Average Rent = $2,000 a Month, for a Studio in Manhattan

[XB-70 Valkyrie]

As screwed as my generation (born in the early 70s) is in terms of ever owning a house, the younger generation (born in the 80s) are even more screwed because their educations are now becoming impossibly expensive.

I managed to escape from my undergraduate degree at UC Irvine with only $1000 in debt. Of course, I finished in four years despite suffering a traumatic head injury, fractured skull, etc. that forced me to miss three quarters of school (so, really I finished in 3  years). I had scholarships, work study, and this small loan. Things were expensive but not impossibly so.

Now it is not uncommon to rack up $100K in debt for a Bachelor's degree that will get you ... what exactly? Many entry-level jobs are now requiring Masters Degrees! My cousin, who was born in the mid-80s had a 4.0 GPA, was an Eagle Scout (never understood what the big deal about this is!), and had a crazy SAT score, but he's going to Irvine and he'll be easily owing $100K despite all his scholarships!

I managed to get through my M.S. and Ph.D. with very little debt, but then I had to teach most quarters, which delayed progress a bit. Now, here I am with this Ph.D having the time of my life as a postdoc, but not making all that much money. Damn I should have been a frickin' welder or something out of high school! I'd have been rich by now!

[Tancata]

$100K?

If that's true, then it's terrible  .

Getting an apartment is bad enough without debt (in this country, education is free...or practically so...). I don't know how someone fresh out of college w/ a BA would repay $100K...

[BachQ]

Now it is not uncommon to rack up $100K in debt for a Bachelor's degree that will get you ... what exactly?

In the USA, a quality liberal arts education costs $38,000+/yr (low-end comprehensive fee) and Ivy Leagues are pushing $50K.  Even with 50% scholarships, that's $100K of debt over 4 years ........

Crazy.

[BachQ]

*** One factor is the rising affluence and productivity of emerging economies such as China, India, etc. which have stupefyingly large populations (= TOO MANY PEOPLE). ****  With X amount of grain, you could either feed 100 people, or produce enough meat to feed 10 people; a great amount of energy is lost every step up in the food web. Anyway, this will drive up the price of meat as well as the food necessary to feed them, and us.

Great explanation ......... it totally makes sense.


(we're all screwed)

[Tancata]

$38-50k/yr for 4 years...that is a lot of hours manning the lemonade stand  .

I guess if you can manage that, rent on an apartment in New York is going to be the least of your worries.

Any American college students here explain how they pay? Or how people pay in general if that's too personal - all loans? What kind of summer jobs can you get to pay that? Parents saving for thirty years beforehand?

...is it worth it? 

[BachQ]

2) Get 4 people together and buy a place that just about fits two people. (This place will be far from anywhere you want to be, and will put you in very considerable debt).

LOL.  I know someone who tried that ....... it lasted about 18 months ..........

[BachQ]

$38-50k/yr for 4 years...that is a lot of hours manning the lemonade stand  .

I guess if you can manage that, rent on an apartment in New York is going to be the least of your worries.

Any American college students here explain how they pay? Or how people pay in general if that's too personal - all loans? What kind of summer jobs can you get to pay that? Parents saving for thirty years beforehand?

...is it worth it? 

These scenarios make me wonder whether we all live in some big financial "bubble" that's doomed to "pop" some fateful day in the future ........ when we all utter a collective "Oh shit" ........

[yashin]

When i lived in the Netherlands it cost me Euro 1200 for a modern 1-bed apartment with white goods only-no other furniture!

I here it is a similar situation to Dublin in most other European cities now, Berlin, Barcelona -all popular with Europeans seeking work in a modern city but finding that there salary is not able to keep up.

What is the Price of those apartments compared to overall salary?  When i was in The Netherlands my rent was 1/3 of my take home pay. Similar when i was in the UK.

Now i am here in Asia my rent is about 40% of my salary -thats for a large 3 bed apartment-it is more difficult to find a 1-bed place here unless you want to go to a less nice area.

[George]

Does that include a jacuzzi and a garage space?

Nope.

Under 400 square feet of noisy space, neighbors walking on your roof, next door neighbor who doesn't even say hello and comes and goes at all hours.

24/7 construction in the neighborhood, dog walkers who graffiti the sidewalk with dog feces, too much ambient noise to hear a ppp with the window open or closed....

...yes, I love NY. 

[MishaK]

My girlfriend just helped a friend look for a place in Manhattan yesterday.

They now start at $2300.

That's because you live below 96th street and Citi Habitats surveyed all of Manhattan, i.e. including Washington Heights etc. I was paying $2,000 for a studio in Battery Park City seven years ago. Below 96th Street prices have long ago been higher.

