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

[Jrock247]

Its doable on your own outside of manhattan, and doable in manhattan with roomates. You won't be ballin, but you'll be able to go out to eat and drink once in awhile.

[athenia]

NOOOOOOOOO not livable!
new york city is definitely not worth living in unless you have the money to afford its delights. do you really want to spend over two hours a day on a crowded subway and be begged for money every day 7 x a day? do you enjoy dodging ****, pee, and general trash on the sidewalks? do you want to be surrounded by rude, loud people? with 60 k you will be sharing a bite size apartment with some stranger and cursing the day you moved to this god forsaken city.
best of luck.

[Sean34597]

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?

The answer is that you can absolutely live here on 60k.

Hell, there are welfare recipients right outside my building begging for crack money right now who live here on less than 20k in benefits.

The big issue is housing. Your salary will limit you to about $1,200 a month for housing. You can easily rent a place in Riverdale, or Astoria, for that amount. But you won't be able to live in the West Village, unless you're okay with a roommate or 2. Many people do that and like it.

[jeffcon0]

Jrock247 at the top of this page is dead on. 60k is plenty doable for a single person. You may be living paycheck to paycheck if enjoying yourself is preferable to feeding your savings account but you can have plenty of fun here for that amount. I know many people who do fine with far less than that.

Keep in mind that almost all landlords require your annual salary be equal to 40x your monthly rent so that would limit you to about $1500/mo rent. Virtually impossible in Manhattan below 96th street (unless you have roommates) but you can pretty much take your pick of the borough neighborhoods for that amount.

Set a budget and stick to it. Realize that fancy dinners and shopping trips will be a rarity and keep expenses down where you can and you will be fine.

Don't let all the cynical Wall-Streeters make you believe you need six figures to survive here. To own property here, yes, but to live here and rent and enjoy you will be fine.

[SeventhFloor]

it all depends on your lifestyle choices. for $60K, if you want to live in a trendy neighborhood close to the city or in manhattan, then you'll live like a bum in a shoebox apt. if you live in an average decent neighborhood, paycheck to paycheck. if you live in the ghetto, you'll eat like a king. plain and simple.

of course there are exceptions to the rule, but this is pretty much standard.

[RosaGneco]

You could definatly live in the city for that amount. You're not going to be able to have all of the trendiest clothes but you'll eat & be able to go out once in a while.

[gichicago]

A couple people I know (Mid-20's) have roughly that salary, and are survuving. Big things to note
> Rent: Roomates is a big plus
> Food: will be your biggest expense, but there are so many good bargain eats to be had in the city (all boroughs included)
> Clothing: If you're looking to be stylish, hit up some Sample Sales for the good stuff, dept stores like H&M for trendier items that may be a fad a year later

I would disagree about renting is "throwing away" you money to some degree. If you're unsure where you are going to be in a few years, renting is a good mitigation; you'll need few years to break even, considering all the closing costs, commission, maintentenance costs, and taxes. Plus, its not like your taking cash and burning it; you are getting a roof over you head, running water, heat, etc and you're living in a great city.

[Guywithacause]

Well considering the average HH income in NYC is 42,000...there are plenty that are doing it on FAR less than your salary. You won't be living in the Time Warner building...but I can rent you a cardboard box outside of it for $750 a month, and you get to use the same address.

[Wild Style]

Guy

HH = head of Household right?

GIChicago

i agree with you on the rent versus buy thing 100%.

People who rent and people who buy are no different. You don't own crap until you have paid it off, the bank owns that. You miss enough payments and you will be out of that dwelling. If you have the means to "buy" by all means, if not then live with in your means and you will be fine.

[jeffcon0]

Originally Posted by Wild Style

Guy

HH = head of Household right?

I believe he means HH=household. As in the combined income for all living family members living under a single roof.

EDIT: Don't let that figure trick you into thinking NY is affordable. I always wonder why that number seems so far from reality.