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Where to Rent for Less in New York City

are plenty of college grads looking for

places to live this summer but if you're

working in Manhattan where can you

afford to rent with a starting salary

Fox's Allison Morris has some tips but

first she's got some big news on the

market today

yeah we're talking stock market's

housing market a little bit of

everything today so to the markets first

where we had a record close on both the

Dow and the S&P today that is the third

straight record closed for the SP not a

lot of news though today Apple was the

big talker billionaire investor Carl

Icahn says he thinks Apple shares are

still undervalued and the stock jumped

up again keep an eye on the rest of the

week though we'll have some more news

we'll get the last of the earnings

reports some housing data minutes from

the Fed Open Market Committee so you

want to keep an eye on all that to see

if the markets can sustain these levels

all right from the stock markets to the

rental markets here in New York this

year's graduates have it tougher than

ever before the housing market in New

York has been so tight last quarter just

0.6 that's point six percent of the

apartments in New York were for sale so

with less to buy more people are staying

renters that means less to rent and a

whole lot more to pay don't spend more

than 50% of your income on rent great

advice from Street easy data scientist

Allen light fell but a tough thing to do

if you're a new graduate looking for

housing on a budget especially in this

rental market the typical New York

household will spend almost 60% of their

income on median asking rent in the city

and it's because incomes are lagging in

the last five years incomes of grown

just two percent whereas rents have

grown 12% street easy estimates that

most recent grads who did not major in

business will make less than $50,000 a

year so where can they find an

affordable place to live look outside of

Manhattan first explore neighborhoods in

Queens and the Bronx and Brooklyn where

rents are a little bit more affordable

and those include neighborhoods like

Astoria Queens Crown Heights and

bed-stuy and Brooklyn and Washington

Heights in Manhattan in those

neighborhoods

Liefeld says it is possible to find

places for one to two thousand dollars a

month these are very large rental

markets that have a lot of studio two

bedroom and three bedrooms that can

support any decision you make whether

it's you want to live alone or

want to take on two one or two roommates

if you have to be on Manhattan Island go

way north and consider a roommate if

you're dead set on moving to Manhattan

you need to look north of 110th Street

that's where most of the affordable

units are and it's easily accessible you

can get to downtown really easily on the

one or two three trains and there's also

a lot of young people there already once

you find a rental you like scoop it up

fast you really have to you have to move

quickly in New York because things are

gone in a New York minute bring your

checkbook bring references bring your

credit report because those are the

things that they're going to be asking

you for and if you've got it in hand

you're going to be one up on the

competition all right so where are the

next hotspots for renters or even buyers

there's a lot of buzz about southern

Brooklyn Ditmas Park parts of Greenwood

and then also a little further out

Eastern Queens people are even looking

as far as Jamaica basically the rule of

thumb is now follow the train lines

wherever there's a train even if the

commute is long that's where people want

to be rikes you don't want to be dealing

driving that's just a whole other

headache and expense to good deal all

right