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I'm a student who will graduate soon and have been offered a full-time job in New York. The office is located in (lower/downtown?) Manhattan area. They're currently offering $75k per year (base). As is the case with all those who are considering moving to the New York area, I'm concerned if this salary is enough to have a decent savings-expenses combination. By decent, I would like to mean the following:
1. Accommodation
I hope to be able to rent for around $1500 per month; and plan to live in Jersey City (from what I've heard, living in NJ and working in NYC is a good idea if I want to save some money... in terms of NY city tax, etc.) in a neighborhood that is safe, is close to PATH train station(s), with a not-very-long commute (30-40 minutes door-to-door should be fine), with grocery/groceries, etc. close by if possible, and so that I don't have to make/break plans with friends for late night hanging out in NYC: searching through the forums here, it looks like Newport and Exchange Place are good matches for these criteria. I have been looking at apartments' for-rent listings in these areas and it turns out that the closest to $1500pm are studios (but they are still in the 1500-2000 range). Do you think I should be flexible in paying a couple hundred dollars per month more (given my potential salary)? While Journal Square and Jersey City Heights have studios/1-bedroom-apartments in the $1200-1500pm range, I'm not very keen on either for the following reasons --> for Journal Square, the opinion seems to be that it's a somewhat shadier neighborhood (I mean no offense or disrespect to anyone; this is what I have heard most people say on here); Jersey City Heights will require a relatively longer commute to the workplace, and PATH station(s) may not be close to apartments (by contrast, PATH stations in Newport and Exchange Place are quite close to most apartments?) In terms of the overall rent+safety+commute combination, are there other neighborhoods that I should think of exploring?
2. Vehicle
I don't have a car, and don't plan to get one: again based on searching through the forums here, I have found the general opinion to be that a car is not really crucial to survival (unless one lives much further West in NJ?).
3. Lifestyle
I lead a somewhat quiet and peaceful life. This is not to say that I don't like hanging out with my friends, but just that I'm not the kind to party every weekend. I imagine that on weekdays, I will just get back home after work, cook dinner, eat, surf the internet for a bit, and then go to bed. On weekends/holidays, I will either be hanging out with friends in NYC, or be running errands like groceries, laundry, etc., or be by myself reading books, or engaging in my hobby of photography. I don't eat out regularly, and prefer to cook myself as often as I can: of course, once in a while I will eat out, and when hanging out with friends. I don't consume alcohol or other addiction-related substances, so that should cut out those type of recreational expenses too (again, I'm not judging those who do).
These are hard times, and I think that especially for someone like me who is entering the "outside world", it would be wise to live within my means and save whatever I can for my future. I do not have any debt or other such liabilities.
Based on my research, I know that the salary is quite low for someone with my academic and work-experience credentials. At the same time, I have heard (from people who have worked there in the past) that this is a job that most students take as their first job and then move on to other jobs with better compensation, after gaining work experience. Then, there's also the notion that if one starts at a low-balled salary, they are stuck with getting lower salaries later on in their careers. I have another offer that is paying a lot more, and is in a place with a lower cost-of-living. However, I really do think that the NYC job is better in terms of the type and kind of work (that I will be given when starting). In due course of time, I would like to have a career path with satisfying work-responsibilities and with compensation as per my credentials (basically, what I think most people would want ).
Having said all of the above, do you think that I can lead the kind of life I'm thinking of, at $75k per year?
Please feel free to point out anything that I may have missed on covering when discussing my situation. Thanks in advance for your comments, suggestions, and advice!
(PS: I have not lived in a "big city" till this point in my life... so it is quite possible that I may have a somewhat biased perception of reality... please be understanding of that, and do correct me if and where I make assumptions/assertions that are not correct)
You can live in JC on 50k....costs for me I put at 15-20k with taxes factored in...my next job would have a salary between 45-60k.... My friend lives very nicely on 45k in Jersey City , it really depends on what kind of person you are and how good your money skills are... I'm a penny pincher and a laided back person , so i tend to spend less , hench why i only put my expenses at 15-20k...
Thank you for your inputs, GiantRutgersfan and Nexis4Jersey!
I'm finishing up my PhD program in Electrical Engineering, and the job is a software engineering/development position. Based on research from NACE salary-data resources, the market-would-offer-you salary (for this position and my profile) is $89k, hence my questions. (As a side note, I would like to mention that I'm really grateful for being offered a job. Having had to make months of effort to land a job, I do realize how lucky I am given the position a majority of the people are in today; but at the same time, I also believe that there isn't anything wrong with hoping to be compensated according to my credentials. I suppose all of this stuff can be discussed to no end too.)
I'm glad to hear from you that one can live in Jersey City on $50k per year. I would be grateful if you could also share your thoughts on my mindset w.r.t accommodation in Jersey City:
a.) I do understand that if I go with the thought-process in my original post, I will be spending a good portion of my paycheck on the rent of a studio/1-bed apartment; and that the more I invest in rent, the less I have for savings and other expenses. So, would you say I'm being practical in believing that a studio apartment in Newport or Exchange Place in the $1500-2000pm range is affordable with a $75k/yr. salary, given the kind of lifestyle I'm planning on having?
b.) If you think I'm pushing myself on the rent and/or location, then what other Jersey City neighborhoods should I explore in terms of the overall rent+safety+commute combination/preference that I mentioned earlier?
Once again, thanks for your responses!
Last edited by justanotherguy201; 11-24-2011 at 11:31 PM..
