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Hello All,
I am a 32yr old Accountant thinking of relocating to NYC from Pittsburgh (all my friends beat me to it!) I have always loved NY but have fears about giving up my standard of living. I make approx 70k a year here, and was wondering if anyone has any thoughts on my ability to make it comfortably in NYC (preferably lower Manhattan) on this salary (assuming I wouldnt make more there).
I am 32, single, no plans for marriage/family in the forseeable future. Currently own a 2 bed/2bath condo in a nice, centrally located neighborhood. (Realize space will be less there for much more-this not so much an issue as location, comfort, etc) Do have the expense of a car here. Just want to be close to the action, go out with friends, shop, etc. without having to worry.
on 70K a year, you would not live comfortably in lower manhattan. you would have to make six figures to live comfortably. 1 bedroom apts in FiDi (the financial district) go for at least 3-4K a month. the outer boroughs are more affordable, and if you will be working in the financial district, staten island may be a better choice for you.
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Hello All,
I am a 32yr old Accountant thinking of relocating to NYC from Pittsburgh (all my friends beat me to it!) I have always loved NY but have fears about giving up my standard of living. I make approx 70k a year here, and was wondering if anyone has any thoughts on my ability to make it comfortably in NYC (preferably lower Manhattan) on this salary (assuming I wouldnt make more there).
I am 32, single, no plans for marriage/family in the forseeable future. Currently own a 2 bed/2bath condo in a nice, centrally located neighborhood. (Realize space will be less there for much more-this not so much an issue as location, comfort, etc) Do have the expense of a car here. Just want to be close to the action, go out with friends, shop, etc. without having to worry.
Any insight?
You'd be priced out of Manhattan unless you want to room with people and lose about 2/3rds of your current living space.
You could probably afford a very small studio in Brooklyn or Queens, or a multi room apartment with roomates. Look at the apartment sites.
thanks for the input...I have no issue with a roommate, really...also, I have researched salaries for my current position etc, and it looks like I would be in the 95k to 115k range there...I am assuming that changes things a bit...also...I have heard that many parts of Brooklyn rival Manhattan...is this true?
on 70K a year, you would not live comfortably in lower manhattan. you would have to make six figures to live comfortably. 1 bedroom apts in FiDi (the financial district) go for at least 3-4K a month. the outer boroughs are more affordable, and if you will be working in the financial district, staten island may be a better choice for you.
This and what dman said is true. You will take a MAJOR hit to your standard of living, especially compared to living in Pittsburgh. It can be very jarring for some when they come here. You will have a (comparatively) small apartment with no amenities and you will definitely have to watch your spending more so than I bet you do in Pittsburgh. If you want something other than a very small studio, you would need to go the roommate route. Again, this can be jarring for people used to being able to afford a place on their own.
I would recommend you expand your search beyond Lower Manhattan to portions of Brooklyn, Queens, the Village, and the Upper East and West Sides. You may not be as close to the action, but you really don't have to be to take advantage of the good things New York has to offer. One other thing I would keep in mind: NYC is more than nightclubs, shopping and all that. Most of the time you will be working, so you ought to think about more practical concerns, like whether you are ok with commuting to work on packed subways, resigning yourself to the likelihood of never owning a place, or paying higher state taxes and city tax.
Keep in mind your paycheck will be taxed on a federal, state AND city level. Yes, there is a city tax. Williamsburg and Greenpoint are pricey due to the proximity to Manhattan and the trendiness factor. Don't rule out Hoboken NJ as an option.
thanks for the input...I have no issue with a roommate, really...also, I have researched salaries for my current position etc, and it looks like I would be in the 95k to 115k range there...I am assuming that changes things a bit...also...I have heard that many parts of Brooklyn rival Manhattan...is this true?
Once you have a job secured (first things first) you will know what your new salary is and how much you can afford on rent. The rule of thumb is that your monthly rent x 40 should equal or be lower than your yearly income.
Salary calculators are fine, but they are abstract.
Parts of Brooklyn are great and many people (including people who are fabulously wealthy) prefer Brooklyn over Manhattan. But these parts of Brooklyn tend to be very pricey as well.
Where do all your friends live? You mentioned that many of them are already living here.
Thanks so much for all the info. I suppose that NYC has always been a dream, but I have (at least until recently) chosen practicality while most of my friends have fled for the coasts (both NYC and LA) Pittsburgh's cost of living is ridiculously low. Like I said, I own a 2bd/2bath for less than $2k a month and it's a prime location with many amenities. I have plenty of play money, even with the expense of a vehicle, and Pitt's relatively high taxes (when put in relation to real estate prices, income, etc)
I have friends in various parts of the city...most are in Chelsea and the immediate area (all with roommates, with the exception of one (he's a corp attorney)..a few in NJ and one in Brooklyn Heights. The ones in Jersey seem to complain less about cost, but more about convenience...the others the opposite. Based on Henna's calculator..I would be looking at about $2500 max for rent...which doesn't appear to buy much...certainly not anything comparable to what I have now. Perhaps I need to think this through a bit further...thanks again for all the info...any more input would still be greatly appreciated...
And...cost of living aside... General opinions on living in NYC? Is it worth the expense? Any transplants that have regretted the move? or never looked back?
Thanks!
Last edited by pittguy30; 01-19-2009 at 04:26 PM..
It will be tough on 70k no doubt...But if its what you want - do it and don't look back. Sounds like you have a decent support system here already. Look into the East 80s/70s (east of 2nd ave). Probably the least expensive real estate in Manhattan south of 96th st.
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