[orbital]

I was paying $2,000 for a studio in Battery Park City seven years ago.

Good old days 

[Michel]

Stop complaining, London is much worse than Manhattan. But thats because we're the best!

[Steve]

Stop complaining, London is much worse than Manhattan. But thats because we're the best!

Now, there's an amusing idea.

[mahlertitan]

average rent? you obviously don't know how much it costs to have a parking slot.

[paul]

The situation is so bad here in Manhattan. I think that I really lucked out getting a place to live this May. I'm living in a three bedroom apartment on W109 between Broadway and Amsterdam and my rent is $1033 a month. The apartment was renovated this year so everything in it is brand new (in fact they're still doing work on the building and every day it seems like something in the lobby or stairwell is replaced or improved upon). I feel like my living situation is so great, but still a thousand dollars a month to live here is ridiculous compared to other places around the country. I really can't afford to spend the time traveling from Brooklyn, so it looks like I'm stuck here. Harlem is one option if you want to save a little money, but it's honestly not that much better and prices will only go up in the next 10 years as Harlem is going through an economic renaissance with a lot of people investing in property in the area. My tuition isn't as bad as a lot of my friends have it ($14,000), but living in the city is pushing up the cost of college expenses so much. At least I can sublet every summer from now on and only have to pay for 9 months out of the year.

[MishaK]

The situation is so bad here in Manhattan. I think that I really lucked out getting a place to live this May. I'm living in a three bedroom apartment on W109 between Broadway and Amsterdam and my rent is $1033 a month. The apartment was renovated this year so everything in it is brand new (in fact they're still doing work on the building and every day it seems like something in the lobby or stairwell is replaced or improved upon). I feel like my living situation is so great, but still a thousand dollars a month to live here is ridiculous compared to other places around the country.

Are you sharing the apartment or is that just you living there on $1033 rent? Is that Columbia student housing or something?

I really can't afford to spend the time traveling from Brooklyn, so it looks like I'm stuck here.

I used to think that, too. But depending on where you're going, Brooklyn is not bad at all, even better than parts of Manhattan. E.g. commuting from Fort Greene to lower Manhattan or even Midtown East is far easier than commuting to those same destinations from the Upper West Side.

Harlem is one option if you want to save a little money, but it's honestly not that much better and prices will only go up in the next 10 years as Harlem is going through an economic renaissance with a lot of people investing in property in the area.

I think Washington Heights and Inwood are nicer and still cheaper.

[paul]

Are you sharing the apartment or is that just you living there on $1033 rent? Is that Columbia student housing or something?

I used to think that, too. But depending on where you're going, Brooklyn is not bad at all, even better than parts of Manhattan. E.g. commuting from Fort Greene to lower Manhattan or even Midtown East is far easier than commuting to those same destinations from the Upper West Side.

I think Washington Heights and Inwood are nicer and still cheaper.

I have two roommates and $1033 is my portion. I found the apartment myself through craigslist. Thankfully this is a real three bedroom and not one of those apartments that have a section of the living room as a "bedroom".

[BachQ]

I have two roommates and $1033 is my portion. I found the apartment myself through craigslist. Thankfully this is a real three bedroom and not one of those apartments that have a section of the living room as a "bedroom".

To the extent that you like your roommates, that's a great deal!   

Good job ..........

[orbital]

Thankfully this is a real three bedroom and not one of those apartments that have a section of the living room as a "bedroom".

Those New York apartment hunting horror stories...

We were looking for an apartment for one of my friends earlier this year, and we came upon this listing: Two bedroom prime Soho location apartment $2,200 a month. It was of course too good to be true. But we had to check it out anyways, we went there were there was a line of people waiting to see the apartment. The location was really just to the east of Soho (on Prince street close to Lafayette).
Finally when it wa our turn we went up three floors, and entered the apartment. Sure enough it was two bedroom, newly renovated and there were two bedrooms plus a living space there for sure.
After we surveyed the rooms we noticed that there weren't any other doors anywhere in the apartment except the two for the two bedrooms. Where were the bathroom and the kitchen  We looked around to see if we were missing anything. But no 
We saw a few people going through another door in the hallway, we went to check it out, and there it was: a bathroom (very tiny with just enough space to stand up almost) and under the sink, a mini refrigerator (which was apparently the kitchen  ). Three apartments on the floor were sharing a bathroom and a mini fridge 

[BachQ]

Those New York apartment hunting horror stories...
***
Three apartments on the floor were sharing a bathroom and a mini fridge 

That qualifies as a bona fide horror story ..........