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Old 02-01-2011, 05:01 PM
 
12 posts, read 87,023 times
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Default How much money does it take to live WELL in NYC?

I have been flirting with the idea of living in NYC for awhile. People seem to give a lot of different numbers in terms of how much it takes to live there. I want to know how much it takes to live there COMFORTABLY. Keep in mind I don't have to live in Manhattan, as long as the commute is reasonable (under 30 minutes). I like dining out often, theater, going to art galleries, and high-end shopping. I also like escaping especially in the summer as I would hate the city then (keep in mind I work year-round). How much income do you think it would take to live my lifestyle in New York City?
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Old 02-01-2011, 05:13 PM
 
Location: CAPITAL CENTRE
468 posts, read 693,811 times
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Quote:
Originally Posted by QuizzicalLovejoy View Post
I have been flirting with the idea of living in NYC for awhile. People seem to give a lot of different numbers in terms of how much it takes to live there. I want to know how much it takes to live there COMFORTABLY. Keep in mind I don't have to live in Manhattan, as long as the commute is reasonable (under 30 minutes). I like dining out often, theater, going to art galleries, and high-end shopping. I also like escaping especially in the summer as I would hate the city then (keep in mind I work year-round). How much income do you think it would take to live my lifestyle in New York City?
I saw a guy over on craigslist once advertising "free room and board in Manhattan for an open minded female"
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Old 02-01-2011, 05:17 PM
 
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Quote:
Originally Posted by WASHINGTON BULLET View Post
I saw a guy over on craigslist once advertising "free room and board in Manhattan for an open minded female"
Gross. That is the equivalent of prostitution lol. Not to mention super creepy.
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Old 02-01-2011, 05:26 PM
 
Location: CAPITAL CENTRE
468 posts, read 693,811 times
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Quote:
Originally Posted by QuizzicalLovejoy View Post
Gross. That is the equivalent of prostitution lol. Not to mention super creepy.
Well I think in his case he is special because he is from the Plato's Retreat era of NYC so thats how he gets down.

Ya dig?
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Old 02-01-2011, 05:29 PM
 
12 posts, read 87,023 times
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I am so grossed out I think I have to puke in my mouth now.
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Old 02-01-2011, 09:04 PM
 
Location: QUEENS NYC
442 posts, read 677,683 times
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with the things you listed you would need at least a $100,000 a year

and you wont be doing much high end shopping with that
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Old 02-02-2011, 11:24 AM
 
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A 30 minute commute to most Manhattan offices IS an apartment in Manhattan. Except for FiDi, you could live in some of the nice, close in neighborhoods of Brooklyn like Brooklyn Heights.

Here are estimates....you decide what part of the scale you fall in and make a budget from there:
RENT:
1. Are you ok with a studio (300sf or less) in a walk-up building (no elevator, no doorman)? If so, budget $1600-1800/mo. This will likely include an "original" or slightly renovated kitchen and bathroom- no granite, no rainfall showerhead, no dishwasher, etc.
2. If a studio is ok, but you want a doorman/elevator, budget $2200-2500.
3. If only a 1br will do, but you're ok with walk-up building, budget $2000-2500.
4. If only a 1br will do AND you want a doorman/elevator, budget $2800-3300.
To get a first "stab" at your income needed, multiply your desired rental range x 40 to find out what income you need to qualify for that amount of rent.

ENTERTAINMENT:
1. Dining out "often". If causal Thai or pizza (no alcohol) is what you have in mind, budget $7-15/meal. If it's a 2-course (salad & entree) with a glas or two of wine, budget $40-60 per meal. If you only eat at "name brand" restaurant (Bobby Flay, Mario Batali, etc), budget $100+ per meal.

2. Art galleries- free to enter, $500 to $50M to buy something.

3. Upscale shopping: do you mean Ann Taylor/ Anthropologie/ Banana Republic? If so, $100-150/mo should get you 1-3 pieces of clothing/accessories per month.
If you mean Bloomie's / Bergdorf/ Saks, $500-1,000 per month would be a "bare bones" designer shopping budget- you could get a pair of shoes or 2-3 dresses/tops per month. Buy a bag and you've blown 2-3 months worth of shopping budget.

Bottom line- if you have a job where you're making $150-200k outside NYC and you're single, you can very much afford to move to the city and have a great life on $200k or so. Just don't forget taxes can eat up to 40% of your gross....ouch!!
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Old 02-02-2011, 11:26 AM
 
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PS- budget $5,000 or so for your summer "share" in the Hamptons so you can get out of town since you'll just "hate" the city in the summer!!
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Old 02-02-2011, 11:38 AM
 
3,106 posts, read 2,417,118 times
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Quote:
Originally Posted by QuizzicalLovejoy View Post
I have been flirting with the idea of living in NYC for awhile. People seem to give a lot of different numbers in terms of how much it takes to live there. I want to know how much it takes to live there COMFORTABLY.
The "comfy" formula is generally rent x 40, a formula seen here and on other sites. Not everyone agrees with it, feeling the 40 is too low for comfort. So maybe a step up in comfort would be rent x 50, then x 60, and so on? Everyone's different. That's the thing.
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Old 02-02-2011, 11:54 AM
 
Location: CAPITAL CENTRE
468 posts, read 693,811 times
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Basically you are paying for the history and everything that happened in NYC in the past because NYC sure as hell is not the same place it used to be back in the days.
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