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Old 01-20-2010, 08:22 PM
 
Location: Atlanta, GA
927 posts, read 1,951,575 times
Reputation: 742

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So, I've rethought my previous ambivalence and offer a disclaimer.

I've done New York and have already been able to experience it, and I don't think I'd do it on that salary, as high as it is. However, if you've never lived there before, I'd say do it for the experience.

Also, if if I'd never done NYC before, I actually would go on that salary (if that makes sense, I guess basically my impression living there was just so ack and that feeling is ingrained in my brain, but if I was going without any other conceptions, I'd do it).

You're going there under entirely different circumstances than I did (grad school student with limited means) so you should be able to enjoy it much more. Have fun!
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Old 01-21-2010, 08:03 PM
 
Location: East Tennessee and Atlanta
5,484 posts, read 9,563,073 times
Reputation: 4186
Quote:
Originally Posted by Homer12 View Post
Just curious how is $225k going to afford a "Tremendous Bargain" 2 bedroom apartment for $900k????

Sorry, $225k in NY is far from "Ballin" as many of you say.
You figure @ 225k, after taxes and insurance, he/she will net around $155k per year, which comes out to about $12,900 per month "take home." Throw another $2k into retirement per month, and that leaves the person with $10,900 per month.
A $900k mortgage--with 10% down--leaves a balance of $810k. $810k financed at 30 yrs @ around 6% interest is roughly $5k per month. Add taxes and insurance, and probably maintenance, and that's another $2k per month, totaling $7k a month mortgage on the place. That leaves $3900 for living expenses and bills.
It is doable as long as the person is not in super debt already.
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Old 01-22-2010, 03:44 PM
 
3 posts, read 6,285 times
Reputation: 13
Smile move to ny, it is safer

by all means go to New Yoork
You will love it and it is safer
Grocery store food is actually cheaper and if you don't need a car, you save car expenses, so redo your math and rents are down up there like everywhere, so it may not really be 47% more and htink of all the fun
Also, try to get your job to move you, and pay a signing bonus to offset some of the 47%
Have fun
Good luck
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Old 01-22-2010, 08:53 PM
 
230 posts, read 440,904 times
Reputation: 119
Quote:
Originally Posted by vsmoove View Post
Guys, when did it become obligatory to buy a home?? The vast majority of people in NY rent. There's nothing wrong with that and renters are probably better off nowadays than those of us who bought in the last 6 years. Depending on the level of debt you have, you can ball out in NY on 225K... I did for less when I was single.
Ummm, lets see never in most of our lifetimes have rates been cheaper, also the prices are lower than they have been in a long time. In addition making that much will require a nice write off (Interest). You would be stupid not to buy in this market.
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Old 10-12-2010, 01:08 PM
 
1 posts, read 1,402 times
Reputation: 10
NYC all the way! No question. You'll have to be willing to trade a taxi for a subway ride every now and then but the train is a show in and of itself anyway! Sure you'll have to pay more to live in the greatest city on earth but think about it, you're cost of living IS part of your entertainment expense. Just an ordinary moment on the street can be enough to keep you amused all day. You can get by very well on $250k, most NY'ers manage on a whole lot less. You'll get savvy, stop paying retail and discover sample sales; you'll start walking instead of driving or cabbing; you'll stumble into galleries and learn they offer free food at openings! In short, you'll become a New Yorker.

Welcome and good luck!
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Old 10-12-2010, 05:03 PM
 
38 posts, read 58,046 times
Reputation: 31
Default load-sa-money

You sound rich to me. Ambition drive performance so where you end up is proportional to your ambition. Nice problem to have. I would be happy to get $50k right now but as qualiified as I am (professional engineer), USA say I would have to start all over again.
Good luck
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Old 10-12-2010, 11:40 PM
 
2,599 posts, read 3,856,587 times
Reputation: 3023
I know this thread is long dead.

People really exaggerate the expense of living in NYC. I managed to survive on a good bit less than $30K and I never once felt like I was in a Charles Dickens novel. Of course I lived with a roommate in Queens but I still had an incredible time in the city. I would feel like a Saudi Prince with $225k.
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Old 10-13-2010, 11:54 AM
 
Location: Lilburn
453 posts, read 1,553,268 times
Reputation: 601
^ yep, I don't know why people think you need to make that much to live in NYC, I lived thier for 19years(moved here in 06) and made about 50k/yr-you wont be living it up but you can surely survive.
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Old 10-13-2010, 12:50 PM
 
1,666 posts, read 2,476,801 times
Reputation: 490
Who wants to just survive.. Do you know what 50,000 a year will get you in Atlanta.. I live in a 3 bedroom 2.5 bath townhome and only pay 1100 in midtown ... Do you know what that would cost me in NYC
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Old 10-13-2010, 02:16 PM
 
4,043 posts, read 6,429,402 times
Reputation: 3851
Quote:
Originally Posted by vsmoove View Post
If you are willing to live outside of Manhattan with that salary and you value the other things NY offers, then you'll live just as good a life or better than in ATL.
Although I didn't read the entire saga that the rest of the thread apparently became, here are two small cents from a recent Atlanta transplant into the Boston area. I am aware Boston is not New York, but I think you could safely draw an Atlanta-to-Bston / Atlanta-to-NY parallel, particularly if we are talking about 'burbs.

We were forced to relocate from Atl to the the Boston suburbs for husband's work. However, we did it with quite a bit of enthusiasm as we had always THOUGHT we would like to live in the NE as opposed to the "boring and culture-less" Atlanta.

Being from Europe, I had been particularly attracted to the siren songs of the NE, havig been told many times that the NE is so much more like Europe. Walkable, full of culture, etc.

But as they say, God is in the details. People neglected to mention that the big cities themselves may be more like Europe (hardly) but once you step outside of their perimeter, it is anything but Europe-like.

We knew all along that living in Boston itself or even in its immediate suburbs was not going to be an option for us; but we still thought that Boston would be close enough to make a "quality of life" difference.
We lived and learned.

Putting aside the variety of disappointments we have experienced in the process so far, we learned that living in a suburb of a big city with lots of culture does not necessarily mean you will have access to that culture.

On a day to day basis, suburbs are as boring and as culture-less as anywhere else in the country; and never in a million years would I have imagined that so many of these small towns in Mass (turned Boston suburbs) can be so boring, so uptight, so much less lively than Atlanta burbs and equally culture-less as Atlanta suburbs.
In addition, living in 10% of the house we could have had in Atlanta doesn't help either.

Conclusion: unless the city is right there at your doorstep (in all of its horrifically expensive glory), the typical busy life of a middle class family living in the suburbs will not allow for frequent visits in town to soak in all that "culture" that is THERE but NOT in Atlanta.

We eventually realized that if we are doomed to American suburban life (which we are), Atlanta is in fact a much better option for us because we could afford to live closer to whatever level of urbanity Atlanta has to offer, in a much nicer house, much cleaner environment, with much better weather, less overall expense, easier driving, etc.

We are now getting ready for a return down South next year - having seen both sides of the coin. Atlanta won for us.

We will leave the NE to all those who believe it is ALL THAT and then SOME, wishing for as few transplants from the North as possible once we are back there!
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