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Old 03-06-2013, 03:15 PM
 
4 posts, read 7,981 times
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hello guys; long time lurker here.

we are family of 3, wife myself and 1 newborn.
My wife has a relatively good job now, and she should be going back to work now that her FMLA time is up. However, we're considering the possibility of her not going back, which would leave us with my income as the only one to support us all. I currently make 62k (coincidentally wife makes about the same), but I'm in the process of getting a bump so, I'll make 72k starting in a couple of weeks.
My job is in the downtown area of brooklyn and we are looking into affordable (and safe)areas that would give us the chance to live on this tight budget.
we currently are living in woodside, queens and pay $1,450 for a tiny 2br. we think some non-trendy part of brooklyn might be better than here.
would it be realistic to live on this budget?
Since we would be making a sacrifice and I would be the only one commuting, distance is not that important, as long as it's under 1.5 hrs.

wife awaiting her CPA license and would attempt to enter labor market after our baby turns 1 or 2 yrs.

Do you guys think this is doable/advisable?
anyone with experience in a similar siuation???
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Old 03-06-2013, 04:42 PM
 
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Yes, you can make it, as long as you live on a budget---it really depends on what type of expenses you have. If you're not really spenders, I don't see there being much of a problem---especially if you only see this being short-term. However, I'm not sure how many two bedrooms in decent areas you are going to find for much cheaper than what you are paying now.

If I were in your situation, I would not want to cut my income in half but if I felt like I had to, I could do it on 72K, especially if I saw it as a short-term thing. While I was temporarily unemployed a few years ago, my husband and I cut everything---cable, NYSC membership, eating out---and we were making it on less than 50K---sans baby. The only expense we still had that we could have tossed was our car, which we never ended up getting rid of but would have freed up another $150-$200 a month if we were super desperate.
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Old 03-06-2013, 09:25 PM
 
Location: Washington, DC & New York
10,755 posts, read 25,549,656 times
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As long as you have an emergency fund in place already, are able to economize wherever you can, and stick to your revised budget, you should be able to get by. You will also save paying a nanny or for child care, so you may not be losing that much for your wife to be giving up a full-time position right now. Plus, as a CPA, she may have some more flexibility with regard to generating an income in a couple of years, even if she only worked part-time.
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(As You Like It Act II, Scene VII)

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Old 03-07-2013, 08:02 AM
 
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Thanks both of you for your input.

What neighborhoods do you think could be a good option considering my job location and salary?
Since I'll be working in Brooklyn, I thought some neighborhoods like Bensonhurst or Bay Ridge could be a good fit.
Would I be able to find a 2br for something like $1,500 ?
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Old 03-07-2013, 08:31 AM
 
3,337 posts, read 3,131,199 times
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Quote:
Originally Posted by dadofone View Post
Thanks both of you for your input.

What neighborhoods do you think could be a good option considering my job location and salary?
Since I'll be working in Brooklyn, I thought some neighborhoods like Bensonhurst or Bay Ridge could be a good fit.
Would I be able to find a 2br for something like $1,500 ?
Midwood is quite diverse, jews, parki/indians/russians/others, b/q train takes you straight to atlantic ave. sheepsheadbay area is very russian/chinese with less expensive rents.
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Old 03-07-2013, 10:10 AM
 
Location: Washington, DC & New York
10,755 posts, read 25,549,656 times
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Bay Ridge, Dyker Heights, and Midwood would be places that I agree that I would check to stay around your rental rate for a 2BR. Midwood may even be $50-$100 less expensive, not a huge amount, but worth searching for a good deal on a 2BR as I am sure any savings would be welcome on a reduced budget, and you would still have a fairly easy commute to Downtown Brooklyn.

You could go further into Brooklyn, such as Marine Park or Gerritsen Beach, but the commute would be a bit more difficult, and your wife may be more car dependent for everyday errands.
__________________
All the world's a stage, and all the men and women merely players: they have their exits and their entrances; and one man in his time plays many parts, his acts being seven ages.
~William Shakespeare
(As You Like It Act II, Scene VII)

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Old 03-07-2013, 10:16 AM
 
Location: NY,NY
2,899 posts, read 8,312,934 times
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Quote:
Originally Posted by dadofone View Post
hello guys; long time lurker here.

we are family of 3, wife myself and 1 newborn.
My wife has a relatively good job now, and she should be going back to work now that her FMLA time is up. However, we're considering the possibility of her not going back, which would leave us with my income as the only one to support us all. I currently make 62k (coincidentally wife makes about the same), but I'm in the process of getting a bump so, I'll make 72k starting in a couple of weeks.
My job is in the downtown area of brooklyn and we are looking into affordable (and safe)areas that would give us the chance to live on this tight budget.
we currently are living in woodside, queens and pay $1,450 for a tiny 2br. we think some non-trendy part of brooklyn might be better than here.
would it be realistic to live on this budget?
Since we would be making a sacrifice and I would be the only one commuting, distance is not that important, as long as it's under 1.5 hrs.

wife awaiting her CPA license and would attempt to enter labor market after our baby turns 1 or 2 yrs.

Do you guys think this is doable/advisable?
anyone with experience in a similar siuation???
So, the basic question is whether you can financially survive until spouse re enters work force? Or, are you hoping for her to start a home CPA practice?

Hey, the reality of it, is that a Host of people do just that on your income, most are in the lower middle class bracket and/or live in areas, you may or may not find desireable and liveable.

