NYC Affordability

The NYC rental-market convention that a tenant's annual income should be at least 40 times the monthly rent.

NYC law (effective June 11, 2025) making whoever hires a broker responsible for paying that broker's fee — usually the landlord, not the tenant.

A co-signer who agrees to cover rent if the tenant can't — NYC landlords typically require a guarantor's income to be about 80x the monthly rent.

The monthly fee a condo owner pays for building upkeep and shared amenities — the condo equivalent of a co-op's maintenance, but without the underlying mortgage or property tax bundled in.

The application dossier a NYC co-op buyer submits for board approval — financials, references, and personal statements, reviewed after mortgage approval is already in hand.

A resale fee a co-op corporation charges when shares change hands, typically 1-3% of sale price and seller-paid — not a government tax.

The monthly fee co-op shareholders pay that bundles building upkeep, a share of the building's underlying mortgage, and a share of its property taxes into one number.

The liquid cash a co-op board requires you to have left over after paying the down payment and closing costs — typically 12+ months of maintenance and mortgage.

The HUD-published median household income for the NYC metro area, used to set eligibility and rent caps on every affordable housing listing.

A NY State buyer-paid tax starting at 1% of full purchase price on residential sales of $1,000,000 or more, stepping up to 3.9% above $25 million.

A NYC/NYS tax on financed real property purchases — about 1.80% of the loan under $500,000, 1.925% at or above — that applies to condos but not co-ops.

The share of gross monthly income that goes to housing costs plus other debts — the primary limit lenders and co-op boards use to cap how much you can borrow.