How much money do you save by having a roommate in NYC?

How much money do you save by having a roommate in NYC?

Nearly half of new grads across the country said they’d like to move to NYC, which raises the question of where and how they’ll all live in this crowded, expensive metropolis.  

Summer in New York means a lot of newcomers: while residents are busy leaving town, a new crop of college graduates is moving in, searching for first jobs, new friends, and affordable apartments to call home. 

NYC is becoming overpopulated. The first result in a quick Google search will yield an exclamatory sentence saying: “Yes, New York is overpopulated! Here are the reasons why you shouldn’t move here.” Nevertheless, people still do, and most probably always will.  

Recent college graduates moving to New York City for the first time will earn an average of $51,000 year in their first full-time job. Considering the wide variety of jobs in New York, it’s safe to say that many new grads will make a lot more or a lot less. 

There is a common rule, that you should spend no more than 30 percent of your annual salary on housing. That means the average new grad can afford roughly $1,275 a month for rent. How many New York apartments are attainable for that price? Actually less than 1 percent of what’s available, unfortunately. That’s why so many young New Yorkers have roommates. 

But is the sacrifice of sharing the space really worth the money saved? A look at the data will show how much having a roommate or two actually saves in New York City. 

Recent grads moving to NYC would save $12,600 a year with one roommate, and nearly a third of their annual salary by living with two roommates. That translates to $1,050 per month in savings with one roommate, and a $1,333 per month, or $16,000 a year, with two. 

In areas where the cost of housing is higher, new grads generally save more by sharing their apartments. 

While it might seem that savings would be greater in Manhattan than Brooklyn, that’s not the case. Studios and 1-bedrooms are much more expensive in Manhattan relative to larger apartments, so new grads will actually save less by adding roommates in Manhattan than in Brooklyn. However, the savings are still greater in both of these boroughs than in the Bronx or Queens, where rents are lower. 

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