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If I wanted to raise a family (2 kids) in manhattan, how well could I live making $200,000 yearly (not including husband's salary)? How much would I have to make to afford a $2 million home?
200k is comfortable IMO for New York, definitely not Bravo lifestyle. Questions like "How much would I have to make to afford a $2 million home?" are kind of vague. What kind of home are we talking about? How much do you spend proportionally for other expenses/upkeep that go into a house or lifestyle like that? HOA fees? Schools in the area? Instead of looking at the cost of the home, why not make a tally of how much your living expenses are first, and then see what you can put down for a home.
This is so relative. The more you have saved up, the less you have to make. Case in point: if you have an inheritance of $2 million, you don't have to make anything!
What others are alluding to is that there are a LOT of vagaries which go into what one can afford; and you have provided very little.
How well do you *want* to live?
Is $2M the purchase price, or the mortgage amount?
Let's presume a mortgage price. So that is 10x your annual income.
With the cost of 2 kids, and the lifestyle that goes with such an apartment in NYC, private schools, housekeeper, etc
You could not afford it!
$500K to $1M w/b a more reasonable mortgage amount. Though, Manhattan w/b less affordable with 2 kids. The boroughs or suburbs w/b a better option to live a SOLID middle class life.
Then again it is all how one utilizes their income. A big downpayment, say $500K can alter things.
All said, $200K is marginal for an average below 96th Street lifestyle. That is, for what passes as Manhattan middle class. The cost of the kids will just kill ya!
$200k is not close to enough for a $2M home. $2M will be monthly payments (mortgage, common charges/maintenance) of ~$12k a month, or $144k a year. To afford that after taxes and still have a lifestyle commensurate with a $2M home, you'll need around $400k/year before taxes. $200k/year will not even be $144k/year after taxes.
Too be honest $2M does not buy anything over the top on the UWS or UES. I live on the UWS (rent) and some of the newer apartments on Broadway are starting at $1.6M for a 2 bedroom apartment only!
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