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I tried posting this in the moving to new York section but no one
responded. I graduated from college six months ago and I've been working in Minneapolis.
I was offered a job where my yearly salary will be
47,361 and I have a savings of 8,556. I've also been renting an apartment
in Minneapolis for six months so I have a bit of a rental history. My current landlord says she would be
be willing to write a letter of recomendation
Would this give me a greater advantage than people who come straight from college with onlya job offer.
I tried posting this in the moving to new York section but no one
responded. I graduated from college six months ago and I've been working in Minneapolis.
I was offered a job where my yearly salary will be
47,361 and I have a savings of 8,556. I've also been renting an apartment
in Minneapolis for six months so I have a bit of a rental history. My current landlord says she would be
be willing to write a letter of recomendation
Would this give me a greater advantage than people who come straight from college with onlya job offer.
I'm assuming you want to move to NYC since you didn't specify it?
If you are, you'll be fine as long as you have a low amount of debt. It'll also depend on what your living standards are. Most decent buildings require proof of a minimum of 35k per year. If I were you, I would also get a letter from your employer stating that you will be employed once you arrive here, specifying the company and your income. Otherwise, as long as everything else is under control, you're in pretty good shape with your salary and savings.
What exactly is your question? Will you find an apt easier with your savings, rental history, job lined up, etc? Maybe, it all depends on where you want to live.
You can do it, but $40k is a tight budget for NYC. More than half of your salary is likely to be eaten up by rent unless you live somewhere way out in outer Brooklyn/Queens or in the Bronx or the Journal Square part of Jersey City. If you know anyone in NYC, hopefully you can find a roommate through them rather than having to use Craigslist.
Yeah, you will be fine, I am guessing you are fairly young. It will either work or it won't but it will definitely be an experience and for that income you will definitely do fine, granted you apartment here will probably be 1/3 the size of where you currently live, but it is an adjustment.
Eh who am I kidding, I came here with no job and about half that and am doing juuuuuuuust fine
You will be ok....Just please dont make the mistake of thinking 8K is big in this city....as they said, you will run through that in less time it takes someone to win the twin cities marathon. Just DONT be like the girl in Ugly Coyote and put your money in the freezer
8k will be gobbled up by first month's rent, last month's, security deposit and a new mattress. So its good that you have that, but its just the entry ticket price.
$40K isn't huge if you're looking at a market rate apartment, but if you're young with no obligations, you'll do ok. Give it a try.
I tried posting this in the moving to new York section but no one
responded. I graduated from college six months ago and I've been working in Minneapolis.
I was offered a job where my yearly salary will be
47,361 and I have a savings of 8,556. I've also been renting an apartment
in Minneapolis for six months so I have a bit of a rental history. My current landlord says she would be
be willing to write a letter of recomendation
Would this give me a greater advantage than people who come straight from college with onlya job offer.
NY = New York State
Till you say otherwise, I'm going to assume you meant NYC. 47k salary and 8k saving is enough to get started here but it will be tight, super tight if you have outstanding debt you are paying off such as student loans. Sit down and do your math carefully. Google NYC income tax and check the bracket you'll fall under, and deduct NYC income tax, NY state tax, Federal tax, 401k, health/vision/dental benefits. Then any out of pocket payments you are making like student loans, cell phone, etc.
You may be shocked to learn 47k will dwindle quickly and 8k savings will be quickly eaten away by living cost plus furniture and such you'll need to get in NYC or pay to bring over here from Minneapolis. That doesn't mean you can't do it and try your hand in NYC. It does mean you'll need to have your expectation about your lifestyle in NYC straight. Such as living with roommate(s), maybe even consider living in outer boroughs like Queens or perhaps even in NJ, get rid of data plan for your phone, etc. It will not be cheap. Aside from those, you'll get hit up by little things too, utility, cellphone, etc. For example if you choose to live in NYC and move here, when you update your billing address on your phone account. Well, you are now responsible for paying NYC/NY taxes and NYC levies more taxes here than other states.
I can't emphasize enough that while 47k salary and 8k saving is enough to get started in NYC. It will not be easy and will require a very different mentality. To give you an idea, if you punch in some numbers quickly on living cost calaculators online. I wouldn't be surprised if 47k salary in Minneapolis will translate to somewhere between 90-100k salary in Manhattan. Probably slightly less if you punched in outer boroughs like Queens instead of Manhattan.
I'm sorry if this sounded very negative, I just wanted to draw you a realistic picture of what your expectation management need to be.
On bright side, I'm assuming you are young (went to college right after HS) and you have job offer which most people don't anymore. Also if you can survive in NYC, there are valuable lessons to be learned and many opportunities, personal network, professional growth, cool culture, etc. Lastly if you can survive in NYC at 47k and had no problem with your living standard what so ever. You can just about make it work for you anywhere else in USA.
Good luck and hope to walk past you in unknowingly in NYC
Last edited by babo111; 07-24-2012 at 02:41 PM..
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