How much does it take to live comfortably in Manhattan? (New York: middle-class, real estate)

[StitchJones]

I work for a growing company that has an opening in NYC. They are willing to pay my relocation expenses and my total comp would be around 150k. My question is: As a single 30 year old, how well could I live in NYC off of that? Could I actually live in Manhattan or would I have to live outside and commute? The one thing that scares me is not being able to live the lifestyle I currently have making 90k in Raleigh, NC.

[Carbro]

I'm sorry, but what exactly do you fear having to sacrifice?

Assuming your needs are not extravagant and your tastes are not grandiose, I don't see how you can be less than very comfortable as a single 30-y/o on $150K.

[nyc0127]

It depends on whether you intend on owning or renting. If you want to rent, expect to pay over 3 thousand a month. It all depends on the element you want though. Manhattan is a place like no other. If you be cheap and live in parts of Manhattan that don't have that Manhattan, don't waste your money.

Good areas to live at Park Slope, Brooklyn, that aren't far from Manhattan.

In order to live good though, I'd say 150K is normal. That's middle-class. If you plan on getting married though, I hope your wife can bring in at least 50K. Especially if you decide to have a child. Don't take on a commute more than an hour either, because it will do nothing more than irritate you.

The prices in Manhattan will continue to drive up. The market will drive inflation up at a higher rate than prices. Expect life to be expensive there. A good place to reside fro the long run is Queens. It's safe and affordable. If you got money, you could live there. For what you could get on a mediocre apartment in a mediocre neighborhood in Manhattan, you could likely pay only 2/3 the amount for a split-end home in Queens. The rent market is going down as foreclosures are going on.

Places like Hoboken, New Jersey are really close to parts of popular-work areas in Manhattan too. There are a lot of good areas. 150K though sounds good. I'm sure you aren't living bad if you're making 90K a year Raleigh (or the Raleigh area). You'd probably be solid middle class with that income there as a family of four.

Don't expect to sacrifice anything, other than a parking spot. I'd recommend to not even own a car. If you do, you'll have to change it when they sweep the streets, or you'll get a ticket. I'd get my own space if I lived out there, or just leave it in a suburb like Staten Island and move it every few weeks. The public transportation is good though, so you should be in good shape.

[StitchJones]

Thanks for the info. I guess I was trying to figure out how much I'll have to adjust. Currently I own a townhouse near RTP that's 1650 sq ft and I pay 1k a month. I drive a nice car, go out often and still have money to save and invest. My concern is that I start paying more for a lot less space, pay more to shop, eat, and live in general and in the end have less money to put aside as I don't want to be working past 55 to 60.

The plus side in all of this is that I LOVE NYC. Up to two years ago I had never been, till I had to go for a business trip. After that iIjust fell in love with the area and have since been back about 5 times, always staying in hotels and what not. So I've never really taken a serious look at the cost of living there permanently. This opportunity just popped up all of a sudden and the chance to live there has now become very real for me.

[countrylv22]

Congratulations!


It sounds like a good package!

New York City is an amazing place to live & work, at least for a few years.

You will make amazing contacts, people from all over the world.

And of course you have the best restaurants, theater, musical events,

sporting events, jazz clubs, museums, art exhibits. When it comes to

entertainment, New York really has it all!

And YES, you will be able to live in Manhattan with that amount.

$2500 to $4500 range in rent depending on where you go.

Ideally if you can find a place in the city itself, the better.

Do not overlook areas close to Seaport, where a lot of the major Law Firms

are, because sometimes you can find a better deal there, instead of the

regular upper west side areas, that most people want. There a lot of

apartments in the area where ground zero was, that actually have better

prices than the upper west or east sides. You just have to look hard, and

you will find a good deal Do not overlook anything in Manhattan itself.

Obviously, if you go to Hoboken, Brooklyn you will end up with more space for

your money. So, it depends on where you want to be.

An area I also like is close to Amsterdam Avenue in Manhattan itself, I believe

the Linclon Center is nearby. And basically you can walk everywhere.

You will end up either taking the subway, cabs, walking, or if your company

has a company car service for you, even better .

You do NOT need a car, it will actually be in the way, paying for parking is

outrageous, sometimes what most people pay in rent in other parts of the

country. And if you end up getting parking tickets, which will happen often,

they will add up quickly. So, you do not need a car & the headaches it

brings!

And YES, you will be able to save, you just have to try not to eat out so

much, because it seems that when you live in New York, you eat out a lot

and that can add up $$ really fast!

GOOD LUCK with your move! And if you love NYC, go for it!

Take care,

Countrylv22

Originally Posted by StitchJones

I work for a growing company that has an opening in NYC. They are willing to pay my relocation expenses and my total comp would be around 150k. My question is: As a single 30 year old, how well could I live in NYC off of that? Could I actually live in Manhattan or would I have to live outside and commute? The one thing that scares me is not being able to live the lifestyle I currently have making 90k in Raleigh, NC.

[mead]

I've seen nice 1 br apartment go for $2,500 a month. You don't really need to shell out $3k.

You can definitely make it on $150k in Manhattan.

[Colokev]

Yes, like the others said...you can make it in NYC on $150k. You'll be fine. Sure, you won't have the large home you had in NC. You'll probably only get a 1 bedroom but it's a great experience.

[jeffcon0]

Well this is a refreshing change of pace from the "can I live in a prime Manhattan neighborhood for under $1000" question which is more along the lines of what we usually see here. The answer to your question is a resounding "YES!". With that salary you will be able to live in a nice 1 bedroom apartment in a prime neighborhood for about $3000, be able to enjoy all the city has to offer, and put some into savings. This is assuming, of course, that you still follow a budget.

In many other parts of the country $150k is the realm of the upper class, in Manhattan it is a very respectable salary but it will not impress anyone. Even at $150k, unless you are very responsible with your money and savings, you may have a hard time purchasing in Manhattan. Keep in mind that 1 bedrooms are going for around $750k here (although you can find some lower and MANY higher). For owning on that budget your best bet would be to look in the boroughs.

My personal benchmark for living in Manhattan as a single person is ~$100k. I think that is what it costs to enjoy the benefits of living the "Manhattan lifestyle" and actually being able to afford living there (not just be able to pay your rent). Until I reach that point I'm sticking to the boroughs.

I think you will be shocked at the costs when you actually start living here. I know people who are late 20's o early 30's and making over $100k still living with roommates if that gives you any indication of just how different it is here. But yes, $150k is perfectly nice to live on.

P.S. Drop the car at all costs.

[599GTBFIORANO]

Being single, you should be fine in NYC with $150,000. Of course, you won't live as comfortably as you do in North Carolina with, but it will be well worth it.

Just be ready for high rents and if you bring your car, leave it in a garage but just to warn you, the cost of monthly parking is equivalent to the rent of an apartment in North Carolina.

Here are a few websites to look at to give you a sense of what you can afford , the neighborhoods and what is available in the city.

NY Bits - New York apartments, buildings and neighborhoods (http://www.nybits.com - broken link)
New York City Apartments > CityRealty > The New York City Real Estate and Manhattan Apartment Guide

[StitchJones]

Just wanted to thank everyone for their responses. I have until late next week to decide and right now I think I'm going to accept the offer and make the move. It's a big change for me, but I'm really excited about the possibilities.