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Ok, not sure if this question has been answered multiple times, but since I am loosing sleep over it, I thought I will ask it again with a hope that long time new yorkers can advise me. I currently live in the suburb of a medium sized city and make around 85K and with that we are able to live comfortably. Based on the cost of living comparison I need to get twice of my current salary to maintain my standard of living in NYC. I am in a good stable job right now and I have received an offer from a company in NYC. I could not negotiate with this company to compensate me for the cost of living difference. They stopped at 100K. I really like this NYC company and the job responsibilities. Currently my wife stays at home to take care of kids, and she wants to start looking for a job in a years time. With her background NYC would be a good place for her career-wise. With that, we are willing to make some compromises ( I know I cant live in a 4 bedroom 3500 sq feet house in NYC) like living in a 2BR apartment for some time, keeping one car instead of two etc. Our main criteria is safety and a good environment for raising little kids. My work location would be in Brooklyn. Based on this, what is a better option for me. Should i just stay put where I am and not think about NYC. Or NYC would be okay with the offered salary. I will appreciate your advise.
You won't be able to maintain your standard of living in Manhattan, but you could definitely live comfortably in Jersey without sacrificing too much (smaller house but still a house, safe neighborhood but not fancy, etc) or you could live in Brooklyn/Queens in a good neighborhood in an apartment and only require one car. It won't be what you're used to, but $100K can provide a pretty good life for a family that's willing to live outside Manhattan. It's much easier to find good public schools outside the city as well, so if you don't have to pay for private school, your salary will last much, much longer.
I have to agree with Stina Tado, you would be better off renting a small house in NJ for 2,000-2,500 in an area with good schools and you could keep your car. Your quality of life is going to decline and it will be tight for a family of 4, but it might be worth it, if the relocation offers improved future career opportunities.
Thanks Stina Tado and Coney for your advice. I greatly appreciate it. We will decide over the coming week on the move. So it seems we have to look at NJ or Long Island if we want to rent a small house or Queens / Brooklyn in case of apartment. If we do move, my wife and I have been toying with an idea of living in the city for a year or two before moving to suburb. We have been living in suburbs for so long that living in city seems like an adventure of sort. Is it possible to rent 2-3 BR apartment in a decent Brooklyn neighborhood withing the range of $2000 - $2500. Will we be able to maintain a car if we live in the city? To me not having a car seems like a big handicap... i guess the suburban mentality. I keep thinking how will I get big diaper boxes from Costco home.
There are definitely good, safe neighborhoods where you will find a 2 and maybe a 3 bed for $2500 or less (although parking can be tough). Since you won't be commuting to Manhattan every day, you have a lot more flexibility. Park Slope is the quintessential young couple with children nabe, but it's kind of pricey, so check out Windsor Terrace which is right next door but still pretty reasonable. Prospect Heights is in your budget and next to Prospect Park, but that area can be tricky so you'll want to ask around a lot if you consider it. Bay Ridge is safe and affordable, but a longer trek into Manhattan. If I were you, I'd see what train lines run closest to your new office and concentrate your search on that. You don't want the car for every day commuting, but it can be helpful if you need to do the occasional big shopping trip in Long Island. If you can let us know what trainlines you're looking out, we might be able to help more.
Elementary schools aren't too bad, so as the kids get a little older, it will make more sense to move to LI for a better school district anyway.
You're not in a bad position, so if you can handle downsizing for a bit and you really like the job, you should move. You won't be sleeping on the streets or worrying about food if you know how to manage your money.
Once again thanks for your advice Stina Tado. It is really helpful. With two small kids at home you tend to worry a lot about their safety and well being. So you do you think Park Slope is out of our range? I read lot of good things about this neighborhood. My office would be close to A,C,F,M,R,2,3,4,5 lines. I saw that from Nassau county in LI, the commute can be 90 minutes or more (source Google Maps - public transport). Park Slope seems close by with 15 minutes of travel.
If you really really want to take the job it can be done. However, your standard of living is definitely going to go down unless you live in a similarly expensive place currently. The only thing that tends to be cheaper in the city is transportation if you give up your car. Groceries are way expensive. I am expecting my first in a month. We are staying for a year, but planning to get out after that. We will live on slightly less than you will. I'm staying home because daycare is so expensive. We'll get by but if we move to our home state our standard of living will go way up....even w/ a pay cut. Sorry to be negative but that is unfortunately the truth. I think you can find a 2br in Park Slope in your price range though. Park Slope is a really nice place. I suggest browsing for apartments online to get an idea of what you can get for your price range. Keep in mind some of the apartments are bait and switch. If something seems way nicer than anything else it is probably a fake. You'll call the broker and they'll say "awww that one just rented". Anyway, Good luck!
There are plenty of safe and family friendly neighborhoods in Brooklyn, like Borough Park. They're just a bit far out and boring. Since you're working in Brooklyn the commute won't be so bad. However, you're not going to have a winebar and a bistro on every corner so it's not going to be the classic Park Slope-type experience.
You might also consider far Fort Greene (near Pratt). Train service isn't great so it tends to be a little cheaper than the parts of Fort Greene closer to downtown Brooklyn.
Thanks Delg23. Your post was not negative but very realistic. I needed such advice. I like the job and feel my wife will have better job opportunities in NYC as she is into textile design. So I may take this job and hope we will get by as well. One thing we may have to do is to have better budget discipline.
All the best on your new arrival!
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