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I'm a 27 Male living in Los angeles and i'm seriously considering moving to NYC, but not 100% sure if i can manage to do from a financial perspective and just wanted to get some thoughts/opinions. From reading posts on various sites, i've heard mixed reviews but still can't really consider what would be best.
Currently, i'm making 80K salary + 10K guaranteed bonus so i'm making 90k
With rent+ utilities (1300), car + insurance +gas (750), school loans (500), retirement (500), groceries (300) as fixed cost, i live pretty comfortably right now with about spending 700-1000/month on entertainment and saving my entire bonus (~550/month). I'm going out mostly once a week (sometimes more if there's events like bdays), attend music festivals here and there, couple hundred a month on clothes, random gadgets here and there, and another 0-200 month on 'random bs expenses' (car fixing costs, registration, parking tickets, bday presents, etc)
Although this may sound like a well balanced life (financially), i feel like my life is getting so repetitive in a sense that i'm doing the same thing every weekend, not meeting any new people, and just have been getting thoughts to move elsewhere to live a more vibrant life -- which got me thinking that NYC might be the perfect place to do this. Now, i know that NYC is a much more expensive place -- but do you think it makes sense for me to look for places in the city? or would it make more sense to look in the bouroughs? I would ideally like to live in the city so that i can live the life where i'm going to work, going to after work events (happy hour here and there, art gallery pop ups), and definitely going to bars (sometimes clubs) on weekends. i'm not the type to blow hundreds on poppin bottles and things like that, but i would say i would like to get at least couple drinks on a night out, go on dates, dinners with friends here and there, and also save up a for vacation couple times a year as well as being able to spend a little on clothes (not a big spender on clothes to beign with, but Nordstram rack shopping would best describe my habits).
Oh, and my company covers gym + cellphone so i didn't list those costs on here.
Basically, i'm looking to live a yuppie lifestyle in NYC for a guy in his mid-late 20s, and seeing if it would be possible to do so on my budget
Yeah sure it's expensive here, but you're single, make a good wage, have no kids with you and should be fine. Anyone who tells you you can't live right with your wage and status, is wrong. There's some misconception that you can't survive here, that's a load of bull unless every poster has huge standards for what's considered 'living.' Get your spending priorities right though because NYC won't think twice about burning your pocket. Don't have big expectations on the square feet of your place. You sound like you're willing to be reckless once you're here and that would kill you.
To live well in Manhattan you need to be earning significantly more than 90k. But you can do ok with less (not too much less) IF you are living with a roommate. And you would still have to live frugally. I wouldn't recommend it because the rent alone would eat up too much of your income. I also wouldn't recommend living with a roommate unless its someone who you already know VERY well. Too many crazy, irresponsible, and unstable people everywhere out there these days.
Sounds like you like to spend $$$ on bars, restaurants, clubs, fashions, etc. I recommend that you modify this plan otherwise you may find yourself broke and struggling. That can happen too easily in New York. You can rent a small place in one of the boroughs (and it will be small) for a bit more than you're currently paying. Owning a car will eventually seem like an expensive hassle---depending on where you live.
Will your employer be transferring you there, or will you be moving there to look for a new job? I do not recommend the latter. Move there only if you have a job lined up first.
I would check if your employer will allow you to put money aside for transportation pre-tax. This will make it easier to buy the MTA unlimited pass which should meet most of your commuting needs. Depending on where you work/live of course. You won't need a car and owning one is a huge hassle unless you can afford to pay for parking.
Don't listen to the naysers. If you have a few brain cells you can easily find plenty of places to grab a drink or things to do on weekends that don't cost a fortune.
You have other options. You can also move to The Brooklyn area. Most Manhattenits move to the williamsburg dumbo clinton hill area. They get almost double the space for there money and have easy access to the city. I have done a lot of re-locations in that area.
You can survive no problem if you are thrifty and resourceful. Selling your car when moving to NYC is a good start.
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