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Old 12-02-2012, 06:55 PM
 
Location: Midtown Atlanta
70 posts, read 59,513 times
Reputation: 40
Default Salary to live comfortably in New York?

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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Old 12-02-2012, 07:49 PM
 
Location: Santa Monica, CA
485 posts, read 412,557 times
Reputation: 369
Quote:
Originally Posted by Mostar View Post
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.
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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Old 12-02-2012, 08:24 PM
 
5 posts, read 26,034 times
Reputation: 14
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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Old 12-02-2012, 08:25 PM
 
Location: Brooklyn, NY
210 posts, read 251,832 times
Reputation: 80
you will be just fine with 70K/year
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Old 12-03-2012, 09:01 PM
 
Location: Brooklyn
1,026 posts, read 627,452 times
Reputation: 462
30k and above. Dont let other posters scare you.
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Old 12-03-2012, 09:32 PM
 
Location: Harlem World
555 posts, read 484,623 times
Reputation: 300
depending on your lifestyle
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Old 12-03-2012, 10:35 PM
 
469 posts, read 429,080 times
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Quote:
Originally Posted by silverbullnyc View Post
30k and above. Dont let other posters scare you.
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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Old 12-03-2012, 11:20 PM
 
21 posts, read 39,879 times
Reputation: 16
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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Old 12-04-2012, 05:47 AM
 
Location: Manhattan
10,918 posts, read 9,704,426 times
Reputation: 4484
A MILLION dollars will do the trick.
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Old 12-04-2012, 10:38 AM
 
2,821 posts, read 2,234,846 times
Reputation: 1977
Quote:
Originally Posted by Mostar View Post
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.
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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