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Old 11-16-2015, 08:59 AM
 
9 posts, read 10,883 times
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My spouse is going to be a medical resident earning 50k per year (before taxes). We really want to live in NYC (most of the programs are in Manhattan). The studios subsidized by the residency programs cost between $1300-1500.

We will also have around 10k in savings for each of the 4 years that we would live there. So after taxes, we will have $3448 per month. Let's say rent+utilities cost $1600 per month -- that leaves $1848 per month, or $462 per week. I can probably keep the grocery bill at $200 per week, leaving $262 per week for incidentals.

We want to have a baby, which I will be taking care of, and I am unsure of the cost of this. I was thinking that we wouldn't have to spend much money at all, with all of the museums, parks, and libraries, etc. But I could be massively underestimating the cost of a child.

Do you think this is enough to live on? We will give up our car, obviously, and will not need transit passes, since we will be living close to the hospital. We really want to live in NYC now, because we don't think we will be able to later. What do you think?

Last edited by milkycrater; 11-16-2015 at 09:17 AM..
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Old 11-16-2015, 09:30 AM
 
311 posts, read 193,658 times
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95% NYers don't live in Manhattan.
Why don't you take a look in the trendiest hoods of Brooklyn (Park Slope, Williamsburg, etc)?
I'm single and I wouldn't live in Manhattan on less than 150K a year.
If safety isn't an issue for you, then that's a different story.
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Old 11-16-2015, 09:38 AM
 
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The reason we would have to live in Manhattan is because my spouse will be working 80+ hours per week, in addition to being on call at the hospital for emergencies in the middle of the night. The hospital tries to make it more a bit more affordable by subsidizing the housing to some extent, but I'm not sure if the cost of everything else in Manhattan (groceries, etc) is also way more expensive. Is the cost of groceries/produce a lot more in Manhattan than it is elsewhere?
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Old 11-16-2015, 10:12 AM
 
Location: Eric Forman's basement
1,658 posts, read 1,600,061 times
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I agree with living in Manhattan. Walking to work is the best luxury ever. Plus, it makes sense for this couple. What may not make financial sense is to have a baby right now. Of course you may have valid personal reasons for this timetable. But babies are expensive, either considering child care or by limiting your ability to earn income. Also, having the three of you in a studio would be just awful, especially with one person doing shift work.

Can you find a way to earn money and postpone the baby for even a year or so?
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Old 11-16-2015, 11:18 AM
dun
 
193 posts, read 157,948 times
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^ i agree. you cannot afford a baby. you need to find a job and help out your husband. if he's working 80hrs a week for 50 weeks he's making $12.50/hr. mcdonalds employees make more then your husband per hr...this statement should bring things into perspective. on top of that he has to support you and the baby. it aint happening
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Old 11-16-2015, 11:20 AM
 
Location: NYC
11,678 posts, read 7,529,932 times
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If I was in the healthcare biz I wouldn't want to be in NYC. Your job will take over your life and your health and luckily if someone happens to you atleast you'll get immediate help.
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Old 11-16-2015, 11:21 AM
 
502 posts, read 444,838 times
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Grocery bill at $200 a week for two adults and a baby? Let me come over for dinner!
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Old 11-16-2015, 11:26 AM
 
25 posts, read 19,843 times
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You cant afford to have a baby. If all you have is $200 a week for incidentals.
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Old 11-16-2015, 11:36 AM
 
9 posts, read 10,883 times
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Quote:
Originally Posted by NycLaidBack View Post
Grocery bill at $200 a week for two adults and a baby? Let me come over for dinner!
haha do you think that is a lot or a little?
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Old 11-16-2015, 12:05 PM
 
690 posts, read 875,200 times
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Ouch, this is very tough-we lived on 50K a year when it was just the two of us and rent was $500 a month in Brooklyn, it was totally doable, we had money left to go out, 50K in Manhattan when the rent is triple the amount plus baby is tough-what's your job situation? On one hand, with one parent staying at home, you are cutting nanny expense which could easily be 2-3K per month after tax, on the other hand, maybe now is not the right time really? Wait till she wraps up her residency and receives full-time offer, this will pay about 250K, then you can think about the baby. Man, every time I read these posts, I get really depressed as my son wants to be a doctor, I told him-only if you go for dentistry, at least, they are not as dependent on the insurance reimbursements as regular doctors.
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