What Income Is Needed To Rent an Average One-Bedroom Apartment in New York City?

New York, the Big Apple, the city that never sleeps — it’s a place that has captivated the imaginations of people from around the world for centuries. Can you imagine waking up to a world of skyscrapers, a kaleidoscope of diversity, the hum of busy streets and the pulse of opportunity around every corner?

This New York state of mind is a shared aspiration for countless individuals, and it’s easy to see why. However, it’s important to remember that living in Gotham comes with a notable financial commitment .

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While daydreaming of NYC living might lead you to envision a glamorous and electrifying lifestyle, it’s crucial to ground yourself in the street-level financial facts . Understanding the various costs across New York’s diverse boroughs while planning your budget within the walls of your prospective apartment is key to turning that dream into a manageable reality.

The math behind your NYC move matters. Keep reading for financial advice and data from the current rental market to estimate what you would have to pay — and earn — to live in one of the most storied cities in the world.

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Setting the Budget: Recommended Housing Costs

Before embarking on your New York living adventure, it’s essential to manage your finances. Most financial gurus — and landlords — follow the golden rule of housing affordability: You shouldn’t spend more than 30% of your gross income on your rent or mortgage . This well-established guideline ensures you have enough funds for non-negotiables like food, transportation and healthcare.

That 30% includes not only your rent or monthly mortgage payment. This figure also takes into account related housing expenses like necessary utilities and renters’ insurance, if you opt for it. Keeping your housing-related expenses within this 30% ballpark sets a strong foundation that will help you balance your budget and manage your money.

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A Tale of 5 Boroughs

The Big Apple is a spectrum of neighborhoods. It’s not just a city; it’s a collection of distinctive boroughs. As of April 2024, here’s a snapshot of their respective rents and the income you would need to support them.

Manhattan

In the heart of luxurious Manhattan, expect rent to be about $4,295 per month, according to RentHop — meaning an annual income of about $171,800 would suit you.

What will you be getting for that price? An impressive address and a relatively spacious 700-square-foot home.

Brooklyn

In trendy Brooklyn, a monthly rent of $2,669 would require a yearly income of around $106,760. Rents may be cheaper in Brooklyn than in Manhattan, but the average one-bedroom apartment is much smaller: a spartan 570 square feet.

Queens

Mid-range Queens asks for roughly $2,300 each month, meaning you’d need to bring in around $92,000 per year. It’s even cheaper to live in Queens than Brooklyn, but the apartment size? Even smaller, at around 465 square feet.

The Bronx

Some of the most affordable options can be found in the Bronx, with an average rent of just under $1,600 per month, which would require an annual income of around $64,000. The average one-bedroom apartment in the Bronx is about 526 square feet.

Staten Island

Staten Island is almost as affordable, with an average monthly rent of $1,657. That would be manageable on an annual income of roughly $66,280, and you’d have 682 square feet, on average, to work with.

The Bigger Picture: Important Notes on Affordability

It’s important to note that these are just averages. Rents can vary significantly depending on the specific apartment, neighborhood, building amenities and other considerations, like access to parking. Think of these prices as starting points in your calculations.

Other financial considerations, like personal debt, childcare costs and transportation expenses, can significantly affect how much you can truly afford to spend on housing.

Mapping Out Your New York Living Plan

There’s no one-size-fits-all answer to the question of how much income is needed to comfortably afford a one-bedroom apartment in New York, and the local cost of living — which is a stunning 76% higher than the national average — will also eat into your budget.

It’s about finding that sweet spot where your income, lifestyle and ideal living space intersect; working within your budget; and determining whether big-city life is worth the trade-off.

Average monthly rents and average square footage for a one-bedroom apartment were sourced from Apartments.com, unless otherwise stated.

This article originally appeared on GOBankingRates.com : What Income Is Needed To Rent an Average One-Bedroom Apartment in New York City?