Apartment Broker Recommends Brooklyn Residents Spend No More Than 150% Of Income On Rent

BROOKLYN, NY—Urging apartment hunters to keep their search within reasonable bounds and avoid excessively high leases, real estate broker Katherine Rivera recommend Friday that Brooklyn residents spend no more than 150 percent of their income on rent. “When you’re looking for a new place in Brooklyn, limiting yourself to a budget of one and a half times your monthly pay is always a good rule of thumb,” said Rivera, who noted that residents willing to live with multiple roommates or in a less desirable neighborhood might be able to allocate as little as 125 percent of their income to rent. “Anywhere from 140 percent to 175 percent of your paycheck is considered a healthy range to set aside for housing in Brooklyn. Some people can stretch it to double or even triple their salary, but we don’t suggest going that high, because spending more than 150 percent of your total earnings on an apartment can really impact the rest of your budget.” Rivera added that Brooklyn residents could help save extra money for rent by holding themselves to a strict spending limit of $4,500 when they go out on weekends.

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