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So I am seriously considering moving to NYC. Always been a dream of mine. Want to know if it is financially feasible.
The nice thing is I have a job. I work for a web design company, work from home. Pull in about $40k a year doing so. Also, I am going to start doing freelance web design on the side, hoping to bring in another $5k-$10k a year starting, hopefully more eventually.
Can I make it in New York on that? Now, I am not expecting downtown loft apartment and partying with models every weekend of course. But getting a decent 1 bedroom somewhere in the metro area, not having to worry about a commute, could I live and have enough money to enjoy some of the things that NYC has to offer on a semi-regular basis?
I currently live in Portland and do fine on my salary, with a car payment. If I move to NYC I will probably sell the car, so there's an extra $500/mo with payment and insurance there, hoping that's a big enough buffer to compensate for the higher cost of living there.
Again, I want to live in the metro, but I am not talking downtown living. I would also like to live in a place where I am not mugged every time I leave my apartment obviously, but I don't need anything too ridiculously fancy.
So I am seriously considering moving to NYC. Always been a dream of mine. Want to know if it is financially feasible.
The nice thing is I have a job. I work for a web design company, work from home. Pull in about $40k a year doing so. Also, I am going to start doing freelance web design on the side, hoping to bring in another $5k-$10k a year starting, hopefully more eventually.
Can I make it in New York on that? Now, I am not expecting downtown loft apartment and partying with models every weekend of course. But getting a decent 1 bedroom somewhere in the metro area, not having to worry about a commute, could I live and have enough money to enjoy some of the things that NYC has to offer on a semi-regular basis?
I currently live in Portland and do fine on my salary, with a car payment. If I move to NYC I will probably sell the car, so there's an extra $500/mo with payment and insurance there, hoping that's a big enough buffer to compensate for the higher cost of living there.
Again, I want to live in the metro, but I am not talking downtown living. I would also like to live in a place where I am not mugged every time I leave my apartment obviously, but I don't need anything too ridiculously fancy.
Outer boroughs or roommate or both. Without a car (New Yorkers do drive, especially in the outer boroughs) you need to be close to some decent transportation which means rent will be more. I know you telecommute but you don't want to move to NYC and then live in a desolate area, I assume.
And really push that freelance side gig so you can have more money to enjoy NYC!
Totally feasible if you sell your car and most of your junk. Sounds like a big deal to move all the way across the country, and I guess it is the first time you do it, but really, it's not a big deal if you have a portable career and can fit everything you need in a couple suitcases and a carry on bag. You can obviously have stuff shipped to you later if it works out and you decide you want to stay long term.
You need a roomate to afford living in Manhattan and the better parts of Queens/ Brooklyn/ Hoboken. You only qualify for $1,000/mo rent on a $40k income in NYC. That does not get much more than a room (not a studio, a room) until you're looking at neighborhoods about an hour from Manhattan in BFE Queens/ Bronx/ Jersey/ Brooklyn.
I moved to NYC 10 years ago making $40k. It was TOUGH- even with a roomate- until I cracked $50k. And that was with 2001 rents/ food/ subway pass/ etc, not the 2011 prices.
Sure it's feasible to live here. If your reference to the "Metro" is Manhattan, it would likely not be in Manhattan unless you become a room mate. There'd be no reason you couldn't get a nice place for $1000 to 1100 for a nice studio or $1100 - 1400 for a nice one bedroom in a safe area in NYC in Brooklyn for example. You could do it. Not saying you'll have a bundle to live on, but it'd certainly be enough to go out once a week, and have the refrigerator stocked. If you want to give it a try and can, why not?
Realistically you'd be looking at subletting a room in an apt with a couple other people to get started out. This is not necessarily a bad thing since roommates can serve multiple roles for awhile if you don't already know people, but finding a decent living sitch can be chore. You wouldn't have any furniture or household crap to furnish your own apartment anyway at first (nor would I recommend someone new to town signing a lease anyway until they had a better feel for the area.)
Define shoebox? The place I live in now is about 500 sqft. That;s more then enough room for my couch, 50" tv, queen sized bed and fairly large computer desk setup. That's really all I need.
I have been looking on craigslist for apartments under $800, there seems to be a decent amount, but then again I have no point of reference as to if they are in just horrible neighborhoods or not.
For example, something like this:
Union City / Huge Studio Apt - Modern Kitchen / No Fee (http://newyork.craigslist.org/jsy/abo/2388909133.html - broken link)
Decent deal, or am I missing something?
I like living on my own, but I wouldn't mind living with roommates, I just have had a problem in the past with roommates that don't clean up after themselves, don't pay their bills, etc. Rooming with another responsible 20-something would be fine, possibly even fun. Would make the whole not knowing anyone in town easier.
Define shoebox? The place I live in now is about 500 sqft. That;s more then enough room for my couch, 50" tv, queen sized bed and fairly large computer desk setup. That's really all I need.
I have been looking on craigslist for apartments under $800, there seems to be a decent amount, but then again I have no point of reference as to if they are in just horrible neighborhoods or not.
For example, something like this:
Union City / Huge Studio Apt - Modern Kitchen / No Fee (http://newyork.craigslist.org/jsy/abo/2388909133.html - broken link)
Decent deal, or am I missing something?
I like living on my own, but I wouldn't mind living with roommates, I just have had a problem in the past with roommates that don't clean up after themselves, don't pay their bills, etc. Rooming with another responsible 20-something would be fine, possibly even fun. Would make the whole not knowing anyone in town easier.
I don't really know where Union City is, but if you want to pay $800 a month, why not get some roommates and live in an area that has a cafe culture, young people, other designers, etc.
If you really must live alone, you can probably find something for $1000. There's a recent thread just from the past few days about someone searching for and finding a decent studio for under $1000.
Do your tax returns show that you earned $40K for the past few years, or did you take a bunch of deductions, say, on the Schedule C for home office, travel, etc. that bring the $40K down to $30K? If you get your own apartment (vs. a roommate situation) you will be expected to prove your income and show your tax returns.
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