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Just curious if you know percentage of households in NYC making 100K or more. It seems like a reasonable amount, but if 50% are making less than 60K, I wonder how many are making less than 100K.
I don't mama. But good question.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
That's scary and I think a little too close to the truth. I was having a similar discussion with a friend. His words were "if you lived in another part of the country, you'd be rich." I don't even have kids but there are times where my seemingly cushy salary doesn't let me spend the way I could elsewhere. Also, a few years back I was discussing salaries with a friend and asked what would be your ideal salary in NYC? She's said $400K. Her reason being that many people in her company pull in that amount and more (she's in consulting) and it would be an income where she could get what she wanted without having to make sacrifices.
Sad fact: due to transplants from such high COL cities as New York, you're not gonna be rich by any stretch of the imagination in other parts of the country. Case in point, where I live now. Prices have gone up, up, up and there appears to be no sign of slowdown. People are getting sticker shocked because they expect to find a home in a central, walkable neighborhood for only $300K. Not happening..those homes are now easily $500K and above. My suburban home is now over $300K.
Are you willing to live a bit further away from the city?
Do you need a condo?
Do you care about nonsense like status?
Are you a bargain hunter?
NYC can be as expensive and cheap as you want it, really. You want 300k housing in a decent area? Sure! Look into Northern Queens and Brooklyn outskirts (Gerritsen Beach and Marine Park are perfect examples). Rent is also 900-1000/month in those areas, too.
One big positive about NYC housing is that property values are VERY stable for traditional 1-3 story houses. It may cost 300-500K, but its a much safer investment than, say, a savings account. Plus, your ROI is also pretty decent with prices following inflation nicely. You can pass on your house to your kids, and give them a nice 300K investment from the get-go. But maybe I am thinking a bit old-school here...
Want cheaper goods? Look to fruit stands for your fruits and veggies. Much cheaper than supermarkets. Buy clothes from "ghetto" stores or discount places. Look for sales. Retail electronics in NYC is much cheaper than other parts of the country, thanks to online retailers like B&H, Adorama, and J&R having retail stores.
Stop going out and eating. If you must go out, do it cheaply and on an occasion.
Brew your coffee at home and skip the $5 lattes.
Need to buy movies and books? Don't! The NYPL is the BEST library in the world for circulation. Reserve anything you want, and you'll get it in a week. No hunting necessary, and it costs $0!
With the Library and Netflix, why would you ever want Cable?
Spending huge chunks on contract cell phone planes? Get a prepaid carrier or T-Mobile, which arguably has the best service in NYC anyway.
In Summary: You can spend as little or as much as you want in NYC. The difference in why you spend more is because you want a LIFESTYLE. Ditch that, and see the savings pour out.
Sad fact: due to transplants from such high COL cities as New York, you're not gonna be rich by any stretch of the imagination in other parts of the country. Case in point, where I live now. Prices have gone up, up, up and there appears to be no sign of slowdown. People are getting sticker shocked because they expect to find a home in a central, walkable neighborhood for only $300K. Not happening..those homes are now easily $500K and above. My suburban home is now over $300K.
I'm not so sure about that. Maybe in some areas that are closer to NYC's cost of living but not in other areas. If I went down to South Carolina I'm sure a six figure salary would get more than a 2 bedroom condo in an "up and coming" neighborhood. I watch the show House Hunters a lot and the homes these couples are looking for are rarely over $500K. I was watching an episode recently and this woman was looking for a 4 bedroom house with a spa like master on suite bath, fancy chef's kitchen, and a pool, all for under $300K. This was around metro Atlanta. I've only seen the more expensive places when they are in the more expensive city hubs. There is no denying that if you could have a NYC salary in another area of the country, your life would be pretty damn cushy.
Sweetheart, unfortunately it's truth. My wife doesn't work. The way I structured everything we're good just on my income but if she started working we'd be on easy street. All she has to do is bring home half of what I make and we're ballers in the hood.
Yeah a friend if mine just got married. They can afford their current lifestyle on just one income but since they both work, the entire second income goes into savings. They are using that savings towards buying. With this structure, the amount they save will get them a home (down payment) in maybe 3 years.
