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I make about 10k less than what I'd fetch in NYC and I live FAR better. In fact, my take home at my lower salary is more or less equivalent to the higher NYC salary since I don't pay state or local income taxes and the COL is still below national average.
You need to make 120k to live the same lifestyle in NYC as 50k in "most" other places, mostly south and Midwest.
The avg cup of coffee or a Hamburger does not cost 200% more in NYC than elsewhere. Rent can cost as little as $1000 in NYC if you have the connections and rent cost about the same anywhere else for a 1BR apt.
The problem is for folks that just got here without any roots in NYC, it will be tough to scrape by.
Folks like me with relatives around NYC, I can easily find place to live and my monthly expenses maybe 20-30% higher than elsewhere but my salary is 2x-3x those places pay.
In the end, those that have secured a lower cost of living in NYC will outpace others in other areas with similar job.
At 80k you have about $4-6k/mo (based on biweekly checks). Get a place in Jackson Heights for $1600/mo, lose the car, etc. I find that I have about $600-700 in expenses outside of rent and that's only because I like to eat out for lunch. Health insurance and the like costs $250/mo(? not sure on this one), and even with that you're bringing in 1500-3500/mo after all other expenses. If there's someone else in the household working (aka a wife or the like), then it's 3000-7000/mo? Get a 2bd in the same area for like $2500/mo and take home after expenses becomes like 2000-6000/mo? No need to deal with a car?!
I don't know, that seems rather livable to me. In practice I've made it work for SoHo, so I guess statistics are just statistics.
Well people making $50k in south Florida don't have to split a 1br rat infested walk up with two other people and commute on a 3rd world hell-hole. But other than that, pretty comparable
This is true. The ability to make money really depends on one's occupation. A doctor will often times make even more in flyover states that have lower taxes & premiums. Plus they'd be in high demand in those places since docs aren't necessary in a hurry to move to these boring locales.
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Originally Posted by DAS
This is correct especially if you live near a major city with a lot going on. My family members in other parts of the country have enough disposable income to visit NYC every year if they choose and get a dose of it.
It's also a myth that a person can't make as much money as they can make I n NYC.
I guess I should rephrase. 80k alone or with a partner is ok, but with kids I don't know how people do it. You might be able to scrape by now with 80k, but try starting a family here with that income. You will be struggling very hard with that income level in NYC and making huge quality of life sacrifices where in other parts of the country 80k could give you a fine lifestyle.
I make much more than 80k and am not trying to foolishly make it in upscale places like UES / Park Slope. I want to find a place that is affordable in the NYC metro area with decent public schools. So far I cannot find it. After adding up the cost of rent, daycare (this is like renting a second apartment), and groceries in NJ, NYC (all boroughs), and Westchester county, there is almost nothing left for savings.
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TRUTH!
