Rent level for residents in larger cities

[El Duderino]

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I assume this is FAQ-material, but I have perused the forums extensively, and I couldn't find a good answer so here goes:

What kind of monthly rent would someone typically be able to afford on a resident's salary (40-45k) in a major metro area? The parameters are: single, no dependents, no debt payments, modest (low-cost) habits.

Even though it may be a stupid question, I would be very grateful for any input. TIA.

 

[Blade28]

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(http://forums.studentdoctor.net/showthread.php?p=2479934#post2479934)

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(http://forums.studentdoctor.net/showthread.php?p=2480034#post2480034)

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[Winged Scapula]

Good call Blade.

Situation dealt with.

 

[Blade28]

Thanks for dealing with this problem so promptly! So vigiliant, as always. 🙂

 

[El Duderino]

Does this also mean that the contention of the poster in question that a monthly rent of $1100 is the realistic upper limit on a resident's salary is hogwash? It does sound rather optimistic, but I really wouldn't know... (I've never lived in the US, let alone a large US city, so the question isn't quite as stupid as it may seem... 🙂)

 

[doc05]

Does this also mean that the contention of the poster in question that a monthly rent of $1100 is the realistic upper limit on a resident's salary is hogwash? It does sound rather optimistic, but I really wouldn't know... (I've never lived in the US, let alone a large US city, so the question isn't quite as stupid as it may seem... 🙂)

the upper limit is probably closer to about 2 grand a month, assuming the parameters you've indicated. that's assuming no car, live near hospital, no debt, minimal loan payments (perhaps forbearance).

 

[Blade28]

I've been told to spend no more than 25% of your paycheck on a morgage/rent payment.

 

[Ross434]

There's no way you can afford a $2000 a month apartment. Think $1000 or less. Remember you have to make a car payment, insurance payments, food, furniture, everyday items - it all adds up really fast. Your monthly income is going to be around $2500. food alone probably costs $400/month, and then, a car, and then, an apt, and all your other bills.

 

[doc05]

1000 or less? are you serious? The OP's question was about major metro areas, and you won't find anything at that price in Boston/NY/SF. Maybe in Chicago, and even then it won't be easy. 25% or less of your paycheck is of course ideal, but in certain big cities it won't be feasible.

 

[fuzzyerin]

I live in NYC now, on what I'll call a "med student's salary" (ie, loans). My studio apartment costs $1000 a month. The loan checks I get to live off work out to about $6000/6 months, or an additional $1000 a month. I pay for some of the necessities - cell phone ($50), cable ($15), utilities (~$65) car parking ($75 at hospital), gym membership ($48). Though I don't have to pay for internet service. By renting, I don't have to do any significant maintenence - if something breaks, my super fixes it. And of course, there's food, and eating out in NYC is very appealing because there are a bazillion restaurants within walking distance of my apartment.

My feeling is that next year, on a resident's salary of $45K (I'll be on Long Island), which works out to about $2700 after taxes per month. I can rent something in the range of $1000-1200. I'm used to living off less than that right now, but I'm still not going to have any kind of cushion of money socked away.

In NYC, you'd be hard pressed to find an apartment that's cheaper than this. Most of my friends live in converted 1-bedrooms and the rent for the 1 bedroom is $2200 a month. You're going to have to look to find something in your price range. I have to do the same thing on Long Island, and it's depressing.

 

[GopherBrain]

I think that the old 25% of total income rule doesn't stricktly apply to residents. That is more for people making a stable salary, while saving up for retirement, kids college education, etc.

We are not making our future salary, and most anything we save in residency will be immaterial. The financial goal of residency is to tread water, and not go backwards. If you spend all of your money on living expenses and don't invest - oh well, not the end of the world.

I'm going to be starting my residency in SF in June, and I am looking to pay around 1300-1400 a month for rent. I'd like to go cheaper, but I just can't.