My wife and I plan on moving to NYC in about 2-3 years, maybe sooner but nontheless here is my question:
Lets say we find a place anywhere in Manhattan for like $3,000 per month which is $36,000 per year on just rent alone.
Now I would definetely like to rent with my wife being the joint so we can combine our incomes since there is no way in hell I would qualify alone with a salary of about $55,000 per year is what I estimate I might be making by the time we move out there and she might be making $60,000 plus annually. I found this off another website:
"If you don’t cut the mustard, a landlord may require a co-signer or guarantor. Some landlords require that a guarantor earn an annual salary of at least 80 – 100 times the monthly rent."
Does this mean they want my wife alone to make a minimum of $240,000 or us combined we need to make that much? Besides combined we probably wouldn't even make more than $110K annually by the time we move there so does this mean we will not qualify for any apartment rentals at all in NYC? I'm beginning to think it's going to be impossible to move there and get a decent 2 bedroom place in Manhattan and qualify under these strict income requirements.
Any comments would be helpful. Thanks everyone.