+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

Only the top 17% of earners in New York City can afford a one-bedroom apartment in Manhattan

Nov 17, 2015, 21:36 IST

Shutterstock You need to make $130,800 to afford a one-bedroom in Manhattan.

If you have your eyes set on a one-bedroom apartment in Manhattan, you're going to need a hefty salary to actualize that aspiration.

Advertisement

Most landlords require you to earn at least 40 times the monthly rent just to be a contender for their apartment - and with Manhattan's median monthly asking rent of $3,271, that means you need to make about $130,800, DNAinfo reports.

That's a lot - even for Manhattan, a playground for the rich.

In fact, you could crack the top 25% of New York City earners and your application could still get turned down by a landlord.

Business Insider recently looked at the household incomes of the richest people in the New York City metro area and found that the top 25% are making $100,200 a year.

Advertisement

Those making $130,800 - the salary required to rent a one-bedroom in Manhattan - are among the top 17% in New York City, according to The New York Times' interactive tool that lets you see how you stack up against the wealthiest of the wealthy across 344 US metro areas.

Even if you cross the East River and look for a one-bedroom in Brooklyn - where median asking rents are $2,200 - you'd have to earn $88,000 a year, which would put you in the top 30% of New York City residents.

Living on your own without a sky-high salary is still possible - if you have a guarantor, or search around the other boroughs of New York City - but if you're considering Manhattan, you may want to get comfortable with roommates.

NOW WATCH: An Iranian actress who posted Instagram photos of herself without a hijab was forced to flee the country

Please enable Javascript to watch this video
You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article