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I'm a fairly new member. I posted a few months ago about wanting to live in NYC one day, like many. I was given a big reality check, but still don't want to forget about it given that I'm fascinated by the lifestyle and environment of NYC. I spend a lot of time researching and reading posts on here, but what I'm failing to grasp, is how people survive the crazy high cost of living there. I'm seeing that a lot of jobs available for people fresh out of college pay about 50k-ish per year. I currently live in Louisville, KY and make about 21,000 a year, which I feel is great given that I live at home and go to school. Per CNN's cost of living calculator, 20k in Louisville will require just over 50k in Manhattan, and about 33k in Queens. I know that in Louisville, living on your own with 20k a year is possible, but not ideal at all given you would have to spend every penny and live in a not so good area. It's clear that outside of Manhattan is obviously cheaper, but price wise everything is just higher there no matter where you are, at least that's what I gather from what I've seen during my visits. I'm thinking not having a car, smaller apartments=smaller electric bill, etc has an effect, but I can't help but find myself wondering how people survive. Roommates..? In Louisville, 50k a year will you set you up for a comfortable, financially stable life, but in NY it seems like 50k leaves you struggling a bit. This may seem like a silly question and make me look dumb, but I'm really curious to know how the lifestyle works financially, since the grind of NYC never seizes to amaze me. Can anybody shine some light on my curiosity?
Thanks!
You can survive perfectly fine on 50k in NYC. You live within your means and lifestyle you saw on TV isn't it.
You find cheaper places to rent by living further away. Perhaps Queens, Bronx, Long Island, NJ, etc.
You get roommates. You focus on your career and upside potential of your job or business. If you do not, and you are at ceiling of 50k. You have no room for growth in NYC because raising family for 50k while is certainly doable, it is not easy and many get bitter.
There are also many angles you can play and try to game the system. You can hussle for affordable housing by manipulating your income which is easy if you know how and especially if you own a business. I know plenty of people who do this because rather than focusing on their upside potential, they'd rather focus on gaming the system or their upside potential is capped so they focus on what they can do.
Anyway, biggest pitfall is that many people blow their money by not being fiscally conservative or missing out on opportunities to make more money. Like by climbing the career ladder by working their asses off, building network of professional connections, or perhaps even switching to new career, etc.
Reality is though, NYC is becoming harder and harder for new folks to get started unless they have minimum baggage and responsiblities or have very in-demand job that pay well such as Software Developer. Starting package for smart software engineer straight out of school is 70kish or more in NYC.
Many young people from places like Louisville who migrate to NYC in their 20's are "Trustafarians," that is, mom and dad pay 100% of their rent for a couple of years or grandma left a nice Trust. If you're not a Trustafarian, and/or you don't have a network of friends here, and/or a really good paying job lined up, NYC could be a huge disappointment and even a nightmare. And if you do have a 50K job, in one year you might not have a single more dollar than what you started with. In fact, you might be in debt.
I read a post elsewhere on the NY forum from a guy who lived in a "third tier" upstate New York City, and moved to a cheap SRO (single room occupancy) in Manhattan with no money in the early 1980's. He still is in NYC, but said that he would not have been able to make that move today.
And as a 20-something, you do not want to live in some boring neighborhood in The Bronx, Long Island, New Jersey, etc.
There are lots of people here who make less than 50k---so don't believe everything you read. There are a number of people who are young and rich also. I can tell you that living in this city is tough and the biggest draw on income is some form of housing which is a big thing. If you begin with an acceptance that your housing is not going to be as nice for the same money as in other places you are a long way to being able to live here. When I watch these shows that show houses being bought with a nice piece of land for 150,000 or 200,000 I wonder what the people would think if they saw a 1 bedroom 3rd floor walkup with no outside space for 800,000 like mine sold for a few years ago. It all comes down to what you want in a place you live in.
Well said. The housing situation in NYC was definitely a jaw dropper at first, but the more I look into it, the more accepting I feel about it. As weird as it sounds, I'm a big fan of small space living. I see so many people here with massive houses full of rooms that they don't even use. I like the small apartment living idea a lot.
Has anyone seen this video? It absolutely shocked me. I knew apartments in NYC were small, but not closet style. Kudos to this guy who can comfortably live in such a small place. Makes me kind of want to try it.
You can survive perfectly fine on 50k in NYC. You live within your means and lifestyle you saw on TV isn't it.
You find cheaper places to rent by living further away. Perhaps Queens, Bronx, Long Island, NJ, etc.
