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I live in TN right now but I have a job offer that would require me to live in/on Long Island. It pays $50,000.00 a year which is more then I make now but the cost/benenfit ratio due to the cost of living increase seems like it might be to great.
Is that enough to live without feeling like I am just above the poverty line in NYC. I would be trying to rent to live by myself and my dog (I am roommate kinda guy, also because my girl would be coming to visit often) but from some of the numbers I have gathered I feel like it might be to much of a struggle. What is considered an exceptable salary on Long Island? What is a good one bed-room apt go for? IS $50,000.00 going to cut it?
I live in TN right now but I have a job offer that would require me to live in/on Long Island. It pays $50,000.00 a year which is more then I make now but the cost/benenfit ratio due to the cost of living increase seems like it might be to great.
Is that enough to live without feeling like I am just above the poverty line in NYC. I would be trying to rent to live by myself and my dog (I am roommate kinda guy, also because my girl would be coming to visit often) but from some of the numbers I have gathered I feel like it might be to much of a struggle. What is considered an exceptable salary on Long Island? What is a good one bed-room apt go for? IS $50,000.00 going to cut it?
I live in TN right now but I have a job offer that would require me to live in/on Long Island. It pays $50,000.00 a year which is more then I make now but the cost/benenfit ratio due to the cost of living increase seems like it might be to great.
Is that enough to live without feeling like I am just above the poverty line in NYC. I would be trying to rent to live by myself and my dog (I am roommate kinda guy, also because my girl would be coming to visit often) but from some of the numbers I have gathered I feel like it might be to much of a struggle. What is considered an exceptable salary on Long Island? What is a good one bed-room apt go for? IS $50,000.00 going to cut it?
I would like to first say congrats on being able to land a job.
Now the bad. There is a thread on this board where the OP ask is $100,000 enough to live on the island. I suggest you look that up first but again congrats and yes it's way too expensive out here but if you see growth in the job and feel the move is worth is then by all means.
To answer your question it will depend on what type of commute you have. If your job is on the island and you already have a car great. If you have to buy a car not so great. If you want an apartment in a top notch neighborhood then strike two and spending habits also.
I know you may be young but consider the cost of insurance at this job. If the plan they offer is not very good you may either go without or end up eating up a good chunk $4000-$6000 of your money already on insurance.
For a 1-bedroom apt, you can make it here on $50k. It'll be tight but it's possible. I know a few people that do it on about that much. 1-br apts run around $1000-$1400 depending on the area. Post the area the apartment(s) you are looking at is in, I'll steer you in the right direction.
I live in TN right now but I have a job offer that would require me to live in/on Long Island. It pays $50,000.00 a year which is more then I make now but the cost/benenfit ratio due to the cost of living increase seems like it might be to great.
Is that enough to live without feeling like I am just above the poverty line in NYC. I would be trying to rent to live by myself and my dog (I am roommate kinda guy, also because my girl would be coming to visit often) but from some of the numbers I have gathered I feel like it might be to much of a struggle. What is considered an exceptable salary on Long Island? What is a good one bed-room apt go for? IS $50,000.00 going to cut it?
50K per yr = 36K per yr/$3,000 per month +/- Take Home-Depending on tx braket.
NOT counting health care cost, retirement contributions, ect.....
1 bed room Avg. on L.I. $1200-$1500 +/- depending on area. Unless you want a basement apt. $800-$1,000
What are your long term goals (homeowership etc)? Is this a job with growth where you can earn more over the course of your life if you stay in it and stay on Long Island? Or is it a "way station" to better things? What is the potential top salary if you stay?
I think he could afford to live in an apartment, sure. Will he be forging a better life by moving to LI? He didn't ask.
Could he buy a house, drive an SUV (Or two), have 3-4 kids and get a weekend waverunner on 50K? The rest of you seem able to do it.
I live in TN right now but I have a job offer that would require me to live in/on Long Island. It pays $50,000.00 a year which is more then I make now but the cost/benenfit ratio due to the cost of living increase seems like it might be to great.
Is that enough to live without feeling like I am just above the poverty line in NYC. I would be trying to rent to live by myself and my dog (I am roommate kinda guy, also because my girl would be coming to visit often) but from some of the numbers I have gathered I feel like it might be to much of a struggle. What is considered an acceptable salary on Long Island? What is a good one bed-room apt go for? IS $50,000.00 going to cut it?
First, I had to fix your typo. Sorry, typos annoy the heck out of me.
Second, I personally don't think $50K is enough. We would need to know more details - where in Long Island are you looking to live? Some areas are cheaper than others, so if you want cheap - be prepared to sacrifice safety or other amenities you are taking for granted now in TN; is health insurance covered? how would you be travelling to work? Car or mass transit? Does your job give you a chance to get raises after a certain time?
You can do it, but it will take solid planning and a willingness to deal with sacrifice. The other thread posted above should help you with ideas.
Dam give the man some hope. We both know a lot will say the answer is no but there are deciding factors.
A one bedroom can range anywhere from 700-1500 a month depending on area. You have to factor in NYS tax to the equation, (No State tax in TN)plus gas prices here are about 60 cents higher than TN.
As for living here for 50k when single, it can definitely be done, but I want to put it in perspective for you. Im buying my retirement home IN TN. My monthly tax bill on my current property is more than my mortgage/taxes/homeowners and utility bill will be in TN.
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