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You didn't mention if your wife will be working or not. If so...then clearly you'll be better off financially.
Give or take a bit here and there...you are probably within range...except on the rent. Avalon starts 1 br for 1800+.
You could probably find a whole house rental in Ridge/Rocky Point/Sound Beach for that price.
I saw a few post on the car ins...it is pricey here, but I am with Geico and pay $1300 a year for 2 cars, so it is doable.
Also...the grocery cost just seems a lot to me. We're a family of 4 and I don't think we come near $600 a month for just groceries. Stay away from Stop and Shop and waldbaums (except for their sales) and you'll do much better.
If you include eating out 1-2 time a month $600 is probably a better number.
First, fuel/gas for the car. I hope $250 per month is enough for driving it around to work (its honda and gives good mileage )?
Honda Civics have great gas mileage and take "regular" gas; depending on how far you live from work, it should be ok (even though in the last week or so, gas prices have increased noticeable... over $3/gln ).
Quote:
Originally Posted by moving_to_LongI
We are planning to rent an apartment. Looks like 1 bedroom is our only choice. Is $150 low for utilities?
Apartments are either all inclusive, or you pay for electric, plus of course your phone/cable/TV service.
Quote:
Originally Posted by moving_to_LongI
This is assuming 1750 for one bedroom plus 350 per month in misc.
Your option are either an Apartment complex like Avalon (which tends to be nice but expensive) or Eagle Rock (have heard complaints about them, but have no personal experience - new management for Fairhaven Apts), or an apartment in someone's house (very common on Long Island). Your assumed rental price might be a bit higher at Avalon, as has been mentioned, but in a private rental you'd most likely save $$ and get a 2-BR. If you go the private rental route, I recommend you ask if the apartment is legal, i.e. an authorized accessory apartment (plenty of illegal apts around...).
Quote:
Originally Posted by moving_to_LongI
Am I still missing some major expense?
Not a major expense, but one I recommend (and some landlords require): Renter's insurance; should be a few hundred $$/yr.
Hope this helps Long Island is a great place to live - welcome!
Last edited by Elke Mariotti; 12-09-2010 at 07:44 PM..
Welcome to Long Island.
One bedroom in suffolk is in your price range. 2 bedroom is iffy.
Company pays entire health insurance ? Thats awesome, I pay over $500 per month for medical insurance. So thats a huge saving.
Your car.... looks like its paid off, now thats awesome. Fast forward a year, lets say it breaks down. Can you afford another car ? To lease a civic it costs atleast $150-200 per month.
Will you travel to NYC ? It seems like a stupid question, but add $100 expense per trip. If traveling to neighboring states add $50 just for travel and tolls.
What about shopping at malls and stuff ? The bottom line is that you can do it, and just get by.... be prepared for lots of compromises. But then maybe your spouse will find a job, and then it will be all good. Best of luck to you, long island is a great place to live.
Hey Guys,
I have a job offer of about $60K from a company in Long Island. Me and my wife (she does not work right now) are in our mid-twenties, and do not have an extravagant lifestyle. I have done some calculations for our monthly cost of living as follows. Please provide feedback on whether I am missing something or some costs need adjustment
Comes out to about $3100 per month (company pays the health insurance for both of us)
For the rent, I looked at some communities around middle island, coram neighborhoods. Howz avalon pines?
Thanks a lot in advance for your help and feedback.
It would help if you mention where you are moving from.
60,000 a year might seem like a lot in some places but honestly it doesn't go as far on the Island as other places. Some posters will say that's more than the average on L.I. but in the real world and real terms it's going to be a struggle for you. I'm not saying it can't be done but a few untimely repairs on your car or some unexpected expenses watch out....It's maxed out credit cards for you. L.I. is a nice place but too expensive in my book for what you get overall. What are you going to do for entertainment ? I see a second job or your wife working so you guys could kind of enjoy the Island and the close proximity to NYC. If a home and children are in your future you might need to double that salary. Good luck to you and I hope what ever you decide to do it all works out for you
If you're planning on this being a drive-by, and not putting down roots here, you'll be ok. You won't be able to save any money and as you'll quickly see, the double whammy of not being able to save money and getting a look at what you'd get if you bought a house anyway will leave you wanting to exit stage left as soon as possible.
