I'm moving to NYC this month and I'm starting my apartment search now. I'd like to lay out my finances here and see what you guys think. Moving to the city is a big change, but I'm super excited. I want to make sure I'm doing it right.
First off I want to say that I realize I'm in an incredibly fortunate and privileged position overall. I'm 4 years into my career, single, have a decent amount of savings, and no debt.
My current situation
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$45k in my 401k
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$75k saved in an investment account
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~$15k sitting in the bank
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~$5k for the car I'm about to sell
I was previously living in a CT suburb outside of Hartford making $69k a year and paying $675/month for rent.
My new job in NYC pays $120k. Based off the general rule of thumb that says you should be making 40x your monthly rent annually that comes out to $3000. Right now I'm looking for apartments in the $1600-2000 range. I'm just feeling a bit of sticker shock now because I've never made this much, and never paid this much in rent. I know I will be paying a higher percentage of my income in rent than I was previously, but I kind of expected I would at some point, I had a really good deal in CT. I'm not trying to live in Jersey just to save some money, I'm moving to NYC to be in NYC.
I do think I can afford it. I guess I'm just looking to see if you guys agree. I'm posting this to get thoughts and opinions from others.
Thanks!
Submitted November 07, 2017 at 08:46AM by nyc_finances http://ift.tt/2hQPriK
