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Old 11-28-2010, 10:09 PM
 
3 posts, read 3,541 times
Reputation: 10

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I went to college in NYC but moved to the midwest for a job. Ever since my wife and I moved out here, we have missed NYC tremendously and talked about moving back to NYC every day for the last few years!

Recently, both my wife and I received job offers from different companies in NYC but we are not sure whether to accept them. I currently make $77k in my current job in the midwest but the offer from the NYC company is for $63k. My wife makes $50k now, she has an offer from another NYC company for pretty much the same salary.

We are debating whether to take the pay cut and move to NYC. Has anyone made a similar move to a more expensive city or taken a paycut before? If so, are you happy with that decision? We don't know when the next opportunity to move to NYC will come for us, especially in this economy and we are tired of waiting for opportunities to move. Fortunately, we paid off all our loans (student, credit card, car, etc.) in the last few years and also saved up $25k, so we have a basic financial safety net. We don't have any children now and don't plan on having any in the near future, but when we have children, we don't know whether we will regret moving to an expensive city like NYC.

So, if you have any experience or any advice, we will greatly appreciate hearing it. Thank you!
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Old 11-29-2010, 04:56 AM
 
Location: The Greatest City in the World
69 posts, read 66,662 times
Reputation: 48
Do you live in a house or own a car? You could get rid of the house and move into an apartment to save cash or even dump the car altogether. This will also depend on where you will live in NYC should you move back here.
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Old 11-29-2010, 08:05 AM
 
Location: Tinton Falls, NJ
679 posts, read 902,506 times
Reputation: 179
Why would you take a paycut early in your career??
Expect to pay around 2000.00 for a studio or 1 bedroom apt in the city

Stay where you are until you have a combined income of 200-250,000k
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Old 11-29-2010, 08:21 AM
 
3 posts, read 3,541 times
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Quote:
Originally Posted by Blue387 View Post
Do you live in a house or own a car? You could get rid of the house and move into an apartment to save cash or even dump the car altogether. This will also depend on where you will live in NYC should you move back here.
We don't own a home but we have a car that we will have to get rid of if we move into NYC. We are thinking of living in Astoria or Brooklyn, but we don't mind moving out a little farther...we're open to moving to Jersey or anywhere north along the Hudson if that will save us rent but in that case, the amount we save on rent may have to be spent on our car....
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Old 11-29-2010, 08:24 AM
 
3 posts, read 3,541 times
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Quote:
Originally Posted by biscman View Post
Why would you take a paycut early in your career??
Expect to pay around 2000.00 for a studio or 1 bedroom apt in the city

Stay where you are until you have a combined income of 200-250,000k
We don't think we will make that much money in the next 15-20 years I wonder how households with income less than 200-250k manage to live in the city, or in Bronx/Brooklyn/Queens?
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Old 11-29-2010, 08:37 AM
 
Location: DC
528 posts, read 638,640 times
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I would move. Its apparent that you guys know where you belong!
Astoria is very affordable, if you're willing to live in a not-so-nice apartment. You can find a 1br in the downstairs of a rowhouse for probably no more than $1200-1500 in the Ditmars neighborhood. I would do it if the location is important to you.
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Old 11-29-2010, 10:22 AM
 
Location: Brooklyn, New York
1,448 posts, read 1,393,999 times
Reputation: 1019
Quote:
Originally Posted by biscman View Post
Why would you take a paycut early in your career??
Expect to pay around 2000.00 for a studio or 1 bedroom apt in the city

Stay where you are until you have a combined income of 200-250,000k
Adjusted for the cost of living, combined household income of $120k is enough to afford a middle class living in New York City. You make it out to be like they would be struggling or something, which is not the case.
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Old 11-29-2010, 10:52 AM
 
Location: Confines of the 101 Precinct
10,367 posts, read 18,874,567 times
Reputation: 3804
Quote:
Originally Posted by Gantz View Post
Adjusted for the cost of living, combined household income of $120k is enough to afford a middle class living in Manhattan. You make it out to be like they would be struggling or something, which is not the case.
Fixed.
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Old 11-29-2010, 11:41 AM
 
Location: No Sleep Til Brooklyn
1,413 posts, read 3,395,388 times
Reputation: 568
Do it. If you are unhappy where you are and want to be in NYC AND have job offers. Why not move? As I have said many many times, the spouse and I have a large well-maintained pre-war one-bedroom with fantastic views of the Hudson in upper Manhattan and we pay less than $1600 a month. (We haven't been here forever either.)

We make less than your combined income and do fine. Of course, we don't have all of the latest electronics and I don't care about labels on my clothes, shoes and bags (except for my food - I'm a serious foodie). NYC can be a great place to live at many income levels.
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Old 11-29-2010, 02:15 PM
 
Location: New York City
4,002 posts, read 5,253,177 times
Reputation: 3531
New York is all about housing costs. If you don't keep a car, everything else is a wash (in my opinion). The real question is: which apartments in what neighborhoods can you afford and do you want to live there? Using the 40 x rent rule, you can afford $2,800 for an apartment. That's enough for a decent, but not luxurious, one-bedroom in most parts of Manhattan. You obviously get more if you go to the boroughs.

I read somewhere that the key to happiness is making $65,000. People making $130,000 are not significantly happier than people making $65,000. However, people making $65,000 are far, far happier than people making $32,000.

If you already know that New York makes you happy and you have enough money to live a comfortable, but not extravagant, life, then you should do it.

Regarding children: It might be useful to plan ahead for children if you're buying a house in Any-Suburb, USA. It's not very useful to pay rent on an extra bedroom in New York if you think you might have kids in a few years. That's just money down the drain, unless you really want a home office.
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