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You should not be struggling. Have you seen comparable jobs in other regions of the US that pay the same salary? Or would you have to take a pay cut to move?
NYC has ridiculous amount of taxes. I don't know what people are doing to avoid them (who are regular people). You will be lucky to take home $134K out of $200K once uncle sam as had his share of Federal and State income tax. Afterwards, you will be hit with 8-9% sale tax on anything you purchase.
Rich people don't contribute their fair share as they use capital gain loophole as a way to only pay 15%.
If you are irresponsible with money, or have huge debt, obviously no, but if you spend money like regular folks you will be more than fine.
You realize median household income for a family of four is 50k in the U.S.? So you will be making four times the median household income. Yes, real estate costs much more in NYC, but you will still be in very good shape.
That is why everywhere else other than NYC would be more expensive for me.
Lucky you. Paying for a nanny is a b**tch and if you have two kids you might need to pay for both a nanny and part time daycare so your older child can interact with others. Money that can be used instead to line the driveway with brand new bimmers lol. Yeah so 200k is just getting by.
The crucial item for the OP will be where kids will go to school. If he will send children to Catholic parochial schools, $200K - $300K will be more than enough with room for vacations in Europe, college savings and a happy retirement. But it gets more convoluted if he will use private independent schools.
NYC has ridiculous amount of taxes. I don't know what people are doing to avoid them (who are regular people). You will be lucky to take home $134K out of $200K once uncle sam as had his share of Federal and State income tax. Afterwards, you will be hit with 8-9% sale tax on anything you purchase.
Rich people don't contribute their fair share as they use capital gain loophole as a way to only pay 15%.
Hey - I wanted to thank everyone for their helpful input on this thread. In the end, we decided that the move wasn't going to work for us.
Still love NYC, would still love to live there one day...but perhaps when we're multimillionaires.
Of course if you ever do decide to move to NYC you cannot randomly ask strangers on the internet advise about expenses and all that.
No one can answer those questions for you because no one knows what your overall expenses are or what you are willing to pay for.
I see a lot of obvious immigrant nannys in Manhattan, so if you were willing to go that route for a nanny it becomes a lot CHEAPER (for example).
Granted you could have a high debt and bad credit, but we wouldn't know that.
If you have savings are were able to buy a co-op in a neighborhood like Jackson Heights, you'd only have to deal with $800 in maintenance.
You really should have direct your questions to a good broker in NYC, if you were serious about moving.
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