Many people dream of moving to New York City, but where are you going to live?  In the most expensive rental market in the country, you'd better have a decent income to be able to afford even the most basic apartment in the city, or plan to live way outside of town. Even if you have the cash, be prepared to give up some of the basic things that are taken for granted everywhere else, such as outdoor space, parking, and guest bedrooms. Using a budget of $3,000 per month (quite low for NYC), here are some options that you could rent, just to give you an idea of what to expect when beginning your search.

1. Clinton 1-bedroom: $2,500/month
Coming in well below our budget is this Clinton apartment with beautiful city and river views. The apartment has oak and tile floors, and a very nice kitchen with energy star appliances. Though the apartment itself is quite compact, the building is full of amenities that include a health club, club room, and a rooftop deck.

Source: Trulia

2. Gramercy studio: $2,795/month
Although it is listed as a one-bedroom, this apartment is actually an alcove studio, which means it does not have a separate bedroom, but the sleeping area is separated from the living area (due to the shape of the apartment). The apartment is nicely updated, with a full marble bathroom and granite countertops in the kitchen, and has plenty of natural light from its oversized windows.

Source: Trulia

3. Midtown 1-bedroom: $2,995/month
Right at the top of our budget, this apartment is close to all of the action, and is just a block from the Hudson River. Although it is not spacious, at least by non-city standards, this apartment is a true one-bedroom and is nicely updated with granite counters, stainless steel appliances, and a bright and beautiful bathroom. The apartment is located in a building with a full-time doorman and a community fitness center.

Midtown East
Source: Trulia

4. Harlem "mansion": $2,900/month
I use the word "mansion" because your rental dollars go so much further in Harlem than in most of the rest of Manhattan. There are some very nice areas of Harlem that are definitely worth a look, especially if you need extra storage space or plan on having frequent guests. 

This 2-bedroom example is on 104th Street, and is just a few blocks north of the much more expensive Upper East Side neighborhood. The apartment is the entire third floor of a converted townhouse and features a large (even by real-world standards) kitchen and a gorgeous bathroom. The apartment is available fully furnished and even has laundry facilities in the unit.

Source: Trulia

5. Midtown West large 1-bedroom: $3000/month
Located in the "Hell's Kitchen" neighborhood, this apartment is just a few blocks from Times Square and the Broadway theater district. The apartment is fully renovated with beautiful hardwood floors, granite counters and stainless appliances in the kitchen. The oversized windows make for great city views, and the building has a very impressive list of amenities including a fitness center, basketball court, driving range, sundeck, business center, and more. This is a much busier area than the other apartments on this list, but for people who want to be able to just stroll downstairs and be right in the middle of everything the city has to offer, this is tough to beat!

Source: Trulia

High yields for high rises
One of the dirty secrets that few finance professionals will openly admit is the fact that dividend stocks as a group handily outperform their non-dividend paying brethren. The reasons for this are too numerous to list here, but you can rest assured that it's true. However, knowing this is only half the battle. The other half is identifying which dividend stocks in particular are the best. With this in mind, our top analysts put together a free list of nine high-yielding stocks that should be in every income investor's portfolio. To learn the identity of these stocks instantly and for free, all you have to do is click here now.


Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Compare Brokers