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Old 06-09-2015, 09:10 PM
 
Location: Eastchester, Bronx, NY
1,085 posts, read 2,060,452 times
Reputation: 511

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With all the talk about salaries and what-not, don't forget that it's not necessarily what you make, it's what you're able to save.

As long as you don't live too far above your means, you'll be perfectly fine.
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Old 06-10-2015, 12:16 AM
 
Location: NYC
17,485 posts, read 11,146,467 times
Reputation: 20938
It's not only about sharing and scraping by just to live here. How is that life if you must live in internet cafes or sleeping at shelters just to get by here. Where's the value?
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Old 06-10-2015, 07:52 AM
 
103 posts, read 145,079 times
Reputation: 21
Quote:
Originally Posted by on the avenue View Post
I already conceded that $120,000 makes sense for exclusive areas of Manhattan, and explained that the title was misleading. Therefore I have nothing else to add to this discussion, since this only applies to select parts of Manhattan.

Following the 40x income rule, its very difficult to find a studio/1br below central park making less than $100-$120k. We dont even have to get into "exclusive" areas
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Old 06-10-2015, 08:25 AM
 
Location: Riverdale, NY
279 posts, read 415,849 times
Reputation: 156
Quote:
Originally Posted by acceptyourself View Post
Following the 40x income rule, its very difficult to find a studio/1br below central park making less than $100-$120k. We dont even have to get into "exclusive" areas
Ok, so tell us something that folks don't know already. You make it sound as if it's a new discovery. Manhattan is not the only part of NYC, and if someone can't afford to live below Central Park well there are other less expensive parts of the city. You either pay more if you want live close to everything, or pay less and spend more time commuting. I personally don't see the big deal. The outerboroughs and parts of Manhattan are still quite affordable. I can assure you of that. I have my own place, commute via Metro-North or the commuter bus to my office, eat out whenever I want (just about every day in fact) and don't have to go around scrunching pennies and looking for discounts, and while I earn quite well, I don't earn $120,000 a year, and am just fine with that. When you consider the fact that many people won't even earn $50,000 a year that puts things into perspective. I believe that in order to live comfortably in any part of NYC however you do need to earn at least $60,000 - 65,000 and above, and it helps not to have kids. $60,000 - 65,000 and up can work in many areas outside of Manhattan, and $75,000 and up could work in Upper Manhattan. I could live in Manhattan but chose not to. I have far more money to use to enjoy the city, not to mention space, greenery and peace and quiet with a reasonable commute from Riverdale. With the Metro-North I am in Manhattan in less than 45 minutes. I would imagine that most people in Manhattan have a commute of at least 20-30 minutes, and if you're using the subway probably longer with all of the delays.
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Old 06-10-2015, 08:44 AM
 
1,998 posts, read 1,514,008 times
Reputation: 1226
Quote:
Originally Posted by acceptyourself View Post
Following the 40x income rule, its very difficult to find a studio/1br below central park making less than $100-$120k. We dont even have to get into "exclusive" areas
A studio rents for $1.7K-$2K a month in lower Manhattan which would imply you need $60K-$80K (per the 40x income rule). Most likely you will have to settle for a walk up apartment in a pre-war building (climbing the stairs to the 6th floor sucks, but it is the most affordable way to renting in the location).
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Old 06-10-2015, 09:09 AM
 
Location: Crooklyn, New York
29,748 posts, read 28,327,538 times
Reputation: 12782
Quote:
Originally Posted by fluttereagle View Post
Check the ADP take home pay calculator. Here is the weekly breakout with 15% 401k contribution and 1 allowance for Federal, State, and City income taxes.

Weekly numbers:
Gross pay: 2307.69
Federal tax: 478.98
FICA tax: 143.08
Medicare tax: 33.46
New York State tax: 136.68
NYC tax: 81.94
401k: 346.15
Health Insurance (my assumption): 41.50
Dental (my assumption): 4.50
Pretax Transit (my assumption, monthly NYC Metrocard): 29.00
Net Pay: 1011.68 PER WEEK

Pretty close to my original $1000/week estimate.
Or to put it in paycheck terms (since most people are paid on a bi-weekly basis).

