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I applaud what you are doing. Living below your means is a smart thing.
There are enough people in this city living a lifestyle they can barely afford. Look at the real estate ads - especially for rentals. Beautiful people by the pool or having dinner in front of a spectacular skyline. This is not real estate being sold. It is the dream of a perceived "lifestyle" that is marketed.
Keep saving and buy your own place in a rock-solid neighborhood. NYC area real estate in established neighborhoods will always be a good long term investment.
PS: What you save in NYC resident income tax is paid in property taxes. The five boroughs have low property taxes because of the income tax. Everyone else in the Tri-state area outside of NYC is paying ridiculously high property taxes (especially compared to Texas). Even as a renter, these taxes are built into your rent.
PSS: I also agree with you about the brokers fees. I've lived in two apartments in NYC and never paid a fee.
1. The NYC tax will cost us about $700/month in after-tax dollars. That's a decent chunk of change.
2. I don't really want to pay a 15% broker's fee to somebody so that they can hand me the keys to an apartment. I'm from Texas, and that is the most absurd bunch of b.s. I've ever heard.
3. I would really LIKE to live in Manhattan. In fact, if you just told me to pick, of course that's what I'd choose for my first experience of New York. But my gf and I are going to be getting engaged soon. I should say that our income is that much because we're both lawyers. I'm 26, she's 28. We'd really like to start stashing money away for a down-payment on a house, which we'd ideally like to be in a position to buy in the next 3-4 years. We have a combined student loan payment that will run us about $2,000 a month, so that's an issue. Our Year 1 income will be about $210,000 not counting any bonuses we may get, and it seems we COULD do it. But I'd ideally like for us to put about $1000 a month (combined) away for the house downpayment. So tell me, am I overworried, i.e., could we live in a decent 1 bedroom in Manhattan and still do all this? We do have a 65 lb. black lab, by the way.
Well, it's good you're being frugal if you're saving for a downpayment on a house/condo/etc. in Manhattan, but if you're buying a house out of NYC then I would personally just suck it up and deal with the high costs of living in New York. You only live once and it would be nice to enjoy the city at your age and with your comfortable income.
Thanks for the help, more opinions welcomed. (don't care so much about the lawyer couple) I have friends in the city but none are planning to move apartments or are looking for a new roommate. Had a bad experience on craigslist with a roommate, so a studio is necessary. Pay is semimonthly (24 checks) at around 1560 take home. --Also, don't need to worry about the makeup but maybe a shave and a haircut
You know, I really think a lot of this has to do with lifestyle and priorities. I do think people should hear the reality of the cost of living in NYC from locals who live it, but beyond that, weigh your values...if you are planning a life with a house and kids in the near future and don't need to live in manhattan, don't listen to those who question you on it. On the other hand, if you know you want the faster paced, more expensive lifestyle with a lot more at your doorstep, don't let people tell you that you can't do it. It just may be worth it to you, and not to them. And also, you can always move! Many people are so concerned about where to live, but its only a year lease, so go for it and you can always change your mind. NYC is a great place for options.
alot of people are sugguesting hoboken..its just as expensive as brooklyn, hoboken with a room mate might be doable) add in the NJ transit into the city, is also a cost to think about...i would cut out the dry cleaning cost, the bar cost, and the taxi cost, and 500 $ a month on food seems to be a little high?
The black lab is going to make renting more of a challenge. Not only is it a dog, it's a big dog - many places have weight limits on dogs IF they allow dogs at all.
Well, I'm sure glad I offered my thoughts to you then, buddy. Jackass.
It wasn't really necessary for the OP to make the comment but I think it's more that your budget is so much more than his that the discussion of it wasn't as relevant to his inquiry as some of the other stuff. You were just responding to someone asking why you wanted to live in Hoboken. Don't sweat it.
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