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It's about time millenials figured out there's actually cities out there that have a lot to offer without costing an arm and a leg.
It amazes me that my generation is so saddled with college debt and yet absolutely insists on living in Manhattan or San Fran or somewhere else insanely expensive. I just don't get it.
Our worship of the coasts is killing us.
I think the big reason why people with a lot of student debt go to cities like NYC and SF is because that's where the high-paying jobs are. The average dude with a graduate/professional degree in NYC is making double what the average dude with a graduate/professional degree is making in Pittsburgh. Average dude probably comes out ahead better in Atlanta though.
Let's compare highly educated NYC average dude and highly educated Pittsburgh average dude's finances.
I think the big reason why people with a lot of student debt go to cities like NYC and SF is because that's where the high-paying jobs are. The average dude with a graduate/professional degree in NYC is making double what the average dude with a graduate/professional degree is making in Pittsburgh. Average dude probably comes out ahead better in Atlanta though.
Let's compare highly educated NYC average dude and highly educated Pittsburgh average dude's finances.
Salary: $58,750
Federal Taxes: $12,229
PA Taxes: $1,804
401K: $18,000
Student Loans: $12,000
Annual Rent: $12,000
Remaining: $2,717
Well, the problem this is that the cost of living in NYC eats up all of the difference and then some. A $60,000 salary in Pittsburg would require a $138,377 salary in Manhattan, and would only break even at $105,395 in Brooklyn. So using that very comparison you've just provided, the NYC Average Highly Educated Dude would be barely scraping by while the Pittsburg Average Highly Educated Dude would be doing okay.
Sure, but after dealing with roommates in college, I had no desire to ever live with anyone else besides a significant other.
That would be miserable to be 25 and still living with a roommate.
It would only be miserable if the person you are living with is an unbearable person. When I had roommates I made sure it was a friend or someone with a similar personality. Even living with a significant other can be miserable if the person your with is intent on making your life a living hell.
Just saying that having a roommate doesn't always have to be living in misery. You don't have to be married to like living with someone.
Sure, but after dealing with roommates in college, I had no desire to ever live with anyone else besides a significant other.
That would be miserable to be 25 and still living with a roommate.
I agree. A lot of the advice you see on the finance forums for people in major cities or in financial trouble is simply to get a roommate.
It's fine, if that's what you want, but I prefer living by myself, and would only consider living with a stranger in a roommate situation if I was about to be homeless. I would default on any other obligations (other than transportation) to avoid that.
Well, the problem this is that the cost of living in NYC eats up all of the difference and then some. A $60,000 salary in Pittsburg would require a $138,377 salary in Manhattan, and would only break even at $105,395 in Brooklyn. So using that very comparison you've just provided, the NYC Average Highly Educated Dude would be barely scraping by while the Pittsburg Average Highly Educated Dude would be doing okay.
Very few people in Manhattan are paying $4,000 per month for housing (meaning the total amount of money coming out of their pocket towards rent each month). Only 12% of units of any size in Manhattan rent for $3,500+.
The average price for a non-doorman studio on the UWS is $2,327, $2,322 in Murray Hill, $2,109 on the UES, and between $2,300-$2,400 in Midtown. And this is based on the March 2017 Manhattan Real Estate Market Rental Report.
Sure, the average highly educated dude in NYC is going to pay a lot more money for a lot less space than the average highly educated dude living in Pittsburgh, but most people moving into Manhattan understand the tradeoffs. But the idea that the average highly educated dude in Pittsburgh will be saving a lot more than his Manhattan counterpart isn't true. The biggest advantage average highly educated dude in Pittsburgh has is much cheaper real estate.
Sure, but after dealing with roommates in college, I had no desire to ever live with anyone else besides a significant other.
That would be miserable to be 25 and still living with a roommate.
I'm on year 10 with roommates.
It sucks. I've averaged 2-3 new roommates every single year.
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