Living Cost in New York

[bg7]

Originally Posted by DM074

Hi,
My company is trying to relocate me and my family to Queens, NYC. My annual salary will be around $85,000 with 4 kids. As I read this thread, it sounds like it will be very hard for me to financially support my family there. Is this true?

I earn way over 5 times than that and have 3 kids, and there were many compromises when I was in the city. It all comes down to the life that you want for your family.

Can you survive? Sure. There are many families in the city surviving on a similar amount (pro rated for the number of kids they have). Many survive on much less. Consider what is the minimum you are prepared to tolerate (I am assuming you are concerned that your quality of life will decrease), estimate your net after Fed, NYS and NYC taxes as well as any health, retirement and college fund contributions, and then see how much you'll have left over for clothing and feeding your family and paying for utilities after paying the biggest cost - housing. And with 4 kids, housing costs will not be a small percentage of your budget.

IMO $85K with 4 kids in Queens is nuts, but you'll also garner opinions here that its totally doable and anyone who says otherwise needs shooting. Or a guardian.

[Forest_Hills_Daddy]

Originally Posted by DM074

Hi,
My company is trying to relocate me and my family to Queens, NYC. My annual salary will be around $85,000 with 4 kids. As I read this thread, it sounds like it will be very hard for me to financially support my family there. Is this true?

You can rent a 3BR or house in Southern Queens for $1.5K/month, but would spend $4K/child/year on Catholic schools. So rent and schools alone should set you back $34K/year.

Groceries, assuming you shop in warehouse clubs and Asian groceries would cost approx. $800/month or $9.6K/year (could be less).

You will need a car as public transpo options in Queens are lousy.

So rent, schools and groceries would consume half your gross income. If you net out a 30% tax from your gross, you will be left with $15.9K/year - then subtract your car, metrocard and other expenses.

Bottomline, can you survive and save? Definitely. I would not consider this to be a viable LT arrangement but I have seen people who make less than $85K with the same number of kids do it. Just accept that you cannot have everything you want within a 2 mile radius from your home.

You may also get some tax refunds based on the number of kids you have. It would also help if your spouse/partner can take a retail job in Queens.

[skilldeadly]

Originally Posted by Forest_Hills_Daddy

You can rent a 3BR or house in Southern Queens for $1.5K/month, but would spend $4K/child/year on Catholic schools. So rent and schools alone should set you back $34K/year.

Groceries, assuming you shop in warehouse clubs and Asian groceries would cost approx. $800/month or $9.6K/year (could be less).

You will need a car as public transpo options in Queens are lousy.

So rent, schools and groceries would consume half your gross income. If you net out a 30% tax from your gross, you will be left with $15.9K/year - then subtract your car, metrocard and other expenses.

Bottomline, can you survive and save? Definitely. I would not consider this to be a viable LT arrangement but I have seen people who make less than $85K with the same number of kids do it. Just accept that you cannot have everything you want within a 2 mile radius from your home.

You may also get some tax refunds based on the number of kids you have. It would also help if your spouse/partner can take a retail job in Queens.

Where are these 1500 3BR? The only ones that are ever that cheap are in Jamaica. Even 3 bedrooms in places far from the subway are 1600-1800. I'm not saying it's not doable, it's more like not safe areas with less access to the subway.

Yet again, it depends on what is considered a good QOL. Some people can live and be okay in areas that terrify other people. I wouldn't ever want to live in Jamaica, but there are plenty of people willing to live there.