You get roommates. You focus on your career and upside potential of your job or business. If you do not, and you are at ceiling of 50k. You have no room for growth in NYC because raising family for 50k while is certainly doable, it is not easy and many get bitter.
There are also many angles you can play and try to game the system. You can hussle for affordable housing by manipulating your income which is easy if you know how and especially if you own a business. I know plenty of people who do this because rather than focusing on their upside potential, they'd rather focus on gaming the system or their upside potential is capped so they focus on what they can do.
Anyway, biggest pitfall is that many people blow their money by not being fiscally conservative or missing out on opportunities to make more money. Like by climbing the career ladder by working their asses off, building network of professional connections, or perhaps even switching to new career, etc.
Reality is though, NYC is becoming harder and harder for new folks to get started unless they have minimum baggage and responsiblities or have very in-demand job that pay well such as Software Developer. Starting package for smart software engineer straight out of school is 70kish or more in NYC.
Thanks for the good info. I will say, I do like the Astoria neighborhood in Queens. Anybody know much about that? I was told about it in a previous thread and it seems like a great place.
I would consider myself a go getter career wise, I'm a little of 20 years old and am working in management for a very well known company with many people in their upper 20's, lower 30's. I sit at 20k because I'm part time due to school, which is 100% free for me, so as time goes by, I should be finishing school with 0 debt and good career experience. I know NYC is a very competitive place for jobs, but that's an exciting thought.
I feel like the hardest thing would be resisting spending so much money on food! Ha just kidding. But man...NYC has some amazing restaurants
Many young people from places like Louisville who migrate to NYC in their 20's are "Trustafarians," that is, mom and dad pay 100% of their rent for a couple of years or grandma left a nice Trust. If you're not a Trustafarian, and/or you don't have a network of friends here, and/or a really good paying job lined up, NYC could be a huge disappointment and even a nightmare. And if you do have a 50K job, in one year you might not have a single more dollar than what you started with. In fact, you might be in debt.
I read a post elsewhere on the NY forum from a guy who lived in a "third tier" upstate New York City, and moved to a cheap SRO (single room occupancy) in Manhattan with no money in the early 1980's. He still is in NYC, but said that he would not have been able to make that move today.
And as a 20-something, you do not want to live in some boring neighborhood in The Bronx, Long Island, New Jersey, etc.
I heard that Louisville is a nice city.
Yikes. That's not a pleasant thought. I'm definitely no trustafarian. The only good thing I'd have going for me once I graduate is that I have money saved up since I make good money for one living at home, and I will be graduating in a few years in 0 debt because my college is paid for (not by my parents either).
What's your thoughts on Astoria, LIC, Ridgewood, etc all in Queens? They seem like some great places, much cheaper than Manhattan.
Louisville is ok. It's your typical average mid-big sized city. There's nothing that really sticks out about it and the opportunities are so-so. If I had to stay here and build my career, then I feel like I easily could, but it's just a generally boring place that seems to be going downhill. Obviously much cheaper than NY though. Like anywhere it has pros and cons.
I'd also consider Chicago. Really simple drive and move from Louisville compared to hauling off to NYC, plus much lower COL. Still, COL is significantly higher than Louisville though. I'm from there though so I guess I'm a little bit biased.
Quote:
Originally Posted by Kostellic
Yikes. That's not a pleasant thought. I'm definitely no trustafarian. The only good thing I'd have going for me once I graduate is that I have money saved up since I make good money for one living at home, and I will be graduating in a few years in 0 debt because my college is paid for (not by my parents either).
What's your thoughts on Astoria, LIC, Ridgewood, etc all in Queens? They seem like some great places, much cheaper than Manhattan.
Louisville is ok. It's your typical average mid-big sized city. There's nothing that really sticks out about it and the opportunities are so-so. If I had to stay here and build my career, then I feel like I easily could, but it's just a generally boring place that seems to be going downhill. Obviously much cheaper than NY though. Like anywhere it has pros and cons.
I'd also consider Chicago. Really simple drive and move from Louisville compared to hauling off to NYC, plus much lower COL. Still, COL is significantly higher than Louisville though. I'm from there though so I guess I'm a little bit biased.
Chicago has crossed my mind, but with nasty weather, high crime rates, and a high cost of living, it doesn't really appeal to me.
I've been in NYC during the winter, spring, and summer, and I love the weather. Not too hot or cold in my opinion. I'm weird and prefer colder temps, but nothing as brutal as Chicago.
Speaking of crime rate, NYC is very impressive in regards to it.
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