NEW YORK - Congratulations to the Class of 2023 on getting their degrees, but young college graduates looking to move to New York City might find navigating the rental market… expensive, to put it mildly.
The median rent in the city now stands at a staggering $3,700 a month, but if you're a savvy apartment hunter, you can find a new place to live that won't break the bank.
According to Streeteasy.com, East Flatbush is the most affordable neighborhood for recent college grads in New York City, with a median asking rent of $1,336 per person. Moreover, nearly 70% of its housing inventory is considered affordable for recent college graduates.
Here's a list of the top 5 affordable neighborhoods for college grads in the city:
- East Flatbush - Median asking rent: $1,336 per person
- Ridgewood (Queens) - Median asking rent: $1,400 per person
- Washington Heights (Manhattan) - Median asking rent: $1,475 per person
- Bushwick - Median asking rent: $1,500 per person
- Crown Heights - Median asking rent: $1,550 per person
Recent college graduates in New York City typically earn a median income of $62,000, according to the Current Population Survey conducted by the US Bureau of Labor Statistics. Approximately 1 in 5 market-rate rentals in NYC is considered affordable for individuals within this income bracket.
Experts recommend that rent should ideally be below 30% of one's annual income to ensure financial well-being and future planning.
For recent college graduates seeking affordable housing in New York City, StreetEasy recommends a few strategies:
- Find a roommate
- Check out the neighborhood
- See what the nearby mass transit options are