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I can live anywhere, so I'm having a deliemma obout what CITY to live/work from and I'd like to hear some pro/con from the New Yorkers out there...
I work from home , I'm a traveling salesman. Here's the story:
1. My company is based in KY.
2. I used to live in Atlanta, but then moved out of my house and just traveled 100% of the time, living out of hotels, rental cars etc.. to get our company off the ground. I've done this for 2 years. Our company is distributed, some people live/work in Kentucky, while others are in Denver etc.. Employee taxes are withheld for the states that they live in. On paper I live in florida thus I pay 0%. But it's temporary....I officially live at a friends house-- I have been totally homeless and have been traveling/working 7 days a week.. Things are starting to become more normal now and I need to choose a HOME location.
3. We're doing well now, and I'd like to settle down someplace, -- My financial choices are any sate that does not have state income tax since I can choose anywhere. I make $150K+ per year so the nyc state and city taxes with the increased rent cost thousands more per month than cities located in florida or texas for example. The taxes reduce my take home pay by a $1,000 or more per month depending on commissions, and NYC rent is about $1,000 + more per month than other places.
4. I have a ton of friends that live in NYC ( manhattan) - I really want to live there. All my New Yorker friends are really pushing that NYC is the best place in the world to live, they are very adamant about this.
Here's the question:
The taxes and increased rent really impact my budget, between the additional city and state taxes ( 10%) and the rent ( about double) I will loose over $33K a year EXTRA just to live in NYC, plus since I work out of my house, it's really hard to live out of a very small place. Living in NYC will decrease my disposable income by 62% ( based on my research)
I think it might actually be hard to "live" and have a good standard of living on $150K a year in manhattan.
I also travel a few weeks a month, so I'm paying alot for just living there part time...
Let me just break down a comparison and see how people think about these numbers:
I have a base salary of $110K ( commissions usually around $50-$80K- but I never count on those it's just icing on the cake.)
comparing places like tampa, our Houston that have no taxes, and are cheap to live ( an option for me)
Take home pay monthly: $6,469
Rent approx: $ 1,400
Take home: $5,069
NYC:
Take home pay: $5,576
Rent approx avg: $2500
Take home: $3,076
So at a MINIMUM, I'm looking at a $2,000 decrease in cash each month, mostly due to taxes, and rent.
Yeah, but how much of the extra $2k/mo you'd have in Tampa or Houston would go right back out the window making a payment (and associated expenses) on a Range Rover or BMW? $1000 a month or worse? Probably. I know what single 30 year old guys making a decent salary like to waste their money on
I wish the OP had come back to tell us what he decided after his trial run.. my guess is he didn't go for it.
I'll tell you one thing, though: I lived in the City from 77 to 82. I've had a great time raising kids in Oregon. But my bride and I are coming back to New York as empty nesters. There's no place on Earth like NYC.
I can live anywhere, so I'm having a deliemma obout what CITY to live/work from and I'd like to hear some pro/con from the New Yorkers out there...
I work from home , I'm a traveling salesman. Here's the story:
1. My company is based in KY.
2. I used to live in Atlanta, but then moved out of my house and just traveled 100% of the time, living out of hotels, rental cars etc.. to get our company off the ground. I've done this for 2 years. Our company is distributed, some people live/work in Kentucky, while others are in Denver etc.. Employee taxes are withheld for the states that they live in. On paper I live in florida thus I pay 0%. But it's temporary....I officially live at a friends house-- I have been totally homeless and have been traveling/working 7 days a week.. Things are starting to become more normal now and I need to choose a HOME location.
3. We're doing well now, and I'd like to settle down someplace, -- My financial choices are any sate that does not have state income tax since I can choose anywhere. I make $150K+ per year so the nyc state and city taxes with the increased rent cost thousands more per month than cities located in florida or texas for example. The taxes reduce my take home pay by a $1,000 or more per month depending on commissions, and NYC rent is about $1,000 + more per month than other places.
4. I have a ton of friends that live in NYC ( manhattan) - I really want to live there. All my New Yorker friends are really pushing that NYC is the best place in the world to live, they are very adamant about this.
Here's the question:
The taxes and increased rent really impact my budget, between the additional city and state taxes ( 10%) and the rent ( about double) I will loose over $33K a year EXTRA just to live in NYC, plus since I work out of my house, it's really hard to live out of a very small place. Living in NYC will decrease my disposable income by 62% ( based on my research)
I think it might actually be hard to "live" and have a good standard of living on $150K a year in manhattan.
I also travel a few weeks a month, so I'm paying alot for just living there part time...
Is NYC really worth all this?
I agree with the other person who said no. Being that you have lived in Atlanta and seen how far money stretches in the south I am sure you already know why living in NYC is not worth all of the money. Yes exciting city with good paying jobs but there is where it ends. You will spend most of your money just keeping a roof over your head. The middle class has been started leaving NYC.
Depends on what you consider a "good standard of living." I make mid 6 figures but my actual yearly living expenses are about $50k. My "nice" but not extravagant apartment (1 bedroom, 700 sq ft in the Village) is paid for so I just have taxes and common charges ($10k/year). I don't own a car. I like eating out but I am also perfectly fine with brown bagging lunches and having hotdogs, and macaroni & cheese for dinner.
I can't think of a single thing that I want that I don't already have.
Nice, your lifestyle sounds great and I'd bet that you are happier than the average person who is always complaining about how everything in life is too expensive.
I got to live in Manhattan for two years during college. While I had fun and it is an awesome city, it's really really not worth it in the long run. If you like to be broke all of the time, go through hell to get a job, walk everywhere, have people be rude to you, then this is the place to be. If you like being squished on the subway and having to be late everywhere, this is the place to be.
I can afford to anything I want in Dallas, and people are tons nicer.
NYC is awesome if you love excitement and are willing to sacrifice peace and quiet to get it
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