New York City has been called many things—the City That Never Sleeps, The Capital of The World, The Big Apple—but there’s one thing it’s never been called: affordable. There are a million reasons to live in NYC, from the job opportunities and top-tier colleges, to the world-class entertainment and diverse culture. But those things don’t come cheap. In a place where the cost of living is at least 68.8% higher than the national average, you may find your money just doesn’t go as far as it should. Let’s take a closer look at what you’re paying for.

A Studio Apartment.

You’re someone who doesn’t need a ton of space, lives alone, rarely entertains, and is happy to sacrifice some square footage in exchange for saving money. So, how much did that sacrifice save you? According to Douglas Elliman Real Estate, the average studio rental in Manhattan costs $2,691 and requires your annual salary to be at least $107,000. Not sold on Manhattan? A studio in Brownstone, North Brooklyn, Queens, or Long Island City averages just under $2,300 a month.

A One-Bedroom Apartment.

You may be single or live with a partner and want more space than a studio offers, but can’t afford too much more space. What does a door separating your bedroom from your living room buy—and how much do you need to earn to get it? Using the recommended 30% rule, here’s a breakdown based on location:

Tribeca:

An average monthly rent of $4,150, requires a $166,000 annual income

Chelsea:

An average monthly rent of $3,850 requires a $154,000 annual income

Williamsburg:

An average monthly rent of $3,100 requires a $124,000 annual income

Park Slope:

An average monthly rent of $2,450 requires a $98,000 annual income

A Two- or Three-Bedroom Apartment.

There are a lot of different reasons to want a two- or three-bedroom apartment in NYC. Rarely will someone who lives alone seek out this expensive option, but if you have a partner, roommate(s), or children, you may need the extra space. What’s that extra space going to cost you? Thanks to recent dips in price, you may be able to get “a deal” now. A Manhattan two- or three-bedroom will cost you $4,595 or $5,500 a month, respectively, and in Brooklyn a two- or three-bedroom will cost you $3,025 or $3,318 a month, respectively. This means your annual income must be at least $121,000, and potentially up to $220,000.

Still want to call New York City home-sweet-home but can’t afford a place large enough to fit all your belongings? The answer is much simpler (and less expensive) than you may think: rent a mini storage unit. Storage units are an affordable way to have your (NYC apartment) cake and eat it, too! Contact the Manhattan mini storage experts at Gotham Mini Storage and move your belongings into a secure, climate-controlled unit today!