60K in NYC - Livable? (budget, apartment, income)

[movingfromnyc]

It is doable in some of the neighborhoods outside of Manhattan. I have lived in the Woodside/Sunnyside area of Queens for the past few years and was making less than that when I moved in. If your job will be in midtown Manhattan, a commute from Western Queens (Woodside/Sunnyside/Astoria) can be very quick and cheap on the subway and much of your daily needs (supermarkets, restaurants, etc.) could be within walking distance.

P.S. I am relocating to Maryland and our apartment is for sale if you are interested.

[Henna]

Originally Posted by Henna

Given that people have been giving that advice since, oh, say 2003, I'm glad I did not listen to the naysayers when I put in my bid in dec 2005 for a one bedroom in queens. The sky is falling!!

one-bdr apartments in my building are selling for at least 20-30K more now than they were when I closed on my place one and a half years ago. The prices NEVER dropped.

Obviously, past performance is not an indicator of future performance, but please, don't try to tell someone you have a crystal ball. You don't.

what I meant to say is that the prices haven't dropped since I bought, even with all this doom and gloom about the housing market. That's not to say that they might not still drop and of course there have been many periods in past history when the prices in this neighborhood have fallen (and then risen again).

[nyasiandudeinnj]

In getting financial advise on money matter, it's important to hear it from a normal standpoint as opposed to someone who goes out to dinner & drinks at least 4x/week with their friends. The reality is that you will need to cook in at least 4x/week to conserve your funds and buy your own alcohol to consume at home instead. In other words, buying a liter of vodka at $35 is much cheaper than paying $3/shot with your buddies.

$60K is definitely doable in the outer-boroughs. The commute is not that bad as people make it out to be.

Let's get to the math: $60K paid over a 26 payment period = $2,308 gross pay. taxes & ss & insurance will drag it down to about $1,600/ net pay check. That's where the majority of the rent will be from. The next net pay check will be for food, clothes, utilities, debt paydown and forced savings and other expenses. Keep in mind that some New Yorkers are having families at $60K/year with 2 kids and still make it. Just remember about your lifestyle choices and you will see more clearly. While your colleagues are partying it up and showing off their new threads, you're saving money and giving them the financial birdflip right back at them.

A true native New Yorker will make the 45 min - 60 min commute daily without moaning & *****1ing about it. We just do it.

[quijote]

Originally Posted by msaRick

I'm sure you are all tired of answering questions of this type, but your input would be invaluable.....I am considering a job in NYC for 60K. Would I even be able to live on this amount. I love Manhattan, but is living there out of the question for that salary? I don't need a big place, just a place.

Here's the tough part of the question: I may be able to take the same salary in Chicago. Does anyone know how much better off I'll be there?

Chicago would be a bit less expensive for you, but you should be able to live in NYC for $60K.

Take away 30-40% for taxes, and that leaves you $36,000-$42,000 per year. If city taxes are higher than 40%, adjust accordingly.

If you have an apartment at, say, $2000 per month, then that leaves you $12,000-$18,000. Divide that by 12, and that leaves you $1000-$1500 per month for utilities, food, transportation, and--I hope--savings. Anyone should be able to swing that.

Things would be different, of course, if you have debt to pay off--student loans, credit card debt, car payments, etc.

[LookingtoLeave]

As someone who is considering a move to NYC or one of the boroughs, the amount of pay I take home is a huge concern for me as well. Someone gave me this great site that actually tells you the amount of $$$ you will take home from your salary:

Free Paycheck Calculator, Payroll Calculator, Tax withholding calculator

My only ? is if you work and live in a borough, do you still pay NYC taxes? I assumed you still do.

[KB4]

Originally Posted by LookingtoLeave

As someone who is considering a move to NYC or one of the boroughs, the amount of pay I take home is a huge concern for me as well. Someone gave me this great site that actually tells you the amount of $$$ you will take home from your salary:

Free Paycheck Calculator, Payroll Calculator, Tax withholding calculator

My only ? is if you work and live in a borough, do you still pay NYC taxes? I assumed you still do.

Yes, you do pay NYC taxes.

[Jdawg8181]

Originally Posted by movingfromnyc

It is doable in some of the neighborhoods outside of Manhattan. I have lived in the Woodside/Sunnyside area of Queens for the past few years and was making less than that when I moved in. If your job will be in midtown Manhattan, a commute from Western Queens (Woodside/Sunnyside/Astoria) can be very quick and cheap on the subway and much of your daily needs (supermarkets, restaurants, etc.) could be within walking distance.

P.S. I am relocating to Maryland and our apartment is for sale if you are interested.

for sale...or rent? I'm not interested in renting but if you got something for sale, I am willing to hear an offer. What is the asking price and where is it?

[Jdawg8181]

Originally Posted by KB4

Actually now that read the first page again, I don't see where a family of four is mentioned. It looks like the thread was started by a single person? In that case $60K is not that bad.

$60k is ok if you want to squeak by and not have any fun. For a comfortable living, it is hardly enough.

[Jdawg8181]

Originally Posted by Elvira Black

Haven't read the responses from the usual suspects:

My advice:

Try the Bronx. Cheap, safe, very nice. Better than Manhattan in many, many, many ways, esp these days. You want mom and pop stores and to get to know your neighbors, like Seinfeld? Move to the Bx, not manhattan. Those vultures will eat you alive, and you'll be paying a pretty penny for the pleasure. Take it from a 50 year born and bred NY'er.

PS--buy as soon as you can afford to. Renting is for suckers unless you get a rare deal.

I could not agree more with your last statement, Elvira. Renting is such a waste of money. There is no difference between renting and taking a stack of money, tearing it up in tiny pieces and throwing into the trash.

If you rent, then you aren't saving as money as you could be...and buying a house will just take longer. I say..."once a renter, always a renter". If that's not the case, then i guarantee you will end up in North carolina faster than you know it.

[movingfromnyc]

Originally Posted by Jdawg8181

for sale...or rent? I'm not interested in renting but if you got something for sale, I am willing to hear an offer. What is the asking price and where is it?

If anyone is interested in my apartment (for sale) please direct message me and I will send you the details. I have found these forums very helpful since I started looking at them and want to be respectful of the no advertising rule.

Thanks!