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Old 04-19-2014, 11:16 AM
 
2 posts, read 7,127 times
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Taking a job there. I love it and don't want to be in the suburbs, but I know it's an expensive place. Two kids. Combined income should be $400k. I don't think we can afford to buy, but rent a spacious 3 bedroom in a district with good public school?

Thank you.
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Old 04-19-2014, 11:28 AM
 
Location: Miami/NYC
1,207 posts, read 2,019,821 times
Reputation: 505
Quote:
Originally Posted by JamesUK View Post
Taking a job there. I love it and don't want to be in the suburbs, but I know it's an expensive place. Two kids. Combined income should be $400k. I don't think we can afford to buy, but rent a spacious 3 bedroom in a district with good public school?

Thank you.
400k combined should be enough but it all depends on your lifestyle
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Old 04-19-2014, 11:33 AM
 
Location: NYC
506 posts, read 704,021 times
Reputation: 264
Quote:
Originally Posted by JamesUK View Post
Taking a job there. I love it and don't want to be in the suburbs, but I know it's an expensive place. Two kids. Combined income should be $400k. I don't think we can afford to buy, but rent a spacious 3 bedroom in a district with good public school?

Thank you.
It'll be rough. You'll probably have to live near the projects and ration your meals.
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Old 04-19-2014, 11:37 AM
 
8,082 posts, read 5,282,893 times
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people survive on less. if 400K is not enough for you then you need to stop living beyond your means.
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Old 04-19-2014, 11:39 AM
 
Location: Queens, NYC
420 posts, read 710,052 times
Reputation: 351
You will be more than fine as long as you don't spend $10,000 at the club every weekend. You will be able to live in a nice area, eat and live comfortably and enjoy most of what NYC has to offer.

EDIT: I saw you have two kids. Private school can be private college tuition-level of prices (40k+), so try for a good public school district. If your kids are nearing high school, have them prepare for the 3 best high schools in the city which are based off entrance exams: Stuyvesant High School, Brooklyn Tech, and Bronx High School of Science.
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Old 04-19-2014, 11:44 AM
 
72 posts, read 100,255 times
Reputation: 102
I lived with less than $50k a year 5 years ago and I was doing fine in some average neighborhood in Queens. I don't get how people find it necessary to ask such questions when they make $400k a year!
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Old 04-19-2014, 11:54 AM
 
Location: brooklyn, new york, USA
895 posts, read 927,429 times
Reputation: 1300
i have lived on $16k a year here in brooklyn. 400k is too little if you want the best of the best lifestyle. it is too much if you desire nothing that strokes your ego. you choose what fits your personality. i am a minimalist so i would be considered a "millionaire" with that kind of income.
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Old 04-19-2014, 01:21 PM
 
821 posts, read 920,556 times
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Quote:
Originally Posted by Brooklyn2007 View Post
I lived with less than $50k a year 5 years ago and I was doing fine in some average neighborhood in Queens. I don't get how people find it necessary to ask such questions when they make $400k a year!
It's an attempt at bragging or announcing to others how much they make. Might not be in the OP's case, but how it is for others--similar to those earning $200,000+ and call up Suze Orman or Dave Ramsey to affirm how much they make.
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Old 04-19-2014, 02:00 PM
 
2,853 posts, read 6,506,910 times
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Quote:
Originally Posted by Cerebrator View Post
It's an attempt at bragging or announcing to others how much they make. Might not be in the OP's case, but how it is for others--similar to those earning $200,000+ and call up Suze Orman or Dave Ramsey to affirm how much they make.
I didn't take it that way at all. OP doesn't know anything about living in NYC and is being upfront with their budget.

OP should talk to a realtor and think about what they want: doorman/elevator/parks, etc. What amenities are deal-breakers can change the affordability. Age of the kids, requirements for public vs private schools. I think OP should speak to a realtor rather than a messageboard.

But in short, $400k is enough depending on your lifestyle and savings.
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Old 04-19-2014, 02:11 PM
 
2,042 posts, read 2,318,524 times
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I am not kidding, but i have talk to people that said "I don't know how anybody lived here making less than 500k." He said it with a straight face.

Some people are used to certain lifestyles. What 400k somewhere else could mean a mansion, multiple cars, etc. 400k here only give you a better than "ok" apartment in manhattan.
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