I'm not so sure about that. Maybe in some areas that are closer to NYC's cost of living but not in other areas. If I went down to South Carolina I'm sure a six figure salary would get more than a 2 bedroom condo in an "up and coming" neighborhood. I watch the show House Hunters a lot and the homes these couples are looking for are rarely over $500K. I was watching an episode recently and this woman was looking for a 4 bedroom house with a spa like master on suite bath, fancy chef's kitchen, and a pool, all for under $300K. This was around metro Atlanta. I've only seen the more expensive places when they are in the more expensive city hubs. There is no denying that if you could have a NYC salary in another area of the country, your life would be pretty damn cushy.
This guys budget is $40K for a one or two bedroom condo!
Well yeah, but many times you're not going to have a NYC salary in other areas of the country unless the company pays national (vs regional) salaries. Then again, I see more of my salary here making less than living in NYC making more on paper.
Maybe Atlanta is the hot spot when it comes to lower COL but it is only a matter of time. Like I said, the prices of homes in my area have gone way up especially in the more desirable areas. House Hunters likes to show suburban homes which tend to be less expensive. There is absolutely no way you'd find a house here for $40K unless it's a mobile home.
Just curious if you know percentage of households in NYC making 100K or more. It seems like a reasonable amount, but if 50% are making less than 60K, I wonder how many are making less than 100K.
I think a good guess would be that at least 80% of NYC households have incomes of under $100,000/yr,
leaving 20%, at most. with incomes over $100,000/yr
I'm not so sure about that. Maybe in some areas that are closer to NYC's cost of living but not in other areas. If I went down to South Carolina I'm sure a six figure salary would get more than a 2 bedroom condo in an "up and coming" neighborhood. I watch the show House Hunters a lot and the homes these couples are looking for are rarely over $500K. I was watching an episode recently and this woman was looking for a 4 bedroom house with a spa like master on suite bath, fancy chef's kitchen, and a pool, all for under $300K. This was around metro Atlanta. I've only seen the more expensive places when they are in the more expensive city hubs. There is no denying that if you could have a NYC salary in another area of the country, your life would be pretty damn cushy.
This guys budget is $40K for a one or two bedroom condo!
As many family and friends are moving or have moved to Atlanta or just Georgia in the past few years am familiar with this conversation. In fact at both recent family events (Thanksgiving and Christmas) the topic was discussed at great length.
Yes, you can drive around Atlanta and find *wonderful* homes both old and new on nice pieces of property for less, much less than you would in NYC, or NJ. However here is the thing; we are most always looking at those properties from "New York money" terms; that is either having made bank here or basing things on current NYC income. The latter you simply will *NOT* get in GA. There are persons working two jobs (or more) just to afford property in parts of GA because wages are not that great.
As many family and friends are moving or have moved to Atlanta or just Georgia in the past few years am familiar with this conversation. In fact at both recent family events (Thanksgiving and Christmas) the topic was discussed at great length.
Yes, you can drive around Atlanta and find *wonderful* homes both old and new on nice pieces of property for less, much less than you would in NYC, or NJ. However here is the thing; we are most always looking at those properties from "New York money" terms; that is either having made bank here or basing things on current NYC income. The latter you simply will *NOT* get in GA. There are persons working two jobs (or more) just to afford property in parts of GA because wages are not that great.
Perhaps but the best way to gauge that would be to see the average income of an area and the see what the average home cost is for neighborhoods within a 30-45 minute commute of the city center. Isn't that how affordability index numbers are calculated?
Edit: I found some census stats. Median HH income is around $50k and the median home value is around $150k. Georgia QuickFacts from the US Census Bureau
That certainly makes it affordable
I know that other places will deff give you more in terms of money. You are paying for location and services. In Buffalo you can get a MASSIVE house right in the hottest section for 200k to 300k. Gorgeous Victorian style houses in a very safe very walkable area. Taxes are also very low (mostly because the snow removal sucks and the public schools are awful). I know I will be moving back soon. I can pay 1/2 what I pay here for 2 times the size and nicer. Rents in Elmwood Village are 750-900 a month which usually include heat and hot water. Electric is like 50-70 a month at most.
You give up all the shows and all the different cultural aspects but you have to weigh what is more important. Some more things to do, or a shoebox/debt filled house.
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