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10-03-2011, 01:28 AM
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16 posts, read 54,868 times
Reputation: 21
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Hello All,
I am currently in Uni to eventually become a Computer Engineer. At university of Toronto, Canada. Out of school the starting salary will be 60000-80000. With 2-7 years salary increases to 90000-100000, and senior positions can exceed 120000. I also read somewhere that NYC will soon have computer engineers as an in demand profession.
My dream has always been to live in NYC. I only visited once but I fell in love with the place. I have done lots of research on this topic and I am getting somewhat of a generic response where NYC is pretty much the hardest city in the world to get by in.
When I graduate and find a job in NYC that pays 75,000, will I do ok if i'm living by myself in say Brooklyn? I would probably get a metrocard so wouldn't worry about the car for several years.
So say 5-10 years go by and I now am making 100000. If my wife makes around the same amount I do, the house income will hopefully be near 200k. Is this considered a middle/upper middle class if I live in Brooklyn? Will it be good enough to raise maybe 2 kids on? With all the really depressing stories I read about how hard it is to live in NYC it gets me really discouraged. I want to be able to have a good life, maybe take 1-2 vacations a year, not always be in debt, all the things that everyone wants.
And if I live in Brooklyn can I still get a nice view of downtown?
Thanks.
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10-03-2011, 08:27 AM
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7,695 posts, read 9,933,986 times
Reputation: 15258
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200K salary, assuming you save 20% downpayment, will get you a 700K mortgage (3.5 X 200). Middle class, but nowhere near upper middle class. However, if you are willing to either a) live in a 2-bed apartment or b) live in a house (you want a yard) and commute from further out in Brooklyn (eg Bay Ridge) you can live in a good school district.
If you're renting, the calculation changes.
Check out prices of two bedrooms (I'm assuming your kids will be the same gender and be able to share one bedroom) in good school districts in Brooklyn.
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10-03-2011, 08:31 AM
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Location: Pflugerville
2,211 posts, read 4,633,089 times
Reputation: 2241
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Quote:
Originally Posted by Shawn_Java
Hello All,
I am currently in Uni to eventually become a Computer Engineer. At university of Toronto, Canada. Out of school the starting salary will be 60000-80000. With 2-7 years salary increases to 90000-100000, and senior positions can exceed 120000. I also read somewhere that NYC will soon have computer engineers as an in demand profession.
My dream has always been to live in NYC. I only visited once but I fell in love with the place. I have done lots of research on this topic and I am getting somewhat of a generic response where NYC is pretty much the hardest city in the world to get by in.
When I graduate and find a job in NYC that pays 75,000, will I do ok if i'm living by myself in say Brooklyn? I would probably get a metrocard so wouldn't worry about the car for several years.
So say 5-10 years go by and I now am making 100000. If my wife makes around the same amount I do, the house income will hopefully be near 200k. Is this considered a middle/upper middle class if I live in Brooklyn? Will it be good enough to raise maybe 2 kids on? With all the really depressing stories I read about how hard it is to live in NYC it gets me really discouraged. I want to be able to have a good life, maybe take 1-2 vacations a year, not always be in debt, all the things that everyone wants.
And if I live in Brooklyn can I still get a nice view of downtown?
Thanks.
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A view of "downtown" where? Downtown Manhattan? I just want to clarify, are you only caring about having some sort of city veiw from somewhere in Brooklyn, or do you want a view of "downtown" manhattan in Brooklyn? Your question sort of threw me. |
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10-03-2011, 08:36 AM
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7,695 posts, read 9,933,986 times
Reputation: 15258
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I missed the "view" bit. If you want a view of Manhattan then Dumbo or Brooklyn Heights or perhpas Williamsburg (though the view from Williamsburg is mainly of peter cooper village/stuy town - not the most inspiring view). Dumbo one-beds average rental is $3,600 according to a recent survey I googled. So for a two-bed calculate up from there.
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10-03-2011, 11:43 AM
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Location: Manhattan
1,871 posts, read 4,091,250 times
Reputation: 2925
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Yes, you can make it on your combined future *projected* income. Make sure you wait until you actually realize that income first. Some people make financial commitments (like having children) based upon their expectations and when that doesn't materialize they get in trouble.