Thank you for your inputs, GiantRutgersfan and Nexis4Jersey!
I'm finishing up my PhD program in Electrical Engineering, and the job is a software engineering/development position. Based on research from NACE salary-data resources, the market-would-offer-you salary (for this position and my profile) is $89k, hence my questions. (As a side note, I would like to mention that I'm really grateful for being offered a job. Having had to make months of effort to land a job, I do realize how lucky I am given the position a majority of the people are in today; but at the same time, I also believe that there isn't anything wrong with hoping to be compensated according to my credentials. I suppose all of this stuff can be discussed to no end too.)
I'm glad to hear from you that one can live in Jersey City on $50k per year. I would be grateful if you could also share your thoughts on my mindset w.r.t accommodation in Jersey City:
a.) I do understand that if I go with the thought-process in my original post, I will be spending a good portion of my paycheck on the rent of a studio/1-bed apartment; and that the more I invest in rent, the less I have for savings and other expenses. So, would you say I'm being practical in believing that a studio apartment in Newport or Exchange Place in the $1500-2000pm range is affordable with a $75k/yr. salary, given the kind of lifestyle I'm planning on having?
b.) If you think I'm pushing myself on the rent and/or location, then what other Jersey City neighborhoods should I explore in terms of the overall rent+safety+commute combination/preference that I mentioned earlier?
Once again, thanks for your responses!
Historic downtown. That should offer things your looking for. I think you should be able to do that on $1500. Plenty to do, good access to the PATH(Grove St) and a better neighborhood than Journal Square(though Journal Square is safe, but a little run down).
Congrats on your accomplishments, and landing a good job.
There are many, many people who could make a family of four live off your salary.
75k is PLENTY of money for a single guy just starting out.
IF...you don't have a lot of debt.
Hopefully you didn't get sucked into the credit card trap..and hopefully you don't have 200k in student loans.
Please start investing (max out) in the 401k plan as soon as you are eligible.
I would guess your take home to be around 4k per month. (Subtracting taxes and 401k/IRA contributions).
This leaves plenty of money for saving, and enjoying the fruits of all that hard work in school.
But why Jersey City???
You are young..working in the city..have friends on the city..
Why not live in the city.
Do it now while you can...you'll meet some great/interesting people and have some great experiences.
If it were me..I'd be looking for a studio on the Lower east side or Brooklyn.
Or maybe even a two bedroom with a room mate.
Move to NJ once you get married, have kids, and want a house with a yard in the suburbs.
Historic downtown. That should offer things your looking for. I think you should be able to do that on $1500. Plenty to do, good access to the PATH(Grove St) and a better neighborhood than Journal Square(though Journal Square is safe, but a little run down).
Quote:
Originally Posted by ahkeer
Congrats on your accomplishments, and landing a good job.
There are many, many people who could make a family of four live off your salary.
75k is PLENTY of money for a single guy just starting out.
IF...you don't have a lot of debt.
Hopefully you didn't get sucked into the credit card trap..and hopefully you don't have 200k in student loans.
Please start investing (max out) in the 401k plan as soon as you are eligible.
I would guess your take home to be around 4k per month. (Subtracting taxes and 401k/IRA contributions).
This leaves plenty of money for saving, and enjoying the fruits of all that hard work in school.
But why Jersey City???
You are young..working in the city..have friends on the city..
Why not live in the city.
Do it now while you can...you'll meet some great/interesting people and have some great experiences.
If it were me..I'd be looking for a studio on the Lower east side or Brooklyn.
Or maybe even a two bedroom with a room mate.
Move to NJ once you get married, have kids, and want a house with a yard in the suburbs.
My 2 cents..
Quote:
Originally Posted by Nexis4Jersey
The City is more expensive then Jersey City , when you factor in the costs of daily living and transit... Jersey City is half that of what NYC is....
@jdm2008: Thank you! I will definitely look into that area .
@ahkeer: Thank you for your input! My reasoning behind living in JC is what Nexis4Jersey has mentioned. By doing so, I also hope to avoid the NY city taxes (of course, I will have to pay state tax to NJ on my income, but I'm hoping to get some credit for having paid state tax to NY; please correct me if this is not the case). Fortunately, I don't have any debt or other such obligations. I want to be somewhat aggressive (not too much, just a little bit) with my saving habits because a good part of my twenties has been spent in school (I will turn 27 in two months, and start my job next summer); and so would like to "catch up" now as much as I can (on the 3-4 years of savings that I've missed out on by not starting work earlier). As you have suggested, I plan to make the maximum possible use of the employer's 401k and/or IRA plan(s). As for the company of friends, I think the short-ish commute via PATH train wouldn't be that much of a hassle to go hang out with them in NYC , as long as I get hold of a place in one of the neighborhoods discussed earlier. I admit I sound like Ebenezer Scrooge in Dickens' A Christmas Carol -- all miserly and somewhat misanthrope-ish -- but I just want to be a financially responsible adult.
I'd recommend Grove Street for you- lots of restaurants and bars if you do want to go out, lots of art-related things, but not too crazy. Rents are reasonable especially if you live in a multi-family house. NYC is great, but living there or in Brooklyn comes with lots of added expenses. Taxes there are higher and even incidentals cost more because there are less discount stores out there (like Target and Walmart, both of which are near you in JC). I work in NYC and live in Hoboken and love it- coming home to NJ is very relaxing!
would you be happier (or bored) a little further away from the city like Rutherford?
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