Apartments for Low Income

Questions and Answers

Your Questions About Cheapest Apartments In Nyc

April 3, 2013

Mandy asks…

What are affordable areas to live in Seattle?

I am looking to move to Seattle from NYC & I want to know where are nice places to live that are affordable..

Administrator answers:

Seattle a nice place.well, there are usually rich apartments in dowtown and cheap neighboorhoods near seattle but no tin the city

Ken asks…

What is the best value for a NYC apartment?

I’m looking for an apartment that’s situated so that I can get to the Village within 20 minutes. Considering Manhatten, the outer boroughs, and New Jersey, where would the cheapest apartments be?

Administrator answers:

There is no “value” in Manhattan. Northwest Brooklyn or Southwest Queens are your only options in NYC if you want to be 20 minutes away from The Village and neither of those are much less. I can’t speak for Jersey, nor would I care to.

Jenny asks…

Should I pay off my student loans or save for a down payment on a house?

Should I pay off my student loans entirely before buying a house? Or pay the minimum and save for a 20% down payment on a house? In what circumstance would I be screwed over less?

This is a summary of my situation:
$50,000 yearly income
$18,000 student loans – interest rate 5%.
no other debt, no car, cheap rent. I live like a borderline homeless.

Currently, I give $1000 a month to pay off my student loans, even though my minimum payment is $324 a month.

A decent house in my city goes for $300,000.

Property value supposedly goes up 5-7% ever year.

But everyone says the market will crash in Canada.

Can you please provide insight and provide your calculations?

Administrator answers:

I don’t know what the Canadian market is like, but I can tell you how things have panned out for me. Below is my starting point summary back in 2008:

$54k annual income
$32k student loans ($3k @ variable 11%, $19k @ 2.5% and $10k @ 6%)
$995 monthly rent
No credit card debt, no car, ~$50/month total in utilities and internet was $35/month, cell phone – family plan. Retirement contribution+insurance, ~$6k/year

I didn’t think I would end up in that location for long, but the economy took a nose dive 4 months after I started my job. I had a 5 year plan to pay off my loans, first the 11% rate loan. Property values started to tank. If what I want is more than my current rent, I’ll get a roommate for my property and charge 35-50% of my mortgage as rent depending on the size of the property/occupancy. In 2010, I found a duplex, but my sights weren’t set on something as high cost as you. Below are the stats:

~$61k annual income
~$19k student loans
$600 rent in a crappy neighbourhood
No car, ~$1.5k credit card debt, <$100/month internet+utilities, cell phone family plan, retirement+insurance ~6k/year
Duplex purchase: $110k @5% interest, mortgage ~$985/month

I lived in the low income apartment while the house was being fixed (the 110k includes a $50k loan for repair, also at 5%). It took 7 months to fix, so I was paying rent and mortgage all at once. The great thing is, now I didn't have to have a room mate. The other side would be theirs completely at $1,100/month in rent. With this, I started to save money very quickly and bought another house for cash (granted, I had to take out a loan from myself for 16k). This was last year. My stats were as follows:

$66k annual income + 13.2k housing income = 79.2k
$7K student loan
$985 mortgage
No car, ~$4.5k credit card debt, <$100/month internet+utilities, cell phone family plan, retirement – ~$8k (includes repayment of the loan from myself), health care ~$2.2k

I made a career move that changes my stats drastically and my debt:asset ratio recently (I make well over $100k now from taking an overseas position and my total estimated income from properties once the 2nd is repaired is $39k/year). My debt management/investing is also more complicated, so I don't think it's relevant to what you're debating at this point in you life. So from the above, here's what I suggest: GO MODEST and KEEP PAYING EXTRA OFF YOUR LOANS (though not quite as much). My goal is to move back to NYC. I wish to put down a full $300-350k deposit on my purchase (small beans over there… My dream spot is running around $700k right now), so when I liquidate my asset, I'll have enough. You can start small to get the big item you want, using rent to offset what can be a big expense – housing. If you buy a property, chose to stay in your apartment (if I stayed in my crappy apartment for $600/month, rented both units for $1,100, my profit margin would've been higher but I'd be miserable). The important thing is that whatever you invest in, it has to have a net positive value. The property summaries are below:

Property 1: Mortgage of ~985/month
Cost: $110k Conservative appraisal value: $221k
Property 2: No mortgage, taxes $2.1k/year
Cost: $26.5k+$50k repairs = $76.5k Conservative appraisal value: $159k

Sometimes you have to take an indirect route to get exactly what you want. Now, I will tell you this – it's fricking painful to go through renovation projects. You will bleed money like woah. Yes, I said "like woah." Also, start building your credit. The loan for the house repairs were not released forward (in US economy, it's a huge risk for a bank to hand over $50k for a project like that all at once). This meant, I was carrying at various points up to $30k in credit debt on 0% introductory rate credit cards until the bank released my funds. If you have something like a 401k that you can take out of loan from yourself from WITHOUT penalty (that's how it is for self-loans from 401k in the state, also it builds your credit because you're successfully paying yourself back. People advise against touching retirement, but when it's to increase your net worth, which indirectly goes back into your retirement, it's a good risk to take) for Canada, you may consider that.

Please note: I'm not a financial adviser. Try to get a free consultation.

James asks…

What’s the best/cheap place to stay in New York City for two weeks?

I would like opinions on the best way to stay in New York, in terms of value for money, somewhere in manhatten. This is for a holiday. Any good websites to point me in the right direction?
I mean relatively speaking. Advice on new york’s cheaper accomodation etc. I’m not expacting prices to rival flint michigan.

Administrator answers:

You are never gonna be able to stay in a hotel in NYC without it seriously adding up or having dodgy rooms and service like a backpackers or something. I would really reccomend looking on craigslist, there are usually some nice places about on there if you look, meaning holiday rental apartments.

Robert asks…

What is a good cheap restaurant in New York?

I am staying at an apartment in the upper east side (66th street and 5th) and was wondering where we could go for a really good but not to expensive dinner ….

Administrator answers:

Well, if you want to eat pizza there is a nice pizza/casual Italian resturaunt in the middle of New York City (i think) called John’s pizzeria times square. Its really good it was probably one of the best places i ever ate in in New York. It was made in the building of what used to be a Cathedral so its really pretty too. I’m not sure exactly where it is, because i’ve only been there once on a trip to NYC and I had just gotten off the plane so I wasn’t really sure where i was LoL…, but anyway it comes up if you search it on google, just look for that exact name.

Another really good resturaunt is this place called Rennaisance, which is somewhere near the Gershwin theater(west 51st St.) but i really don’t know where it is and it didn’t show up on google for me, but you can try. They have a really wide variety of food, including sandwhiches, soups, paninis and Italian dishes(like Chicken parmigiana) It has nice service, is clean and has a beatiful garden in the back with plants growing over your head. However, i think that its a little more of a lunch-y place, but still is great !!!!!!!!!Maybe you want to go there some other time …idk

there are many great resturaunts in New york, just PLEASE don’t go to Planet Hollywood, its cool and interesting, but the food is disgusting, it made me get sick.

I apoligize if you do like that resturaunt, but don’t try it if you’ve never been there.

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