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10-03-2011, 11:55 AM
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16 posts, read 54,868 times
Reputation: 21
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Quote:
Originally Posted by JayBrown80
A view of "downtown" where? Downtown Manhattan? I just want to clarify, are you only caring about having some sort of city veiw from somewhere in Brooklyn, or do you want a view of "downtown" manhattan in Brooklyn? Your question sort of threw me.
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I meant that having a nice view would be nice. I don't want to have a view of someone else's backyard when I wake up in the morning. I meant do those living in Brooklyn still have a nice view? |
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10-03-2011, 12:00 PM
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16 posts, read 54,868 times
Reputation: 21
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Quote:
Originally Posted by bg7
200K salary, assuming you save 20% downpayment, will get you a 700K mortgage (3.5 X 200). Middle class, but nowhere near upper middle class. However, if you are willing to either a) live in a 2-bed apartment or b) live in a house (you want a yard) and commute from further out in Brooklyn (eg Bay Ridge) you can live in a good school district.
If you're renting, the calculation changes.
Check out prices of two bedrooms (I'm assuming your kids will be the same gender and be able to share one bedroom) in good school districts in Brooklyn.
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What about if I only have one child? |
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10-03-2011, 12:00 PM
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Location: Beautiful Pelham Parkway,The Bronx
9,157 posts, read 23,006,344 times
Reputation: 7512
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Quote:
Originally Posted by Shawn_Java
I am currently in Uni to eventually become a Computer Engineer. At university of Toronto, Canada. Out of school the starting salary will be 60000-80000. With 2-7 years salary increases to 90000-100000, and senior positions can exceed 120000. I also read somewhere that NYC will soon have computer engineers as an in demand profession.
My dream has always been to live in NYC. I only visited once but I fell in love with the place. I have done lots of research on this topic and I am getting somewhat of a generic response where NYC is pretty much the hardest city in the world to get by in.
When I graduate and find a job in NYC that pays 75,000, will I do ok if i'm living by myself in say Brooklyn? I would probably get a metrocard so wouldn't worry about the car for several years.
So say 5-10 years go by and I now am making 100000. If my wife makes around the same amount I do, the house income will hopefully be near 200k. Is this considered a middle/upper middle class if I live in Brooklyn? Will it be good enough to raise maybe 2 kids on? With all the really depressing stories I read about how hard it is to live in NYC it gets me really discouraged. I want to be able to have a good life, maybe take 1-2 vacations a year, not always be in debt, all the things that everyone wants.
And if I live in Brooklyn can I still get a nice view of downtown?
Thanks.
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By the time you graduate there will be no computer engineer jobs in the US. They will all be in Asia.There have never been many computer engineer jobs in NY and there never will be.Currently they are in Boston,Seattle ,San Francisco and Austin.
There will be no "out of school starting salaries of 60,000 to 80,000" for anything at all because the unemployment rate will be 25% and people will work for peanuts.
Life will likely intervene and change all of your other assumptions, suppositions, dreams,ifs ands and buts as well.
Are you a US citizen? I ask only because it is unlikely we will be allowing any foreigners to have any jobs here either. |
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10-03-2011, 12:00 PM
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7,695 posts, read 9,933,986 times
Reputation: 15258
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You might just want to consider commuting.
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10-03-2011, 12:17 PM
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Location: Manhattan
24,720 posts, read 34,699,993 times
Reputation: 12240
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MIDDLE CLASS has no meaning unless you define it.
Some parameters:
Median household income, Manhattan: $68K...State $55K
Median per capita income, Manhattan: $60K...State $31K
Median means half are above and half below.
So now, define the MIDDLE CLASS!
Quote:
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I am currently in Uni to eventually become a Computer Engineer. At university of Toronto, Canada. Out of school the starting salary will be 60000-80000. With 2-7 years salary increases to 90000-100000, and senior positions can exceed 120000. I also read somewhere that NYC will soon have computer engineers as an in demand profession.
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Guess what? While you ar dozing someone rewrote the rules.
Last edited by Kefir King; 10-03-2011 at 01:34 PM..
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