Affording an apartment in Murray Hill as an analyst??
Currently working in RE. Was recently promoted to senior analyst, able to work remote for 3 days of the week. Have about 6 yoe, with some years in another industry initially. Base salary is 135k, with 20% anticipated bonus. Been applying to other roles but looks like job market is kind of shiet.
Have enough savings to make a downpayment on a 700k condo with a 500k mortgage. Monthly upkeep before mortgage principal and interest is around 3.5k / month (found a 1k+ sqft 2bd co-op).
Thinking of the Midtown east / Murray hill area. Would I be able to afford this apartment with my new salary?
I must be the idiot taking the troll bait here… but don’t you work in real estate? You dont know how to figure this out on your own?
Just run some quick back of the envelope calcs here with your new salary and the apartment...
You're likely netting about 7.5k/month or 90k/year assuming you are single. Numbers could vary if you have a wife who is contributing.
500k mortgage could be around 36k/year in principal and interest
3.5k monthly upkeep is another 42k/year
That would come out to around 10k/year leftover for any other expenses you may have, like food for example
This is a recipe for being house poor. Would not recommend. Rule of thumb should be to buy something that is no more than 3-5x your annual income.
NYC is a complex city to buy places. Why can’t you just rent until you’re ballin out of control?
I make right around your base and bonus. Currently paying 2900 all in and I’m considering places as high as 3500 all in but likely lower. I paid 3650 on 140 base a while back and it was way too expensive. I can’t imagine paying a mortgage plus 3500. That’s just way too much dude you won’t be able to buy food or clothing let alone enjoy nyc.
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