For Rent: 55 Spring St. in Nolita (2024)

FAQs

What NYC borough has the cheapest rent? ›

What Is the Cheapest Area to Live in NYC? Most people consider the Bronx to be the cheapest area in NYC. We like the Bronx because it puts you close enough to Manhattan that you still feel part of the action.

A Tribeca penthouse is on the market for a hefty $150,000 a month — and that sky-high ask makes it the city's priciest rental presently up for grabs, according to StreetEasy tallies. The five-bedroom, 4½-bath perch is at 56 Leonard St.

Who can afford to live in Manhattan? Spending no more than 30% of your income on rent is generally recommended. In other words, your monthly housing payment should not exceed 30% of your income.

Which borough in NYC is the safest? Staten Island, the least populated of New York City's five boroughs, continues to maintain its reputation as one of the safest areas in the city.

Washington Heights, Manhattan

A mix of urban and suburban lifestyles, Washington Heights is one of the cheapest places to live in New York. Living here, you still have easy access to Midtown Manhattan and the city but without the price tag.

A single adult living in New York City would need to make $138,570 a year in order to live comfortably, according to the study. That equates to an hourly wage of $66.62. To cover the cost of just necessities as a single person in New York City, you would need to make an estimated $70,000, according to SmartAsset.

For a single person wanting to live alone in New York City, the average annual income required is $75,000. A total of $75,000 would result in a net income of $61,272 per year, which is $5,106 per month. This amount of money will cover basic expenses and give a little room for entertainment for one person.

A salary of $58,450 or less annually is now considered low income in the New York Metro Area. If you are a single New Yorker earning $58,450 or less per year, you fall under the low income category, according to 2018 estimates released last month by the U.S. Department of Housing (HUD).

Do you need a credit score to rent an apartment in NYC? ›

Ideally, you need at least a 650 credit score to secure a good apartment rental in NYC. But don't worry too much if your score is 500 or less. There are ways to increase your creditworthiness quickly, making you more eligible for renting an apartment in NYC.

With its hip culture, proximity to Manhattan, walkable streets, and high-rising buildings, Williamsburg is one of New York's best neighborhoods to live in. Here, you can go on a culinary adventure every night, and you still won't be able to visit all of the wonderful restaurants, bars, and cafes.

The cheapest borough of New York City to live in that is still close to Manhattan is the Bronx. While parts of Brooklyn and Queens are also relatively affordable, the Bronx tends to have lower rental and housing prices overall.

The average rent in New York City is $4,208 in Manhattan, $2,951 in Brooklyn, and $2,568 in Queens, according to data from apartment listing service RENTCafé. Believe it or not, the average rent in certain Manhattan neighborhoods is even higher than that.