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Old 10-16-2011, 12:11 PM
 
21 posts, read 105,409 times
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My husband has been offered a job recently in financial district with a salary of 80k and full health insurance benefits for both of us (We both are on good side of 30 yrs!).
Is this salary enough to live a decent life.

Our idea of decent life:
1. Planning to rent for around 1500/pm, planning to live in Jersey city, so that total commute time is of ~ 45 min one way.
2. We do not party. (Like drinks and dinner out every weekend) We do go out occasionally for dinner like birthday, anniversaries and special occasions, etc.
3. I am a stay at home wife, so I will be cooking all meals, cleaning the house, dishes and laundry (and studying).

So, should he take this job and leave the comfortable life that we have and move into the chaos of NYC, to meet new people and experience different cultures (Which we both love!).

Any help will be appreciated!

Last edited by Swat Kat; 10-16-2011 at 01:10 PM.. Reason: added info
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Old 10-16-2011, 12:48 PM
 
Location: The United States of Amnesia
1,362 posts, read 1,489,327 times
Reputation: 686
Quote:
Originally Posted by Swat Kat View Post
My husband has been offered a job recently in financial district with a salary of 80k and full health insurance benefits for both of us.
Is this salary enough to live a decent life.

Our idea of decent life:
1. Rent around 1500pm, we will be living in Jersey city, and he will take the PATH train directly to downtown Manhattan (total commute time of ~ 45 min one way)
2. We do not party. (Like drinks and dinner out every weekend) We do go out occasionally for dinner like birthday, anniversaries and special occasions, etc.
3. I am a stay at home wife, so I will be cooking all meals, cleaning the house, dishes and laundry.

So, should he take this job and leave the comfortable life that we have and move into the chaos of NYC, to meet new people and experience different cultures (Which we both love!)

Any help will be appreciated!
How much is he making now? And where are you guys from? Do you rent or own were you live now??
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Old 10-16-2011, 01:01 PM
 
21 posts, read 105,409 times
Reputation: 17
Quote:
Originally Posted by Sith Klato View Post
How much is he making now? And where are you guys from? Do you rent or own were you live now??
Currently live in Central Pennsylvania (Penn State), currently earning 45k and part time PhD student (so earning and spending very little), and rent a 2 bedroom (1000 sq.ft) house for 675/pm. Debt free living. We both had scholarships, so we do not have any loans. We share a car and car loan is paid off.

Last edited by Swat Kat; 10-16-2011 at 01:05 PM.. Reason: added info
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Old 10-16-2011, 01:13 PM
 
3,333 posts, read 3,281,941 times
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Quote:
Originally Posted by Swat Kat View Post
Currently live in Central Pennsylvania (Penn State), currently earning 45k and part time PhD student (so earning and spending very little), and rent a 2 bedroom (1000 sq.ft) house for 675/pm. Debt free living. We both had scholarships, so we do not have any loans. We share a car and car loan is paid off.

Move without a doubt.
80k is still a nice wage (even in NYC after taxes) and there will be more opportunities for the both of you here.

You'll be fine.
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Old 10-16-2011, 01:19 PM
 
21 posts, read 105,409 times
Reputation: 17
Quote:
Originally Posted by wawaweewa View Post
Move without a doubt.
80k is still a nice wage (even in NYC after taxes) and there will be more opportunities for the both of you here.

You'll be fine.
Thanks! your post give me a glimmer of hope after reading all the depressing ads of how much a dingy place costs!
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Old 10-16-2011, 03:33 PM
 
Location: NY,NY
2,899 posts, read 8,304,910 times
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Quote:
Originally Posted by Swat Kat View Post
Thanks! your post give me a glimmer of hope after reading all the depressing ads of how much a dingy place costs!
You didn't specifically ask, and no one specifically said $1500 wouuld be sure to get you better than "dingy".

You said Jersey City, that is rather broad, do you mean Newport, one of the towers on the river? Or, deeper into Jersey City? In Newport 1 bdrms probably run closer to $2K and more.

