Should I move into a studio apartment in Brooklyn, NY for $2000 a month?

Question

**Before I begin, please don't say "In Texas, you'll get an apartment for cheaper!" or "In Iowa, my whole house cost that much!" I don't care, because I'm not moving to Texas or Iowa.**

Last weekend, I toured a 500 sq ft studio apartment in Fort Greene, Brooklyn. The monthly rent was listed at $2100, however after negotiations, I was able to lower it to $2000. All utilities except electricity are included.The kitchen had old appliances and counter tops, and no dishwasher, but other than that the place was really nice! It's in an elevator, 24-hour doorman building, and in the middle of everything (supermarket 5 minute walk away, gym 3 minute walk away, etc). Plus it's on a nice, quiet block.I'm in no rush to move in anywhere so I can reject it, BUT I have been apartment hunting for quite some time now and I'm getting frustrated, which may be the reason why I'm starting to give in. My bf, mom, and sister say that I should take it. Only thing is - I make $80,000 a year. To live in NYC, I would have to pay an additional 3% in taxes, which knocks off $333 from my monthly income. I also have student loans (though I'm thinking about refinancing the private one).What do you guys say?

? · Answer

$80,000 a year gross comes to about $56,000/year after taxes. That's $4600/month net. Can you afford $2000/month for rent? You have to figure $200/month for food, plus restaurant food. Clothing. Haircuts . Transportation. Entertainment. Gym. Electricity? Internet? What have I left out?

The question is not "what you guys say." The question is what do you think?

The question is not "what you guys say."  The question is what do you think?

perfectlybaked · Answer

I visited NYC months before Covid hit - and I loved the place.

As awesome as it was I was surprised that rents were as low as they were.

I mean $2000 is HIGH, but if I were living in a fantasy I could theoretically make it if I REALLY love the place... because I make (wait for it) $2100 a month... so I could live there if I were to have no Internet, no hobbies and only eat oatmeal or ramen.

It was a really awesome place that gave me the impression (before Covid hit) that one could explore and present any unique idea and someone would listen (and possibly fund it).

So... maybe in this hypothetical I would make more than just barely enough to live in a flat there.

I don't know what the place is like post-Covid or how rapidly it is recovering to the form it was (if it is) but it was certainly a unique place that threw me off completely.

Most of the time when I see homeless people in a big city (such as Seattle or Vancouver) I wonder why they even bother... but NYC gave me other ideas although ironically NYC does so much more to make the homeless move on.

? · Answer

Brooklyn is pretty large and has dozens of neighborhoods, ranging from abysmal slums to some very fancy areas.  If this studio is in a good neighborhood, close to public transit and convenient to your job and some decent shopping, why not do it.  Although I have a studio meeting all those points on Staten Island for $750/month.

Lynnmarie · Answer

Yes ....................

MS · Answer

No one can really decide this but you.  It is recommended that you spend no more than 30% of your income on housing.  It sounds like this will put you right at that point (and that's before taxes - I assume the $80k you make is your gross income).  It sounds like you like the place and are looking to move there, so if you are confident that you can afford it, then give it a go.

Should I move into a studio apartment in Brooklyn, NY for $2000 a month?

5 Answers