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300k and couldn't afford it? Did you have a lot of other high expenses. I figured that you probably paid 32,400 in rent a year. If you had a car add another 6 grand based off your calculation. That gives you 38,400. I'm guessing maybe your kid went to a private school so I guess that could be al ot.
I'm not judging you or anything just really surprised 300k could not make it. After taxes that's still gotta be in the 170,000 range I would think.
Just curious to other expenses that would make it dificult.
Yes you can live in Manhattan for $300,000 per year, but $300,000 per year earners who move in from "normal" America and onto the island of Manhattan are used to having certain things that they could easily afford wherever they came from prior.
A $300,000 per year New Yorker doesnt have as much "stuff" as say a $300,000 per year earner in Atlanta who by Atlanta standards would be considered "rich". For instance, a $300,000 per year New Yorker couldn't afford to go on as many vacations as a $300,000 Atlantan, or afford to drop as much money on clothing or cars.
$300,000 per year is very middle class in terms of purchasing power in Manhatan. Of course, living in Manhattan is without compare in the United States but everyone has their standards and IMO, I need to earn at least $500,000 annually to live comfortably in Manhattan.
I need to earn at least $500,000 annually to live comfortably in Manhattan.
I guess that's your opinion and you're entitled to it. But I think you could live a decent life on less than a third of that. But then again I'm one who's happy with just the basics of life. And if you are looking to own, not just rent... the 500K figure probably isn't that ridiculous.
This is nuts. You can live FINE in Manhattan on 125K a year. The people who constantly live life as a vacation in Manhattan can't. The 8-5'ers who go to work, and go home to the family most nights can do it. As with anything in life, it all depends on where you want to allocate your resources. More of it will go to basic living expenses in Manhattan, and less will go to savings and entertainment.
We left NYC two years ago because we couldn't afford to live there. My husband was making $300K a year but that was not enough to support a family of three comfortably. We lived in a one-bedroom apt. on the Upper East Side (rent was $2700/month) and could not afford to move to a two-bedroom since we would have to pay anywhere from $4000 to $6000 a month to rent or 1.5 to 2 million to buy.
Everything in Manhattan seems to cost more than everywhere else (except manicures, those are quite reasonable). If you have a car, plan on spending $300 to $500 a month to park it, depending on the garage. It is not necessary to have a car if you live in Manhattan however, which is one of the things I love about the city.
I've been gone two years but my husband travels to NYC frequently on business. He says things are more expensive than when we left. He went out for drinks with clients last week and the martinis were $22.
We have a plan to move back to Manhattan in about four years when we are financially able to do so. It is expensive to live there but since leaving I have come to the conclusion that it is worth every penny. Once you fall in love with the city it really is hard to live anywhere else. So don't give up on your dream of living in Manhattan. Just put yourself in an adequate financial position before you make the move.
This is a depressing post because of the truth behind it. If folks can't make it on 300K a year there needs to be some type of overhaul.
Just so you know - whoever wrote the nonsense above is CLUELESS, because in NYC it's called a 'handbag' and NOT a 'purse.' PURSE is what's in your handbag and holds your change.
Huh? I'm born and raised NY and most of my friends/family/coworkers say purse/handbag interchangeably. Even some say pocketbook (usually older generation). Wallets hold change. Or change purse I hear occassionally. Guess I'm clueless too....
Some of the comments in this post are ridiculous. I know people that make FAR less than $300k with kids living in the city (including Manhattan) very comfortably and happily. Some of the lifestyles people are referring to are not representative for the average person.
I love when people say they "couldn't make it" or "couldn't afford it" in NYC because all they would be willing to do is live in a doorman building in Manhattan for $3,000+/month. There are a variety of lifestyles available.
This is nuts. You can live FINE in Manhattan on 125K a year. The people who constantly live life as a vacation in Manhattan can't. The 8-5'ers who go to work, and go home to the family most nights can do it. As with anything in life, it all depends on where you want to allocate your resources. More of it will go to basic living expenses in Manhattan, and less will go to savings and entertainment.
Agree completely. I would argue that about $150-160k/year in Manhattan would be equivalent to $125k/year in Pittsburgh. You can live EXTREMELY WELL in Manhattan on $124k/year as a single person. Housing is much more expensive here and you can expect to pay 3-4x/month in rent what you pay in Pittsburgh. Groceries will be slight more expensive here too. But you will save money on transportation. A monthly metro add is $104. No need to spend $700-1000/month on car payments, insurance and gas. You should go for it if you want to live here.
Agree completely. I would argue that about $150-160k/year in Manhattan would be equivalent to $125k/year in Pittsburgh. You can live EXTREMELY WELL in Manhattan on $124k/year as a single person. Housing is much more expensive here and you can expect to pay 3-4x/month in rent what you pay in Pittsburgh. Groceries will be slight more expensive here too. But you will save money on transportation. A monthly metro add is $104. No need to spend $700-1000/month on car payments, insurance and gas. You should go for it if you want to live here.
I agree. My wife and I live in Park Slope which is a bit cheaper than most of Manhattan, and we easily get by on my 100k salary. She's in school, and we're able to pay cash for her tuition as well (it's a relatively cheap school, about 12k for tuition this year). We're also able to max out our Roth IRA's and build our non-retirement savings as well.
We're not living like bums, we just force ourselves to spend on things that are truly important to us (quality groceries, movies, museums) and cut spending on things that aren't (overpriced name-brand clothes and handbags, jewelry, overpriced restaurants and bars).
Yes you can live in Manhattan for $300,000 per year, but $300,000 per year earners who move in from "normal" America and onto the island of Manhattan are used to having certain things that they could easily afford wherever they came from prior.
A $300,000 per year New Yorker doesnt have as much "stuff" as say a $300,000 per year earner in Atlanta who by Atlanta standards would be considered "rich". For instance, a $300,000 per year New Yorker couldn't afford to go on as many vacations as a $300,000 Atlantan, or afford to drop as much money on clothing or cars.
$300,000 per year is very middle class in terms of purchasing power in Manhatan. Of course, living in Manhattan is without compare in the United States but everyone has their standards and IMO, I need to earn at least $500,000 annually to live comfortably in Manhattan.
300k is middle class in NYC?
How old are you?
Look. Mike Tyson went broke even though he earned 300MM over his career. Does that mean 300MM is too little?
A single person can live very comfortably on 100k net (about 150k gross) year in NYC. On 70k net , one can live relatively comfortably. Anything below that and you're just surviving not living in NYC.
Look. Mike Tyson went broke even though he earned 300MM over his career. Does that mean 300MM is too little?
A single person can live very comfortably on 100k net (about 150k gross) year in NYC. On 70k net , one can live relatively comfortably. Anything below that and you're just surviving not living in NYC.
Reading is something you should have learned to do in grade school.
Middle class in terms of purchasing power. Understand?
Reading is something you should have learned to do in grade school.
Middle class in terms of purchasing power. Understand?
300K in terms of purchasing power is not middle class. '
It might be middle class if you're looking to buy 3.5MM penthouses and 360k Ferraris. If you want an ultra luxury lifestyle then it's middle class.
If you want a very comfortable lifestyle than 300k is plenty of purchasing power in NYC.
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