Gross pay: $4,615.38
Federal withholding: 957.87
Medicare: $66.92
NYS Tax: $273.36
NYSDI: $1.20
NYC Tax: $165.32
401K: $800
Health/Dental/Vision: $100
Paycheck: $2,250.71

So you'd have $4,501.42 in disposable income each month. Now let's look at the necessary expenses. Just throwing out ballparks.

Rent: $2,200
Student Loans: $1,000
Utilities: $150
Cell Phone: $100
Metrocard: $116.50
Food: $700
Total: $4,166.50

That's cutting it close. I think the biggest factor for most young professionals is student loans. If you're paying $350 a month as opposed to $1,300 (which is what some of my friends are paying), then that gives you a decent amount of breathing room (not a lot). This person wouldn't be able to save much and would likely have sizeable credit card balances at the end of each month.
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Old 06-10-2015, 09:29 AM
 
Location: Riverdale, NY
279 posts, read 415,849 times
Reputation: 156
All of these people painting this horrid bleak picture about living alone in NYC. The horrors... Listen many New Yorkers spend a large part of their salary in rent and that's been going on for many years now. It didn't just start because rents increased. I'm not understanding why this is such a shocker. It's an expensive place to live but not impossible by any means and many people do more with less. I think some of the people posting on here love painting a bleak picture and can't resist from creating these redundant threads about how it's so impossible to live in NYC. I feel like I'm living amongst the Trumps in here the way these people talk about how you have to so much money to live here. Where are the millionaires at here?
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Old 06-10-2015, 09:36 AM
 
Location: Crooklyn, New York
29,748 posts, read 28,327,538 times
Reputation: 12782
Median earnings (not household income) by select Manhattan zip codes for individuals with a bachelor's and/or graduate or professional degree.

10001

Bachelor's: $78,939
Professional: $100,544
45.5% earn $100,000 or more

10003

Bachelor's: $75,213
Professional: $88,133
43.3% earn $100,000 or more

10009

Bachelor's: $61,667
Professional: $81,539
23.8% earn $100,000 or more

10011

Bachelor's: $88,925
Professional: $99,750
52.7% earn $100,000 or more

10012

Bachelor's: $63,801
Professional: $80,260
35.3% earn $100,000 or more

10014

Bachelor's: $91,099
Professional: $96,748
53.2% earn $100,000 or more

10018

Bachelor's: $83,802
Professional: $100,241
40.5% earn $100,000 or more

10023

Bachelor's: $82,406
Professional: $103,637
52.3% earn $100,000 or more
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Old 06-10-2015, 09:49 AM
 
Location: Riverdale, NY
279 posts, read 415,849 times
Reputation: 156
Quote:
Originally Posted by BajanYankee View Post
Median earnings (not household income) by select Manhattan zip codes for individuals with a bachelor's and/or graduate or professional degree.

10001

Bachelor's: $78,939
Professional: $100,544
45.5% earn $100,000 or more

10003

Bachelor's: $75,213
Professional: $88,133
43.3% earn $100,000 or more

10009

Bachelor's: $61,667
Professional: $81,539
23.8% earn $100,000 or more

10011

Bachelor's: $88,925
Professional: $99,750
52.7% earn $100,000 or more

10012

Bachelor's: $63,801
Professional: $80,260
35.3% earn $100,000 or more

10014

Bachelor's: $91,099
Professional: $96,748
53.2% earn $100,000 or more

10018

Bachelor's: $83,802
Professional: $100,241
40.5% earn $100,000 or more

10023

Bachelor's: $82,406
Professional: $103,637
52.3% earn $100,000 or more
And where is the source for this? Either way still nothing shocking about these numbers.
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Old 06-10-2015, 09:53 AM
Status: "The Silent Majority Speaks on 11/3" (set 3 days ago)
 
Location: New York City
11,579 posts, read 7,717,594 times
Reputation: 8984
Quote:
Originally Posted by acceptyourself View Post
Simply took the 40x rule requirement. Looked at the most desired areas in the city. Took the average studio price and multiplied that by 40.

$120,000
That's crazy, you'll be starving with such a low salary. You need to be making at least $950,000 to have a passable standard of living. What's wrong with you?
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