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Old 04-10-2014, 09:48 AM
 
2,848 posts, read 7,550,334 times
Reputation: 1672

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1) Utilities are not included in rent. I would budget 120-200. It really varies on your personal usage (sounds like fiance will be home, hence more lights/ AC/ etc) and season

2) You could rent your apartment for 2K a month... doesn't mean you will/can....

3) MTA only covers New York. JC is part of New Jersey and is not part of the same system. Check out NJtransit.com

4) For taxes, you'll be paying Federal, NY State, and NYC tax if you live in NYC

5) confirm your job first. there is no guarantee you will get a job here.
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Old 04-10-2014, 11:42 AM
 
103 posts, read 161,660 times
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So you're going to move to NYC with a fiance that isnt working? Living in a $2,000 apartment? Women do have it easy.

Lets hope she doesnt join Equinox where shes constantly exposed to top tier alpha males that would be more than willing to help pass the time while she stays at home and does nothing.
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Old 04-10-2014, 12:19 PM
 
13 posts, read 17,921 times
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Quote:
Originally Posted by acceptyourself View Post
So you're going to move to NYC with a fiance that isnt working? Living in a $2,000 apartment? Women do have it easy.

Lets hope she doesnt join Equinox where shes constantly exposed to top tier alpha males that would be more than willing to help pass the time while she stays at home and does nothing.
She will most likely get a job after we settle in, she is working through health issues that have kept her from having a job recently.

But you made me worried now, i guess if she wants to join a gym ill say Equinox is off the list.
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Old 04-10-2014, 12:25 PM
 
2,848 posts, read 7,550,334 times
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Quote:
Originally Posted by CMB00 View Post
She will most likely get a job after we settle in, she is working through health issues that have kept her from having a job recently.

But you made me worried now, i guess if she wants to join a gym ill say Equinox is off the list.

Health issues - I don't see this in your budget.

Equinox isn't your only problem....
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Old 04-10-2014, 12:29 PM
 
13 posts, read 17,921 times
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Quote:
Originally Posted by mc33433 View Post
Health issues - I don't see this in your budget.

Equinox isn't your only problem....
No expensive health issues thankfully. And it was a joke, I'm not worried about her doing anything during the day we are both very mature and i trust her.

I did look into the taxes, the NYC specific taxes would run me about $1300/year at 80k. Does that sound about right?
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Old 04-10-2014, 12:43 PM
 
158 posts, read 331,326 times
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As previous posters have already mentioned, I think it would be best to look for residences within the Jersey City locale, as this is where your job would be, and you wont be killing yourself(financially speaking) to live in Manhattan.

Coming from VA(and to never have lived in a major city before), what are the core motivating factors driving this desire to live in NYC? Considering the fact that your fiance has health concerns, it seems like a two-fold issue where she wont be adding to the nest egg, and with the cost of NYC, I am confident in saying that she will be taking away from it.

If I were you, I would soul search and think this through a little more in order to see if this is what you really want. New York is a different kind of animal in every way you can think of.
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Old 04-10-2014, 12:58 PM
 
1,319 posts, read 4,234,700 times
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Quote:
Originally Posted by CMB00 View Post
Its not paid off but we can rent it for about 2k a month and the mortgage is $1050, so we do have funds to dip into if needed but we are going to try and keep it saved for future investments.
Outstanding mortgage will negatively affect your rental chances and your max rental.

On separate note, if you do end up moving and renting your property. Consider setting aside some of the money for maintenance/upgrade budget after PITI. Source of money could be whatever, part of rental income, your salary, doesn't mater. Just play it safe and put some money aside to be able to maintain the property and/or budget later. There isn't an industry standard on how much as rule of thumb but I believe FNMA suggests 2% of total property value on annual basis. If property is worth 100k, set aside 2k/yr in maintaince/upgrade budget account.

Quote:
Originally Posted by CMB00 View Post
I did look into the taxes, the NYC specific taxes would run me about $1300/year at 80k. Does that sound about right?
I don't know what your taxable income will be because there are so many variables. 401k, benefits, property tax, mortgage income, etc. everyone has. I have no idea if you are contributing to max to 401K (17.5k), what your mortgage interest is, what your property tax is, etc.

Here is the actual table.

http://www.tax.ny.gov/pdf/current_fo...e_schedule.pdf

Once again this will all depend on how much deductions you can have and your actual taxable income will be. Don't forget about rental income because that is taxable as well.

Edit: If I were to assume you are filing married and your taxable income is 80k. You are looking at about 2.7k roughly. see table on pdf married filing jointly. 1455 + 3.648% for any amount over 45k up to 90k.

1455 + (80-45)*3.648% = 2.7k

Note this is assuming your taxable income is 80k. So if you want more realistic number, sit down and calculate it by taking deductions on amount you know you can deduct such as your planned 401K contribution amount, mort interests, etc.

This is why I suggested you live outside of NYC and actually live in JC. Not only will you be closer to work, you and your spouse will save a lot of taxes. Roughly 2-4% of your combined income. that is a lot of money.
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Old 04-10-2014, 12:59 PM
 
13 posts, read 17,921 times
Reputation: 10
Quote:
Originally Posted by Lakers4kb View Post
As previous posters have already mentioned, I think it would be best to look for residences within the Jersey City locale, as this is where your job would be, and you wont be killing yourself(financially speaking) to live in Manhattan.

Coming from VA(and to never have lived in a major city before), what are the core motivating factors driving this desire to live in NYC? Considering the fact that your fiance has health concerns, it seems like a two-fold issue where she wont be adding to the nest egg, and with the cost of NYC, I am confident in saying that she will be taking away from it.

If I were you, I would soul search and think this through a little more in order to see if this is what you really want. New York is a different kind of animal in every way you can think of.
I appreciate the reply.

Honestly her health issues are winding down, its something now where a doctors visit ever 2-3months will keep it under control. The only reason i said it because people where questioning why she is not currently working.

We are pretty much set on Manhattan, its just where we want to be. There are a lot of things that went into making that decision. I know its the most expensive but i feel like we can make it, i don't know if you read the part about us renting our current home out, so we will have an extra $1000 of income each month on top of the 80k I'm making. Call us silly, young or dumb but Manhattan is where we want to be.
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Old 04-10-2014, 01:15 PM
 
Location: Staten Island, New York
3,727 posts, read 7,005,640 times
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If you already have a good-paying job and a house, why move here?
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Old 04-10-2014, 01:16 PM
 
Location: NYC
20,550 posts, read 17,497,336 times
Reputation: 25616
You'll regret the decision after 1-2 when you realize all of your paychecks going towards living and taxes. You certainly can't dress like you were down in VA so get ready for some clothes shopping.

I used to make $75k when I was 22 and lived in the city for only $1000 back in the 90s and lived well and had a lot of fun back then living close by where all the clubs and bars were.

Today, it's not the same anymore. More expensive less things to do and most of your paychecks will be going towards your rent, meals, and taxes.
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