Living downtown in Major East Coast cities all priced out of reach? (rent, car insurance)

[kidphilly]

Originally Posted by Tom55116

I know someone who recently moved from where I live to take a job at the New York Times in Manhattan.
He was offered 100k and he had to rent in Brooklyn AND get a roommate to afford to live there.

My argument is not full of holes. A 100k-110k salary does not get you into Manhattan without roommates.
The lawyers making $160K+ their first year out have to account for less than 1% of the population.

As do the inhabitants of these DTs you referenced represent less than 1% of the population. (the top 1% of earners in the US make over 350K actually and the 350K is the bottom end of this group)

If you look at the DT areas you referenced the typical per capita income is in the 120K to 200K range I believe (including Philadelphia)

In short though one could live in these DTs with a 100K income, it may not be a lavish lifestyle but definately could live there none-the-less.

FWIW also in any of these DTs a 100K would by no means be considered high honestly. Everything is in perspective

[prelude91]

Originally Posted by Tom55116

My argument is not full of holes. A 100k-110k salary does not get you into Manhattan without roommates.
The lawyers making $160K+ their first year out have to account for less than 1% of the population.

Your argument is full of holes in that you are way over estimating housing costs. A friend of mine just moved into a renovated 450sq ft studio in the West Village last week for $1700 a month, I have seen plenty even less than that. So while you can spend a fortune on housing in Manhattan, you can find housing that is more affordable, that is in desirable neighborhoods and not dilapidated. Same goes for DC and Boston.

[citylove101]

I do thin you have somewhat overstated the rents in NYC. Not that people don't pay those amounts. They do. But there are Manhattan alternatives for less, even in prime areas like the Upper east side. One thing about NYC, Boston, and DC to mention though, is that unlike other cities, there are lots of foreigners and ex-pats living in these downtowns and they are able to pay higher rents, either from their own pocket or their employers. Philadelphia does not have as much of this I think, so that prices there are somewhat lower.

[2e1m5a]

Originally Posted by citylove101

I do thin you have somewhat overstated the rents in NYC. Not that people don't pay those amounts. They do. But there are Manhattan alternatives for less, even in prime areas like the Upper east side.

True, I know of 2 br apartments on the UES that are around $3,000/month. Now, one of those bedrooms may literally be a bed-room, meaning you won't be able to fit anything beside a bed in the room.

[BKmachine]

Originally Posted by OyCrumbler

Philadelphia is an affordable major east coast city. Baltimore, too, unless you consider it too small.

I was surprised at how cheap it is to live right in downtown Baltimore. I mean of course nobody wants to live in the Lexington Market area of downtown Bmore but Mt. Vernon is pretty damn cheap.

[BKmachine]

Originally Posted by Tom55116

I didn't mention Phili because I have never visited there to know what it is like. I didn't want to include a city I know nothing about. Phili is a Major East Coast city for sure. Baltimore is too small IMHO to be considered a major East Coast city.

Baltimore is bigger than both Boston and DC when it comes to land size and population, even though DC's population might have passed Bmore's.

[HarborEastGuy]

I was searching with google and ran into the helena building on W57th when I quoted the prices.
It seemed like a nice 7 year old apartment tower. Studio=$2900 1BR=$3800 2BR=$4700
They are nice but not huge or overly highend.. IE: Cheaper White faced appliances not Stainless Steel.

For all those claiming that I overstated the prices.. Check the link below. I did not lie. Even though
people are so quick to accuse me of overstating.

Green Apartment Building in New York City | The Helena

As for living in a 450 sqft studio even at $1700, the space is too confining for me. I would think a Master's Degree and 20 years
experience would allow one to live a little better than that. A potential 110k salary qualifies someone for a $2750 max rental
using NY's MaxRent x 40 = Salary formula. Rentals at the $2750 point are quite modest and studio sized.

Some have suggested in this thread that 110k is a low salary and that the majority of people have salaries between 100k and 3
million per year. I guess for me, my assertion is dead-on correct. Manhattan is priced out of reach unless I lower my expectations
to something very small and modest.

[prelude91]

Originally Posted by Tom55116

I was searching with google and ran into the helena building on W57th when I quoted the prices.
It seemed like a nice 7 year old apartment tower. Studio=$2900 1BR=$3800 2BR=$4700
They are nice but not overly highend.. IE: Cheaper White faced appliances not Stainless Steel.

For all those claiming that I overstated the prices.. Check the link below. I did not lie. Even though
people are so quick to accuse me of overstating.

Green Apartment Building in New York City | The Helena

Perhaps people are right that 110k is a low salary and that the majority of people have salaries between 100k and 3 million per year.

So your entire premise is based off of ONE BUILDING?

[kidphilly]

Seriously if you are willing make some concessions much cheaper places can be found. This seems to be I want to live in the center of manhattan and have the same kitchen, closet space, and number of bathrooms as my suburban townhome. Oh and for the same price etc.

Supply/Demand

I always wanted a house on the beach in Malibu or LaJolla for 1500 a month too...

[prelude91]

I just did some research, and it is getting too expensive for the average American to afford a car anymore. It seems you need to make $1M + a year to drive a car:

Rolls-Royce Motor Cars Home