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12-02-2012, 07:55 PM
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Location: Midtown Atlanta
70 posts, read 77,227 times
Reputation: 40
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Well I am currently looking at a 70k annual salary as an accountant in New york.
I was looking at some apartments and I know the general rule of thumb would be Salary/40=rent. In my case that would be 1750 a month max, and I was wondering if this would get me a safe apartment close to Manhattan.
I would like as well after paying rent, electricity, gas, water, clothes, food, transportation, etc. to know if I would be able to live comfortably with money left over.
I am currently living in Atlanta, and stuff here is very cheap compared to New York, however I have always wanted to live up there. So basically, what would be the minimum salary that I can afford a decent apartment not far from Manhattan, and still be able to live comfortably in the Big Apple? Thanks.
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12-02-2012, 08:49 PM
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Location: Beverly Hills, CA
517 posts, read 514,070 times
Reputation: 424
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Quote:
Originally Posted by Mostar
Well I am currently looking at a 70k annual salary as an accountant in New york.
I was looking at some apartments and I know the general rule of thumb would be Salary/40=rent. In my case that would be 1750 a month max, and I was wondering if this would get me a safe apartment close to Manhattan.
I would like as well after paying rent, electricity, gas, water, clothes, food, transportation, etc. to know if I would be able to live comfortably with money left over.
I am currently living in Atlanta, and stuff here is very cheap compared to New York, however I have always wanted to live up there. So basically, what would be the minimum salary that I can afford a decent apartment not far from Manhattan, and still be able to live comfortably in the Big Apple? Thanks.
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You're monthly paycheck will be around 3,800/mo (if you've got health and dental insurance and at least 4% 401k).
3,800 minus:
rent 1750
utilities 200
subway 104
week food 500
weekend food 200
= 2,754
3,800 - 2,754 = 1,046.
that means after the most basic necessities, you have about a grand to spend.
gym, concerts, museum, buying items such as clothes, apt supplies, drinks (which can be extremely expensive), movie tickets (14-50 bucks each), etc.
i usually spend about 1,000-1,500 on my credit card.
that means you'll not be saving any money and you might lose money per month if you don't watch yourself.
have fun, homie
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12-02-2012, 09:24 PM
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5 posts, read 36,541 times
Reputation: 14
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You need to make about 100k/year to live what I consider comfortably in Manhattan but you can get by fine on 70k/year.
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12-02-2012, 09:25 PM
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Location: NYC
441 posts, read 355,722 times
Reputation: 224
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you will be just fine with 70K/year
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12-03-2012, 10:01 PM
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Location: Brooklyn
1,274 posts, read 920,206 times
Reputation: 616
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30k and above. Dont let other posters scare you.
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12-03-2012, 10:32 PM
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Location: Harlem World
555 posts, read 593,367 times
Reputation: 301
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depending on your lifestyle
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12-03-2012, 11:35 PM
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587 posts, read 646,148 times
Reputation: 718
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Quote:
Originally Posted by silverbullnyc
30k and above. Dont let other posters scare you.
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30k and above? Yeah ok. At 40k you will barely scrape by and will have to live with several roommates. You will need at least 60-70k to get by in Manhattan comfortably and 50-60k in parts of Brooklyn and Queens. Get your facts straight. |
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12-04-2012, 12:20 AM
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21 posts, read 52,461 times
Reputation: 16
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I'd suggest living in Brooklyn or queens and paying no more than 1200 on rent. The 40x rent rule really only works for 100k+ and for ppl who are willing to be cheap left and right and compromise luxuries. I make 55k which means by that rule I could afford 1375. My rent its 700, I would be in the red most months if I paid 1375. Is it doable? Yes. Will you have money to save at the end of the month? Hell no
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12-04-2012, 06:47 AM
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Location: Manhattan
11,670 posts, read 12,090,387 times
Reputation: 5015
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A MILLION dollars will do the trick.
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12-04-2012, 11:38 AM
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2,826 posts, read 2,719,231 times
Reputation: 2025
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Quote:
Originally Posted by Mostar
Well I am currently looking at a 70k annual salary as an accountant in New york.
I was looking at some apartments and I know the general rule of thumb would be Salary/40=rent. In my case that would be 1750 a month max, and I was wondering if this would get me a safe apartment close to Manhattan.
I would like as well after paying rent, electricity, gas, water, clothes, food, transportation, etc. to know if I would be able to live comfortably with money left over.
I am currently living in Atlanta, and stuff here is very cheap compared to New York, however I have always wanted to live up there. So basically, what would be the minimum salary that I can afford a decent apartment not far from Manhattan, and still be able to live comfortably in the Big Apple? Thanks.
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What kind of accountant makes 70k?
Not saying this isn't possible, but I'm curious.
Wifey works as an external auditor for a mid-sized accounting company, and their entry level auditors make 60k, which is about the same the big 4 pay. So I'm wondering how you come up with that number... is it an offer you already received?
But to answer your question...it's quite possible to live a comfortable lifestyle on that salary. You might need to live in the outer boroughs but I think you should be fine.
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