I also have to question how long your company plans on paying your health insurance 100% - that's pretty rare and I wouldn't count on it continuing.
PS I think your gorcery budget is high too - shop at Target, but even at the major stores 2 people can eat for way cheaper than that.
Hey Guys,
Thanks to everyone for your responses. I guess I forgot to include few things.
First, fuel/gas for the car. I hope $250 per month is enough for driving it around to work (its honda and gives good mileage )?
Regarding car insurance, I am paying $50 per month for a $1000 deductible with several other options that I don't need. I can increase the deductible and drop the other options. I never had an accident or speeding ticket, and have excellent credit score. So, I guess $100 per month should be okay for car insurance. I will ask my insurance company and let you guys know what they say.
We are planning to rent an apartment. Looks like 1 bedroom is our only choice. Is $150 low for utilities?
@walter you are right that I left out taxes. After going through several tax calculators, it seems that nystate+fed+ss+medicare comes out to be around $1200 per month.
So, the total right now for one month seems to be 3350 + 1200(taxes) = 4550 (or $55K per year). This is assuming 1750 for one bedroom plus 350 per month in misc.
Am I still missing some major expense?
I am breaking even on this income, but this job is my only option right now. I will try to find another job in parallel (in NY or elsewhere), and see how it goes.
Thanks again guys..
1) Gas is about $3.40 a gallon for regular, maybe a little cheaper at the no name brand but that gas is of questionable value.
2) Traffic - getting around can be sometimes horrendous, meaning more of your gas will be going up in smoke rather than propelling the car forward
3) Car Insurance - call your current carrier and ask them what your car insurance would cost (current coverage) in Coram, Long Island. I'm thinking closer to $175 a month.
4) Triple play cable - roughly $150 a month, phone, cable, internet for the 1st year
5) Groceries - $600 a month? who are you feeding the 1st Army Division?
With no kids? you must either eat organic, vegetarian or have one mighty big appetite!
6) Two bedrooms in a nice neighborhood might run 2K+
7) Taxes - you probably fall into the 15% marginal tax rate + 4.5% NYS tax, 6.2% for SS, 1.45% for Medicare, pennies for NYS Unemployment Insurance fund
8) Throw in $200 a month for incidentals - beauty/barber, toiletries, etc.
I think you will have a difficult time in LI, even with them picking up your medical insurance.
yeah I don't know where you can get car insurance on LI for $100/mo.
I pay $70/month for full coverage on a 2 year old car. Maybe it's just the young pretty girls they screw over with insurance because they know they just flash some and get away with tickets!!!!!!!!!!!!!!!
Allstate: 3 cars for 6 months = $800... that's $45/mo. per car. The '97 Civic in there is actually only $250 for 6 months.
Health insurance: I used to pay $0 also but after a few years of getting by with just routine doc visits, I had a rude awakening when I found out it doesn't cover visits to the ER. $800 out of pocket later, I'm paying for a better plan but it's only $25/mo. I can't believe the discrepancy in plans with some employers... $500/mo? That better be like 5 dependents. My wife pays something like $150/mo. for her and our 2 kids. It was actually cheaper for me to keep separate.
BTW, $3100/mo. out of $60k gross pay will be very rough, but not impossible especially if your wife helps. If she gets a part time job where she can also drive you to work first or vice versa, it can very well work. I've driven my wife to/from the station everyday for 8 years running. Damn, that's like 4000 times (sorry I had the calculator out). Anyway, I don't know if you plan to have this living arrangement long-term but it won't be easy if it is.
Last edited by ovi8; 12-10-2010 at 12:00 PM..
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