• stevehobbes@lemm.ee
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    1 year ago

    They’re 40x the monthly rent.

    If you want to rent a $2,500 apartment, you need $100k in income (gross, not net).

    Yes, if you can skimp elsewhere, you can make it work with a smaller ratio. But it isn’t an insane rule of thumb for what you can afford.

      • stevehobbes@lemm.ee
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        1 year ago

        I’m just saying what it is, in NYC it’s 40x the monthly rent for annual gross income, 80x for guarantors.

        3.3x the monthly rent. This is true pretty much everywhere in NYC.

        It’s in their range but more precise, and they will care about annual income. They’ll ask to see tax returns often.