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Old 06-09-2015, 10:17 AM
 
103 posts, read 145,142 times
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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
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Old 06-09-2015, 10:27 AM
 
1,774 posts, read 1,694,294 times
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Sounds like how much a well educated young professional should make. I guess the minimum qualification to live in the most desired parts of the city is to be a young well educated professional. Nothing wrong with that.
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Old 06-09-2015, 10:36 AM
 
Location: Lower East Side, NYC
2,748 posts, read 1,825,813 times
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If you want to live alone, then yeah I guess. I made SoHo work on half that with only 1 roommate in a large 2bd for the past year.
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Old 06-09-2015, 10:37 AM
 
Location: Bronx
16,231 posts, read 19,987,695 times
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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
Thats not covering taxes, utilities, food college tuition payment. The average cost to live in NYC for a single person in a desirable neighborhood is probably around 150k a year.
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Old 06-09-2015, 10:38 AM
 
103 posts, read 145,142 times
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Quote:
Originally Posted by Javawood View Post
If you want to live alone, then yeah I guess. I made SoHo work on half that with only 1 roommate in a large 2bd for the past year.
really? wow.
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Old 06-09-2015, 10:48 AM
 
Location: NYC
17,551 posts, read 11,185,402 times
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Quote:
Originally Posted by Bronxguyanese View Post
Thats not covering taxes, utilities, food college tuition payment. The average cost to live in NYC for a single person in a desirable neighborhood is probably around 150k a year.
Taxes will take away 40%, rent will take another 15-20%, food is another 7-8%, there's maybe ~20% of disposable income left.

Not much to get ahead, a 4-6 months layoff could mean getting kicked out of nyc.
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Old 06-09-2015, 10:58 AM
 
371 posts, read 290,475 times
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While 120k might sound like a good income, the take-home pay is only going to be only $1000 per week. That includes all the taxes, maxing out 401k, health insurance, etc. That means it's going to take 2 weeks of work to put a roof over your head assuming a $2000 per month studio. And those are getting harder to find; they just rented out a studio next to me for $2600 per month.
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Old 06-09-2015, 11:26 AM
 
1,744 posts, read 2,257,061 times
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I agree with Bronxguyanese. You really need 150K if you want to be in the most desirable areas.
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Old 06-09-2015, 11:30 AM
 
10,277 posts, read 8,172,397 times
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That's stupid. People can share, or live in slightly less desirable areas. No one needs to live in a central, prime area.

I made 50k the first year I moved to NYC, and I was fine. Never had any money problems.
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Old 06-09-2015, 11:43 AM
 
Location: New York, NY
624 posts, read 819,410 times
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150K to live alone in a trendy neighborhood is probably about right. If you have kids however, god help you...
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