It is the lowest you can pay in the center of a very rich NYC suburb to get a nice 2br apt.
For comparison, a 4br house outside the town center would go for 800k-1MM. Mortgage would be ~3500-4000 and property taxes + insurance would be another 500-1000 a month. Mortgage would be (partly) tax deductible, so bring it down to a total of 3500-4000.
Also, it should be noted that my rent is only a very small fraction (mid single digit percentage) of my income. I could economize further, but would have to sacrifice pretty concrete utility in terms of space (share a br with my kid) or commuting distance (fairly bad tradeoff, given that I value my time at >100 an hour).
For comparison, a 4br house outside the town center would go for 800k-1MM. Mortgage would be ~3500-4000 and property taxes + insurance would be another 500-1000 a month. Mortgage would be (partly) tax deductible, so bring it down to a total of 3500-4000.
Also, it should be noted that my rent is only a very small fraction (mid single digit percentage) of my income. I could economize further, but would have to sacrifice pretty concrete utility in terms of space (share a br with my kid) or commuting distance (fairly bad tradeoff, given that I value my time at >100 an hour).
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