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80K to live in Manhattan with a roommate or a studio and 60k outside of Manhattan for a large studio or a 1 bedroom. These salaries will allow you to live comfortably and save a little. If you add another 20k, you'll live well. Personally, I wouldn't live alone in Manhattan without making at least six figures.
All relative to your rent/ mortgage and to how you will live (ie. eating out every night vs. living frugally). Biskit's figures above look spot on.... but it also depends on what you are looking to do.
hahahhaha, don't make me laugh- good income for NYC is something most of us will never see... yes, it is THAT expensive
I have many friends that live fine on incomes that are not in the million or even six figures. Its all about what you spend your money on. Yeah it's expensive but its not so expensive that its like some kind of caste system city where you are either poor or rich and there is nothing inbetween and no hope for anyone...
I have many friends that live fine on incomes that are not in the million or even six figures. Its all about what you spend your money on. Yeah it's expensive but its not so expensive that its like some kind of caste system city where you are either poor or rich and there is nothing inbetween and no hope for anyone...
Relative to the incomes, Im not even sure its that expensive. If you compare it to most coastal cities over 400k people, there isnt much difference in the average cost per available unit, the biggest difference is in the average square footage, and whether its rent or own. The income taxes are a pain, since well over half the city ends up in the top bracket, but still, you will find that the real difference is less then $150 a month on an income of 60k for most states, but then again, the savings in gas and car maintenance from an excellent public transportation system, that no city can touch, and most dont even have, will offset a good chunk of that. Rentals are the majority of housing (unlike many cities where rentals are largely the homes of the transient, very young or low income residents), so most residents dont end up hit with real property taxes.
The sales taxes are on the high end for the nation, and the prices are a bit higher then average (but are offset by large numbers of street vendors selling items often cheaper then you can find in the rest of the country), but still, for many jobs, you can probably double your salary or more moving from 95% of the rest of the country.
By my calculations, it probably would take about 80-100k gross for 1 or 2 people to live ok in NYC (2000 a month housing budget). The median income for Manhattan is slightly below 50k. So, I can see the average single person having it tough, but if you look a bit, you can find a good number of housing units at half that 2000, even in Manhattan.
I think the key is to not go to NYC and plan on getting by serving pizza or coffee. If you go there with an actual skill, chances are you will probably not fare that badly (although you may not be able to live in SoHo), and the culture can not possibly be duplicated anywhere else in the country.
hahahhaha, don't make me laugh- good income for NYC is something most of us will never see... yes, it is THAT expensive
No, it is not THAT expensive, especially since the OP is asking about Queens and other boroughs. There are many people in NYC who are living comfortably without making 6 figures and able to go on vacations, eat out, and still save for the future. Is it one of the more expensive cities in the US? Yes. But it is not a city filled with millionaires. Maybe you want to share what you consider to be a "good income" that is needed to live here? As someone said, $80K is a good salary to be able to live comfortably and enjoy the city, but someone can still live in the city if they were making a little less.
Agreed. You also have to account for the "New York factor" - ie., if you're living comfortably in New York on 80K, you can pretty much feel like a millionaire because anything you could possibly want to do is at your doorstep. We take it for granted when we live here, but we're pretty blessed that we can try out so many new things everyday in New York that most people plan all year to experience in a week long vacation. If I had to make a choice between being a millionaire in Dallas and only being able to stay in Dallas, or making 80k a year in New York, I'd rather be making the 80k because it's a better lifestyle.
Quote:
Originally Posted by Randomdude
Relative to the incomes, Im not even sure its that expensive. If you compare it to most coastal cities over 400k people, there isnt much difference in the average cost per available unit, the biggest difference is in the average square footage, and whether its rent or own. The income taxes are a pain, since well over half the city ends up in the top bracket, but still, you will find that the real difference is less then $150 a month on an income of 60k for most states, but then again, the savings in gas and car maintenance from an excellent public transportation system, that no city can touch, and most dont even have, will offset a good chunk of that. Rentals are the majority of housing (unlike many cities where rentals are largely the homes of the transient, very young or low income residents), so most residents dont end up hit with real property taxes.
The sales taxes are on the high end for the nation, and the prices are a bit higher then average (but are offset by large numbers of street vendors selling items often cheaper then you can find in the rest of the country), but still, for many jobs, you can probably double your salary or more moving from 95% of the rest of the country.
By my calculations, it probably would take about 80-100k gross for 1 or 2 people to live ok in NYC (2000 a month housing budget). The median income for Manhattan is slightly below 50k. So, I can see the average single person having it tough, but if you look a bit, you can find a good number of housing units at half that 2000, even in Manhattan.
I think the key is to not go to NYC and plan on getting by serving pizza or coffee. If you go there with an actual skill, chances are you will probably not fare that badly (although you may not be able to live in SoHo), and the culture can not possibly be duplicated anywhere else in the country.
When I was living on my own in Manhattan (this was now 10 years ago...) I felt rich living with 80 to 100K. Able to save etc. But I didn't have big expenses except for renting my apartment. (Hah, I laugh when I think I used to rent an apt in DC for $375 a month!!) No car. No expensive clothes or shoes. Lifestyle is a big factor for what you will need to feel flush in this city.
Now, I am married with two small kids, and we make double that in combined income, and we are barely keeping our heads above water. Mortgage and maintenance for a 2 BR apartment (not even centrally located, up in Washington Heights) and babysitting/daycare expenses (at $12/hr for one kid and some people pay even more) are by far our biggest expenses. We still don't have a car, and are trying to save towards that because 2 kids in a double stroller on the subway is crazy talk.
So I guess I'm just saying it's all relative to what your needs and expectations are. Still love the perks of living in a city with so many services, but it does wear on you as a parent. Not quite ready to move to the suburbs, but sometimes it is tempting.
the best way t put it, your rent should never be more than one of your bi-weekly paychecks. so if you bring home $3400 a month, you shouldn't rent an apartment more than $1700, or your life will be sub-standard. that's only if you are a "true adult" you know the kind that pays ALL of their bills and receives NO help from mommy and daddy.
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