Maybe moving from Montreal to NYC, need advice on rents, etc... (Mount Sinai: real estate, apartments)

[maple-bear]

hi all -

this forum is a real gem for finding information and easing a transition for a move to a new city. I have a few questions though.

I'm currently finishing up graduate school in Montreal, and am thinking about taking a post-doc position in NYC at the Mount Sinai School of Medicine. The salary there will be 42-46K USD per year. I've been making 20K CDN per year as a grad student, but have been fortunate since Montreal is quite affordable for... now the questions.... moving to a BIGGER and much more expensive city with a salary that will be just over double what I'm making now.

A few questions (I will list them to make it simple for answering):

1) Is 42-46K enough per year to enjoy a reasonable, but by no means extravagant life in NYC?

2) What type of income tax is paid on a salary like this in NY?

3) What is an average weekly (or monthly) grocery bill for a single person living in NYC or area?

3) Is it possible to find a *SAFE* suburb where rent for a 1 bedroom would be about $1000/month? (I would be willing to commute by public transit for 30-45 mins per day, but like something clean, especially with no bugs or rodents)

4) Mount Sinai offers post-doctoral subsidized apartments in Manhattan - maybe this would be a good option to be close to the action - I just have no clue the size of these apartments, or their quality. I'm a tall person, I don't want to feel like I'm stuck in a really small cage for my living quarters.

I really appreciate any help anyone can offer! Thanks very much.

[Viralmd]

That's a pittance to live in Manhattan. And you'd be hard pressed to find something for $1000/month within that commuting time. To see the effect of NYC tax, go to PaycheckCity.com | Paycheck Calculator
and be sure to click on the NYC income tax box.

If I were you, I'd opt for the subsidized housing. It's not forever!

[crescent22]

Your effective tax rates off a 44,000 salary will look like this:

Federal: 9%
State: 4%
City: 2.62%
SS + Medicare: 7.65% = 23.3%

These are effective rates (total tax / base salary), not the marginal rate which applies only after you take your deductions.
So you should keep about $2800 per month after tax but before benefits and anything you kick to a 401(k).

I'm doing these off the yearly tax return calculations - you will have to mess with the monthly withholding figures to make it come out to this on the paycheck.

It's conceivable you could find a walk-up studio in the 100s where the Upper East merges into Spanish Harlem for $1200 or so.

[danameless]

Living quarters? Gotta love the Canadiens...

You will probably have the best luck finding a place in the Upper East Side (in the low 100's) or possibly Queens with your budget. But it will still be pretty tight for you. You might find yourself in more of a studio for your budget. As for as size goes, you'll have a better chance of finding a larger place in Queens. Manhattan real estate is not known for their square footage.

As for grocery, there is no "average" since how much you spend can vary by what you buy and where you shop.