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Anyone who has ever tried searching for an affordable apartment in NYC can agree on one thing: the struggle is real. Navigating the NYC rental marketplace with a median citywide rent of $3,700 can feel like jumping through hoops that are progressively getting higher. But if you’re a recent college grad searching for your first city apartment, those hoops can feel like they’re on fire.
Not only is NYC rent notoriously high, but you also have to consider broker fees, application fees, security deposits, and any other charges you may incur during your moving process. This can be a lot for those fresh out of college with an entry-level job, especially if you’ve never lived in the city or have only stayed in dorms. It’s important to stay savvy during the apartment hunt, and it all starts with a low base-rent price.
In order to help with the search, StreetEasy released a list of the top 10 most affordable neighborhoods in NYC for recent college grads. East Flatbush, Ridgewood, and Washington Heights came out at the top, with a median asking rent of below $1500 per person. Astoria and East Harlem are at the bottom of the list with a median asking rent above $1,800 per person (but still nonetheless affordable by NYC standards).
StreetEasy’s study defined “affordable” homes as rental units with a price below 30% of annual wage or salary. For recent college grads with a Bachelor’s degree aged between 22 and 27, the median annual income with a full-time job in NYC was $62,000 in 2022 — according to the Annual Social and Economic Supplement of the Current Population Survey. It is recommended for rent to be below 30% of annual income in order to ensure financial well-being and future planning.
To increase housing affordability, StreetEasy also recommends that recent college grads find a roommate to split the rent with. Less money towards housing costs means more money saved. Don’t forget to also scope out the neighborhood and check for nearby subway lines before signing a lease; affordability and convenience don’t have to be exclusive.
Congrats grads, now let the search begin.