In Brooklyn, anywhere from Midwood to Sheepshead Bay, w/b a safe and likely affordable place. If you have any cash for a down payment, you might find a affordable coop, so you can start building equity.

Since you are up for a long commute, perhaps Staten Island may suit you best, particularly if you work in the Wall Street area. Brooklyn may work too!

Now, that w/b my advice, though I wonder why you wish to leave Woodside? Any rent savings, IF any, won't be that dramatic of a savings!!! Likely none at all. Though, imo, Brooklyn and/or SI will be a more, family oriented, quiet and peaceful living environment. Less urban, less dense, more grass and trees, more Americanized!

One thing to consider, I presume you have no car, and are solely dependant upon public transport, particularly your wife. From this perspective, Woodside is a much better location.

Staten Island can be done w/o a car, but as time goes on a car, becomes more and more a necessity. I'm thinking of your wife having to get around with the baby.

The other areas of Brooklyn, along the "B" subway line, I suggest are all doable w/o a car, but most people do have a car.

Woodside has a FAR higher percentage of non car owners, which reflects the residents and the lifestyle.

Just one last thing to reflect upon, imo, your lifestyle will change from that of a Transplant, living sort carefree enjoying NYC, to more of an average lower middl class *native*! Far less focused upon trendy, hip, and happening, which might result in your being a little left out from what your transplant friends are up to.

Btw, what's the alternative? Staying in Woodside, or giving up on the city?

Oh, you might want to check Astoria, below 21St Street, rents tend to be lower, but also is the quality of housing, and a trek to the subway.

Luck!
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Old 03-07-2013, 12:12 PM
 
4 posts, read 7,981 times
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Quote:
Originally Posted by jcoltrane View Post
So, the basic question is whether you can financially survive until spouse re enters work force? Or, are you hoping for her to start a home CPA practice?

Hey, the reality of it, is that a Host of people do just that on your income, most are in the lower middle class bracket and/or live in areas, you may or may not find desireable and liveable.

In Brooklyn, anywhere from Midwood to Sheepshead Bay, w/b a safe and likely affordable place. If you have any cash for a down payment, you might find a affordable coop, so you can start building equity.

Since you are up for a long commute, perhaps Staten Island may suit you best, particularly if you work in the Wall Street area. Brooklyn may work too!

Now, that w/b my advice, though I wonder why you wish to leave Woodside? Any rent savings, IF any, won't be that dramatic of a savings!!! Likely none at all. Though, imo, Brooklyn and/or SI will be a more, family oriented, quiet and peaceful living environment. Less urban, less dense, more grass and trees, more Americanized!

One thing to consider, I presume you have no car, and are solely dependant upon public transport, particularly your wife. From this perspective, Woodside is a much better location.

Staten Island can be done w/o a car, but as time goes on a car, becomes more and more a necessity. I'm thinking of your wife having to get around with the baby.

The other areas of Brooklyn, along the "B" subway line, I suggest are all doable w/o a car, but most people do have a car.

Woodside has a FAR higher percentage of non car owners, which reflects the residents and the lifestyle.

Just one last thing to reflect upon, imo, your lifestyle will change from that of a Transplant, living sort carefree enjoying NYC, to more of an average lower middl class *native*! Far less focused upon trendy, hip, and happening, which might result in your being a little left out from what your transplant friends are up to.

Btw, what's the alternative? Staying in Woodside, or giving up on the city?

Oh, you might want to check Astoria, below 21St Street, rents tend to be lower, but also is the quality of housing, and a trek to the subway.

Luck!
JColtrane, thanks for the thoughtful response.

I work in the downtown area of Brooklyn, not Manhattan. That's why I was thinking that brooklyn might a better fit.

woodside is fine. we would stay here if the landlord won't raise the rent, but that seems unlikely next yr.

I don't know much about midwood or sheepshead bay. are those safe areas?

and yes I do have a car, that I street park.
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Old 03-07-2013, 12:26 PM
 
Location: Washington, DC & New York
10,755 posts, read 25,549,656 times
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With a car, if you don't mind the extra commute, I definitely would look further in Brooklyn, such as Gerritsen Beach, Mill Basin, Marine Park, etc. Your wife would also be closer to larger shopping variety on LI, which can help to stretch the budget through the warehouse clubs, larger stores like Target, etc., and not have to fuss with carting things/delivery in the neighborhood.

The downside is the commute is not as fast as Midwood from other areas n Brooklyn, but you might find a larger apartment for the same money, and/or a discount on the rent.
__________________
All the world's a stage, and all the men and women merely players: they have their exits and their entrances; and one man in his time plays many parts, his acts being seven ages.
~William Shakespeare
(As You Like It Act II, Scene VII)

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Old 03-07-2013, 02:50 PM
 
4,787 posts, read 4,675,469 times
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Bay Ridge is nice but it will be hard to find a two-bedroom for $1500 or less. It's possible but not that easy. Usually, they're in busier areas or in not-so-great buildings.

I would stick to Midwood/Bensonhurst/Sheepshead Bay. You're more likely to find a better/bigger two-bedroom. However, I would still look in Bay Ridge because it's still possible to find something. Try to look for apartments that are close, but not too close, to the train. All of these neighborhoods are relatively safe.

Marine Park is not great in terms of public transportation. There are not a lot of stores around there so many things will be a drive away. It has a very suburban feel. I would nix Gerritsen Beach all together---no real public transportation and being there makes my skin crawl. Nothing like being in a neighborhood in Brooklyn where people fly Confederate flags. Both places are way more of a trip into the city though.
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