to
rent the average one-bedroom in Manhattan you need to be earning around
150 thousand dollars per year although if you can’t afford that you can get a
cosigner guarantor who will need to make 80 times the monthly rent now the simple
solution if you don’t make anywhere near that amount or you don’t have anyone to
co-sign your lease is to live with roommates it’s not ideal but when you’re
just starting out and you’re trying to make it in the city you have to do what
you have to do even though it’s the most expensive for the purpose of this video
we’re going to be looking at the top three most affordable neighborhoods in
Manhattan number one on my list is sty Talent sty town is a sprawling
collection of red brick apartment buildings stretching over 80 acres from
first Avenue to Avenue C between 14th and 23rd streets sty town has close to
9,000 apartments in 89 residential buildings the average price of a studio
in stone is $2,600 per month I have never been to sty town and my first
reactions it is so peaceful and so quiet here it’s pretty much like its own
separate city within this there’s even a little cafe over there
there’s people walking their dogs just going about their daily lives
the only drawback I can really think of is that the buildings are all pretty
bland they almost look like hospitals or some kind of institution but the good
thing is right next to you is the East Village with tons of bars restaurants
cafes lots of vibrant nightlife all at all I would recommend stye town next up
on my list is the iconic theater district the theater district is bound
by West 40th Street on the south and West 54th Street on the north between 6
and 8th avenues the theatre district also includes the iconic Times Square
where the average price of a studio will run you $2,900 per month
most people wouldn’t think of the theater district as a place to live you
know it’s known for the bright lights and all the shows but it’s actually one
of the cheapest places to rent in the entire city some positives of the
theater district you have tons of restaurants all the shows the bright
lights is what people think of when they think of New York City but with that
comes the noise and also the crowds so if you’re looking for that peace and
quiet I wouldn’t really recommend this neighborhood but if you’re trying to
save money you get what you pay for and coming in at number 3 is Hell’s Kitchen
which is widely known around Manhattan for very very affordable rent Hell’s
Kitchen is located from 34th Street to 59th Street and from 8th Avenue to the
Hudson River in the West this is ninth Avenue now this is the main drag in
Hell’s Kitchen well the restaurants and cafes are now Hell’s Kitchen is
definitely more on the quieter side compared to the theater district as you
can see behind me this is what a typical neighborhood looks like lots of brown
stones very residential so we’re just filming in Hell’s Kitchen and we run
into max who lives here and what would you say is the best thing about Hell’s
Kitchen absolutely the rent I have a one-bedroom
apartment in New York City for $1,900 1904 one bedroom one bedroom no fee try
to pay a fee for the broker nothing newly renovated stainless steel
appliances you heard of here from a local the rent is very affordable in
Hell’s Kitchen if you’re looking to learn more about
how to budget your finances before your big move to New York City
check out this course on money management which
one of the many courses offered by the sponsor of today’s video great courses
Plus which is a subscription on-demand video learning service with the best
lectures and courses from top Ivy League professors and other experts from highly
esteemed places they offer unlimited access to a huge library of over 11,000
video lectures about anything that interests you you can stream and enjoy
these lectures from your TV tablet laptop or phone through the easy to use
great courses plus app visit the great courses plus comm backslash Ericka
Conover by clicking the link in the description below to start your free
trial today if this video brought you some value
click here and subscribe to my youtube channel for more high quality in New
York City contents and with that I will see you in the next video


  1. Erik Conover says:

    A look at what it takes to live in New York City on a realistic budget! Comment below what type of NYC content you want to see in the New Year!!

  2. Kiwi says:

    Man, he really has to like „Goodfellas“!

  3. Art says:

    Is $600 dollars possible too? Germans students won´t make it…..

  4. Eagle Eye says:

    I pay $620 rent and the brownstones next to me are over a mill . I ain't ever leaving

  5. Joeys Brother says:

    Bruh where I live in a 3 bedroom house you pay like $800. (Midwest)

  6. Norman Jouett says:

    Man. I have a 3 bedroom Apartment. I pay 780 a month. Lol. I feel like living in New York would be cool but I definitely would have to make more money.

  7. Mr. X Army says:

    Here I'm paying $35 for one-bedroom.

  8. Leslyn Moore says:

    This is why I left new york, man this is insane

  9. Jackson Dasilva says:

    Thanks for this post and thinking about those looking to move to NYC but are on a budget. Awesome!

Leave a Reply

Your email address will not be published. Required fields are marked *