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06-09-2015, 11:17 AM
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103 posts, read 146,036 times
Reputation: 21
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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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06-09-2015, 11:27 AM
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1,774 posts, read 1,716,871 times
Reputation: 1074
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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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06-09-2015, 11:36 AM
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Location: Lower East Side, NYC
2,862 posts, read 1,912,475 times
Reputation: 2284
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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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06-09-2015, 11:37 AM
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Location: Bronx
16,231 posts, read 20,174,386 times
Reputation: 8250
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Quote:
Originally Posted by acceptyourself
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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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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06-09-2015, 11:38 AM
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103 posts, read 146,036 times
Reputation: 21
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Quote:
Originally Posted by Javawood
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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really? wow. |
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06-09-2015, 11:48 AM
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Location: NYC
18,192 posts, read 11,682,895 times
Reputation: 22067
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Quote:
Originally Posted by Bronxguyanese
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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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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06-09-2015, 11:58 AM
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377 posts, read 296,698 times
Reputation: 644
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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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06-09-2015, 12:26 PM
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1,744 posts, read 2,272,965 times
Reputation: 3678
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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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06-09-2015, 12:30 PM
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10,276 posts, read 8,280,778 times
Reputation: 10644
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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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06-09-2015, 12:43 PM
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Location: New York, NY
624 posts, read 828,834 times
Reputation: 455
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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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