Also, if you are looking to be among different cultures, then most of the 'trendy' areas that you would consider 'decent' will mostly be filled with people such as yourselves. A bit of a paradox really.

Presuming that eventually you will complete your studies and begin to supplement the household income at least by $40K, then I suggest you live frugally, acceppt a slightly lowered quality of life looking to the day you are a two income household.

At that point, a totalincome of $120-150K or more will provide a couple in NYC and its environs a decent quality of life. Of course, add children to the mix, and your quality of life will suffer. Pushing 40, the children decision s/b a serious aspect of your decision making. Raising a family in NYC is VERY expensive!

I would budget for rent in the $2K range and look to one of the nicer areas in Jersey, Brooklyn or Queens. You could rent for less, but the "dingy" comment suggests the quality level you want is in that range.
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Old 10-16-2011, 04:16 PM
 
3,333 posts, read 3,281,941 times
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Quote:
Originally Posted by jcoltrane View Post
You didn't specifically ask, and no one specifically said $1500 wouuld be sure to get you better than "dingy".

You said Jersey City, that is rather broad, do you mean Newport, one of the towers on the river? Or, deeper into Jersey City? In Newport 1 bdrms probably run closer to $2K and more.

Also, if you are looking to be among different cultures, then most of the 'trendy' areas that you would consider 'decent' will mostly be filled with people such as yourselves. A bit of a paradox really.

Presuming that eventually you will complete your studies and begin to supplement the household income at least by $40K, then I suggest you live frugally, acceppt a slightly lowered quality of life looking to the day you are a two income household.

At that point, a totalincome of $120-150K or more will provide a couple in NYC and its environs a decent quality of life. Of course, add children to the mix, and your quality of life will suffer. Pushing 40, the children decision s/b a serious aspect of your decision making. Raising a family in NYC is VERY expensive!

I would budget for rent in the $2K range and look to one of the nicer areas in Jersey, Brooklyn or Queens. You could rent for less, but the "dingy" comment suggests the quality level you want is in that range.
Don't listen to this troll. lol
Jcoltrane exaggerates a bit, to say the least.

$1500 will afford you (at the very least) a decent 1 BD outside of most of the isle of Manhattan and certain areas across the rivers in the other boroughs/NJ.

80K will be fine.Especially if you don't have children. NYC is expensive but it's no Tokyo, Switzerland, or Moscow.
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Old 10-16-2011, 04:43 PM
 
Location: The United States of Amnesia
1,362 posts, read 1,489,327 times
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If you go by the 40% rule, the highest rent you can afford is $2,000. 80,000/40 Since you have no debt and will be living frugal and not keeping up with the joneses then you should be ok. You also have a lower tax rate in NJ compare to NY so you will save more living in NJ. His job is in the financial district so all he has to do is take the NJ Path Train to the World Trade Center (NJ PAth monthly unlimited pass is $65 compare to the NYC MTA unlimited pass of 104). I believe this will be a great opportunity and a salary upgrade for your husband. It will also look good on the resume that you worked for a fancy company in the financial district.

There are some good parts and bad parts in Jersey City. What part are you looking at?
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Old 10-16-2011, 05:57 PM
 
Location: Maryland
18,563 posts, read 15,771,473 times
Reputation: 6259
Quote:
Originally Posted by Swat Kat View Post
Currently live in Central Pennsylvania (Penn State), currently earning 45k and part time PhD student (so earning and spending very little), and rent a 2 bedroom (1000 sq.ft) house for 675/pm. Debt free living. We both had scholarships, so we do not have any loans. We share a car and car loan is paid off.
Should be fine sell the car though for some extra cash.
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Old 10-16-2011, 07:11 PM
 
Location: No Sleep Til Brooklyn
1,413 posts, read 4,673,300 times
Reputation: 591
I can't speak to Jersey, but my husband and I have lived in Upper Manhattan on less than that and have done fine. As posted previously, ignore the troll.
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