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Renting an Apartment

Discussion in 'General Chat' started by sirgarnetwolseley, Mar 31, 2005.

  1. sirgarnetwolseley

    sirgarnetwolseley Senior member

    Messages:
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    Location:
    Canada
    After a spectacular availability increase in my city which turned it into a "renter's market", I am shopping for a new domicile. A friend suggested I aim for the 90% solution, whereby if I view an apartment that has at least 90% of the features I am looking for, I snap it up. My question is as follows; is budgeting 25% of your income for rent and utilities a reasonable yardstick? Is that 25% of your gross income, or net? I've found a super-awesome apartment but it is at the limit of my 25% budget and is a fair increase over what I am paying now, but is far nicer.
     
  2. PeterMetro

    PeterMetro Senior member

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    I also live in NYC, and my rent + utilities comes out to 37.5% of my net income.

    Bummer.
     
  3. nightowl6261a

    nightowl6261a Senior member

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    If you can stay at or under 25% after your net income, you are doing better than most I am sure, especially in a big city. In little ole ATL, a decent apt will run $1100 before utilities etc...so, cable, phone, gas, electric, water, figure another $400, which puts it at $1600. So, if you made just $4800 net a month, that would be a 1/3.


    Since we are going here,

    I figured mine out, never thought of it, but with phone and internet etc, mine comes to just under 20% gross...but I am in a special circumstance. But if anyone can rent and stay under 25%, I would think they are either making more than they are living on, or they need to consider buying and gaining ground for their money.
     
  4. Ambulance Chaser

    Ambulance Chaser Senior member

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    Standard rule used by lenders (in mortgage context, but applicable here too) is that housing expenses should not exceed 28% of your gross income. Â Total debt (including student loans, credit card bills, etc.) should not exceed 36% of your gross income.
     
  5. sirgarnetwolseley

    sirgarnetwolseley Senior member

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    Reasonable for a city which isn't New York, London, or Tokyo.

    Right now I'm paying about 21% of gross income towards rent and necessary utilities (not phone or internet). If my rent increased to 25% would this be excessively burdensome? I think not. I don't want the rent increase to cut into my clothing budget so I am thinking of cutting out a few other luxuries; my netflix equivalent can go. Do I really need internet access? I did away with cable television 3 years ago and have never looked back.
     
  6. sirgarnetwolseley

    sirgarnetwolseley Senior member

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    Ambulance Chaser; thanks. Exactly what I wanted to hear. PeterMetro; gah. 37.5% of your net income? How do you eat? Wait, you are a student right?
     
  7. GQ Lawyer

    GQ Lawyer Senior member

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    Location:
    NYC
    I figured it out and I am paying 11.5% of my gross income in Atlanta. I am moving to NYC in one month and have upped my percentage to 13.5%. However, this is based on my both wife and my gross income together (we are both attorneys working at big Atlanta and soon big NYC firms).
     
  8. Ambulance Chaser

    Ambulance Chaser Senior member

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    My mortgage and co-op fee constitute approximately 30% of my gross income. Â After taxes and contributions to my retirement account are factored in, the mortgage and co-op fee take up about 60% of my net income. Â [​IMG]
     
  9. PeterMetro

    PeterMetro Senior member

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    You know net income is generally smaller than gross income, right? I pay 24.8% of my gross income (only salary - not including investments). I live alone, so I'm not splitting any of those costs. I wish it were lower, but what can you do? If I cut back on anything, it'd be my clothing budget, eating out, and gambling losses (he pulled a f*&^ng 10 on the river, unbelievable).
     
  10. nightowl6261a

    nightowl6261a Senior member

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    I want to be a lawyer, damn that is sweet.
     
  11. PeterMetro

    PeterMetro Senior member

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    Big Atlanta firms - Alston & Bird?
     
  12. topcatny

    topcatny Senior member

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    We curently pay just under 20% of our gross for the mortgage and utilities including phone & internet.

    I could afford to pay a higher percentage of my income, but I am glad I don't. This way we have more disposable income so we can enjoy life a little bit.
     
  13. craig

    craig Active Member

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    I am in Atlanta and my rent and all utilities are about 15% of my gross. If you know where to look you can find some nice places in Atlanta very reasonably priced.
     
  14. sirgarnetwolseley

    sirgarnetwolseley Senior member

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    Location:
    Canada
    Er, right. Did I mention I, "don't got my grade 10"? It makes sense now.

    So I've submitted an application for the magic apartment. The landlord is a 7-foot tall viking, but seems nice. I provided my parole officer as a reference. Was this wise? I figured he could best explain the terms of the work-release program (just kidding).
     
  15. nightowl6261a

    nightowl6261a Senior member

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    I have been here my whole life, and you must be living someplace I have never heard of if it is reasonable and nice, because a 1 bedroom 850 sq ft flat in my area is avg price about $700.
     
  16. LA Guy

    LA Guy Opposite Santa Staff Member Admin Moderator

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    A decent (smallish) studio in my neighbourhood runs between $1100 and $1300. You can easily go above that for more modern apartments with more than the basic amenities.
     
  17. nightowl6261a

    nightowl6261a Senior member

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    That is ridiculous, but then I am sure cheap compared to NY.
     
  18. PeterMetro

    PeterMetro Senior member

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    (craig @ Mar. 31 2005,12:47) I am in Atlanta and my rent and all utilities are about 15% of my gross. Â If you know where to look you can find some nice places in Atlanta very reasonably priced.
    I have been here my whole life, and you must be living someplace I have never heard of if it is reasonable and nice, because a 1 bedroom 850 sq ft flat in my area is avg price about $700.
    For 850 sq ft in Manhattan, you're looking at $2,000/month at the bottom end.
     
  19. GQ Lawyer

    GQ Lawyer Senior member

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    Location:
    NYC
    For a true city comparrison of prices.

    I am in Atlanta right now.  I live in a 2200 sq/ft 2-story penthouse in midtown (on the 38th/39th story) with 3 bedrooms, 3/5 baths, 4 balconies + and 800 sq.ft. private rooftop terrace.  I pay $1950/mo (grant it, I worked out a fairly good deal with the landlord, but still.....). I have a pool, weight room, screening room, etc.  For you folks in Atlanta, it is the Mayfair on the corner of 14th/Juniper.

    My new condo in NYC - 1100 sq.ft 1 bedroom on the 4th floor.  No balcony, no w/d.  No pool or weight room (full time doorman though).  I am paying $3450/mo.  For you City dwellers, it is on the Upper East - 62nd/3rd.

    BTW - I did see some very nice 700 sq.ft. on the Upper East that were going for $3300/mo. The building had an indoor-heated pool and health club. Since I could not use the pool as my dining room, I passed.
     
  20. nightowl6261a

    nightowl6261a Senior member

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    Location:
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    GQ, is the money really worth leaving "The Varsity" and Saturdays at Sanford, the trees, Stone Mtn., the pollen...etc.
     

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