A Recent article by ny.curbed.com titled: “What $5300/ Month can rent you around NYC” which featured apartments with sprawling ceilings with wood panels and spacious living rooms, but what if it were the reverse? Say, you find a spacious apartment with a great roommate, decent quality of living for only $1200. What do you do with the other $4100? What can you afford in New York City for $4100? Firstly, you can go to the NY Aquarium in Brooklyn and purchase tickets for $10. Or you can actually afford a horse-in-buggy ride in Central Park and be able to tip the driver. If you are not looking to pay some guy who doesn’t speak English but knows how to control a horse, then perhaps you can afford to shop at New York’s last luxury department store called Begdorf Goodam. If that place is “too cheap” for your high standards, arrange a personal shopper through Begdorf Goodman and they will come straight to your door at your new apartment!
A previous blog post about where you rent or buy apartments in New York City is somewhat dependent upon your quality of life, get this—New York Legislature passed a bill that allowed tax breaks to five super-luxury apartments in Manhattan which will save millionaires close to thirty million dollars. Where is the tax break for those who are barely making ends meet? What about the recent college graduate earning $40,000 a year after taxes and nearly 40% of this salary goes to rent?
In addition, this week was very prosperous for luxury apartments in Manhattan as three apartments near Central Park sold above fifty million dollars, one specifically for nearly eighty-seven million. This is capitalism at work. Freedom to do and buy what you want. For those who are not in the market for super-luxury apartments there are many avenues to purchase or rent cheaper apartments. http://www.roommatchers.com is the best way to search for both roommates and apartments. It’s easy and free. Hopefully one day RoomMatchers will, too, be advertising multi-million dollar apartments at cheaper prices for the average Joe.
Whereas it is necessary to have a decent quality of life, it is also important to be able to afford such a livelihood. Despite the economy being the worst since the Great Depression, renting apartments in New York City unfortunately are not apathetic towards the economy’s current slump. This trend—housing in New York City which is barely affordable especially for recent college graduates—started in the 1970’s when the median household income began to increase along with the price of owner-occupied housing. After this growth many factions declared a national affordability crisis making it easy for most people to buy or lease apartments and or houses. Two score years later, however, this affordability is changing as rent prices continuously increase while the median income has relatively stayed the same making it very difficult for low-income families and recent college graduates to find decent quality and affordable living in New York City. Further, economists believed these high prices for may be the result of valuable land, housing regulations, height and width of the building, density, and preservation laws—just to name a few.
Let’s assume a recent college graduate makes $40,000 after taxes and if 30% or $12,000 of the income is based upon housing , that leaves $28,000 for everything else. On a side note, those whom are less-fortunate than others and or live in government housing, approximately 30% of their income goes towards housing. Nonetheless, these statistics are more accurate for lesser attractable neighborhoods where rent is usually cheaper. Vicinities that are slightly more upscale or have one or two trees, rent will undoubtedly be substantially higher. For instance, apartments in the Tribeca neighborhood listed on http://www.trulia.com start at $2200/ month whereas onhttp://www.Roommatchers.com, they start at $1200/ month. Paying $2200/ month for one year equates to $26,400 leaving a renter with $13,600 for everything else.
Craigslist Meets Its Match: RoomMatchers
Here’s some great news coverage RoomMatchers received last month:
The site was launched last year and has really started to take off. The free service is seeing an average of 50-100 signups a day and expects that number to swell as the busy season sets in. Not only that, but the company is looking to expand into the Los Angeles market come September, a rather untapped source of new signups. I recommend that my clients use this site when they are looking for an extra roommate or just looking to find an extra room due to the success of previous referrals. We are living in a world of specialization, why be a little fish in a big pond, when you could be the opposite? This site allows users to not only interact with their potential roommates, but it allows those looking for a room to interact with those they may eventually be living with. Having worked in the Internet start-up business before, I am excited to see what is to come for this website!
In tough economies where searching for work is a “catch 22” or you need work experience to get hired but cannot get the work experience without working, finding inexpensive apartments with decent roommates cannot be understated. Roommatchers.com, an apartment and roommate detector for New York City not only makes living in the Big Apple affordable but is also economical and sensible.