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I love New York City. But I've only visited and stayed there with friends off and on over the past few decades. I've never actually lived there.
So, I was wondering - if you don't have a very high income and/or net worth, can you still enjoy living in this city? What about for raising a family? Is living in New York City a grind for most people? Or are the sacrifices worth it in the end?
I love New York City. But I've only visited and stayed there with friends off and on over the past few decades. I've never actually lived there.
So, I was wondering - if you don't have a very high income and/or net worth, can you still enjoy living in this city? What about for raising a family? Is living in New York City a grind for most people? Or are the sacrifices worth it in the end?
re: the NYC grind: You can learn important/profound things about yourself because of it, or it can enhance your existing character ...or it can make you sad or in the worst case break you. Generally speaking, it's the high net worth folks of NY who can avoid the grind. For most all others, it's a fact of NY life.
I think a few years in NYC is good, regardless of income level (heck if you AREN'T rich, you probably get more out of it). Its hard, you'll face challenges you won't face elsewhere, but its also fun and rewarding. A few years here is a feather in your cap. There is a reason the saying goes "If you can make it here, you can make it anywhere."
You certianly don't need to be rich, but I feel that in order to live relatively comfortably in NYC, there needs to be a relatively high household income.
I'm talking of anything about 6 figures.
On a budget under that, even a small family of 3, would have kind of a hard time, and would not be able to enjoy many of the perks the city offers.
It depends: living single vs. living with a roomate vs. supporting a family, and living in Manhattan vs. one of the other boroughs.
After declining in the aftermath of the deep recession of 2008-2009, Manhattan rents in their inimitable way have returned to record highs. But I think a single person living alone and content to live in a studio apartment could manage quite nicely in Manhattan at $50,000/year. This is by no means rich!
It depends: living single vs. living with a roomate vs. supporting a family, and living in Manhattan vs. one of the other boroughs.
After declining in the aftermath of the deep recession of 2008-2009, Manhattan rents in their inimitable way have returned to record highs. But I think a single person living alone and content to live in a studio apartment could manage quite nicely in Manhattan at $50,000/year. This is by no means rich!
That's clean money so in order for that you would have to be making around 75-80,000 a year... Again that's with an expensive apartment though... Most people in this city pay on average anywhere from 11-1500... I would say a reasonable salary for a single person to live comfortably would be somewhere around 45-50,000 and for a family of three i'd say the number I mentioned above...
That's clean money so in order for that you would have to be making around 75-80,000 a year... Again that's with an expensive apartment though... Most people in this city pay on average anywhere from 11-1500... I would say a reasonable salary for a single person to live comfortably would be somewhere around 45-50,000 and for a family of three i'd say the number I mentioned above...
Yep, forgot about income tax. My figure also assumes that you are relatively or completely debt-free, for example no student loans.
It also doesn't allow for savings.
I used $2,500/month so that our hypothetical person can live in a nice place in Manhattan or one of the more expensive areas in the outer boroughs such as Brooklyn Heights.
Still, $75,000-$80,000/year isn't rich. Yes?
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