So you want to rent an apartment in New York City but you’re not sure what neighborhood will give you the biggest bang for your rental buck?
The sad answer is that wherever you choose to live, the percentage of income you will need to dedicate to pay that rent is high! How high? That of course depends on your lifestyle choice.
On the basis of pure affordability* you may want to check out Staten Island where on average 30.1% of your income is going to go towards paying the rent. Of course if you work in Manhattan you may not want to face the daily Staten Island Ferry ride (unless you’re Meg Ryan).
Perhaps you’re interested in one of the other four boroughs of NYC? On average, these are the rent-to-income ratios:
Manhattan: 48.8%
Queens: 41.4%
Brooklyn: 60%
Bronx: 52%
Within each of those boroughs, however, some neighborhoods will be more expensive than others so in order to make the search easier, this interactive map has been provided courtesy of StreetEasy.com.
*Rent and Income statistics for the study were determined in the following way:
‘Median asking rent for each neighborhood in 2014 is based on all rental listings on StreetEasy in 2014. Using several years’ worth of rent data, we forecasted median rents in 2015 for each neighborhood with a standard auto-regressive integrated moving average (ARIMA) model. Similarly, we forecasted median household incomes in 2014 and 2015 by using the employment cost index to adjust 2013 ACS 1-year estimates from the U.S. Census. The rent-to-income ratio for each year is the forecasted median annual rent (or actual median annual rent in 2014) divided by the forecasted median household income.’ (Source)
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Written by Michael Haltman, President of Hallmark Abstract Service, New York.
HAS is a provider of title insurance in New York State for residential and commercial real estate transactions.
And, for anyone either buying a property or refinancing, remember that although your attorney will likely recommend a title insurance provider you always have the right to choose your own (click here to learn more)!
If you have any questions you can reach Michael by email at mhaltman@hallmarkabstractllc.com.
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