This article goes out to all you single young professionals starting your career in New York City. I would like to give you some friendly advice to help you get started on what will be an exciting journey through life. First of all, congratulations on your college graduation!
Unless your parents bought you a house fresh out of college, chances are you are looking for an a apartment in the city that fits into your budget. You have figured out a budget, right?
Let’s start with the obvious obstacles.
How much space do you need? The average one bedroom apartment is between 650 and 800sqft. Which is actually a lot of space if you are living by yourself. Rental rates in Manhattan for a 1 bedroom can get pretty pricey if you aren’t careful. Let’s say you rented in a luxury building with the latest in technology and a whole list of amenities. You’re going to pay between $3500 and $4500 per month.
You can save a little money on your living arrangements if you look for available luxury apartments Jersey City. I did some research for you, and found that a 1 bedroom apartment downtown Jersey City, NJ is about 700sqft and can run $2350 – $3400 each month.
The next thing we should discuss is taxes. Don’t let “Uncle Sam” take advantage of your naivety. If you live and work in two different states, you will have to file two separate state tax returns art the end of each year. While this may be a pain in the butt, I think you will find it is well worth the hassle. First off, taxes in New Jersey are less than they are in New York. You will need to file a non-resident state return in New York, and a resident state return in New Jersey. Depending on how you file, the refund you get from New York should be enough to pay the state of New Jersey, and still have some left in the bank. Plus, you don’t have to pay a city tax, if you let your HR Dept. know that you do not live in NYC.
If a one bedroom is a little bit more than you wan to pay, then you always have an option to rent a studio apartment. I’ve seen some studio apartments that are just as roomy as a one bedroom. In some cases, the only difference betwwen the two styles is the door to the bedroom. A studio apartment in Midtown Manhattan could be anywhere from $2800 to $2975 per month, and 400 to 525sqft. I found some studio apartments in Jersey City for rent that range from $2100 – $2900 per month, and are 500 – 600sqft.
One last thing and I’ll be done. Jersey City, NJ has a bunch of new developments going up this year. Two, that I know of, will be ready for occupancy in the spring or early summer. Vantage Jersey City, at 33 Park Ave, is planning to start occupancy in the spring, and TheOne Jersey City, at 110 First Street, is supposed to open around the end of may or early June. Both of these new luxury buildings offer studio and 1 bedroom apartments. Both have terrific views of the Hudson River, and Manhattan.
Welcome to life as an adult. Have fun!