|
06-09-2015, 10:17 AM
|
|
|
|
103 posts, read 145,142 times
Reputation: 21
|
|
|
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
|
|
06-09-2015, 10:27 AM
|
|
|
|
1,774 posts, read 1,694,294 times
Reputation: 1072
|
|
|
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.
|
|
06-09-2015, 10:36 AM
|
|
|
|
Location: Lower East Side, NYC
2,748 posts, read 1,825,813 times
Reputation: 2148
|
|
|
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.
|
|
06-09-2015, 10:37 AM
|
|
|
|
Location: Bronx
16,231 posts, read 19,987,695 times
Reputation: 8241
|
|
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
|
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. |
|
06-09-2015, 10:38 AM
|
|
|
|
103 posts, read 145,142 times
Reputation: 21
|
|
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.
|
really? wow. |
|
06-09-2015, 10:48 AM
|
|
|
|
Location: NYC
17,551 posts, read 11,185,402 times
Reputation: 20997
|
|
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.
|
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. |
|
06-09-2015, 10:58 AM
|
|
|
|
371 posts, read 290,475 times
Reputation: 629
|
|
|
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.
|
|
06-09-2015, 11:26 AM
|
|
|
|
1,744 posts, read 2,257,061 times
Reputation: 3678
|
|
|
I agree with Bronxguyanese. You really need 150K if you want to be in the most desirable areas.
|
|
06-09-2015, 11:30 AM
|
|
|
|
10,277 posts, read 8,172,397 times
Reputation: 10644
|
|
|
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.
|
|
06-09-2015, 11:43 AM
|
|
|
|
Location: New York, NY
624 posts, read 819,410 times
Reputation: 450
|
|
|
150K to live alone in a trendy neighborhood is probably about right. If you have kids however, god help you...
|
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
|
|
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
