Posted by Jules on August 26, 2001 at 20:12:36:
In Reply to: Why do you look for a cheap apartment in the most expensive part of town? posted by Provost on August 26, 2001 at 10:48:27:
: Plenty of people get by in NYC on less than $36,000 a year. You don't need a car in NYC, and that saves you a bundle of money right there.
: However if you're looking to save money on rent (or even find an apartment at all) you should forget about finding an apartment in the East Village, or anywhere in Manhattan south of 96th street. Please remember that New York City has four other boros, as well as neighborhoods like Harlem and Washington Heights, that are substantially cheaper. If you're concerned about minimum income requirements look for apartments in private houses in the outer boros, whose owners may be less strict about income requirements than buildings run by management companies are.
: Also you say you have over $20,000 in savings. If you plan to stay in New York longer than a few years, consider buying a condo or coop, and not renting at all. Owning is cheaper than renting and gives you the potential for a capital gain. There are coops that can be had in the Bronx and Queens for initial payments of under $15,000 --- this probably belongs in another discussion, but you should investigate.
I found the village to be the cheapest part of Manhattan save for Harlem. all the other places, tribeca, upper west side, chelsea, murray hill.... they're all crazy expensive. My problem isn't that I don't have the money, just that I'm wondering how strict the landlords are going to be. I have the money to pay for my rent, and it's not a question fo money, it's a question of a lack of credit and cosigner.
But that co-op thing is interesting.... I will definitely look into that. As soon as i find out what one is......
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