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I've been considering a move to NYC if the opportunity is right. I was offered $120K sometime last year, but felt it wasn't enough money to live comfortable. I actually got offered more money in DC, which I took the job - but after a year in DC - I'm actually over it and ready to move again. My family consists of only myself and my wife, no kids and we have zero debt. We do have a car that we would like to keep. My wife does not work, but may look for something part-time to keep busy.
I'm now seeing job openings in my field for around $175-190K. However, I've looked at 2bed/2ba apartments in Tribeca and Chelsea and the prices are around $4500-5500/monthly. How much and which neighborhoods in the city would allow me to live comfortable and keep the same amenities I'm used to like modern gym, concierge service, parking, etc? I'm willing to live anywhere from downtown, SoHo, the Village area up to 116th Street. Outer boroughs and New Jersey are completely out of the question.
If you want all those amenities and 2BR/2Ba, you're going to pay that much anywhere in the Manhattan. $4000+ and that's on the low end. You're only going to find those in a luxury building.
Given your anticipated income and the 40x the rent rule, you will only be qualified for an apartment that cost $4750 if you brought in $190K. Also, two bathrooms are very rare except in the newer buildings and they will cost you a lot more than what you qualify for unless you are ok with looking uptown. If you feel that you want to spend the $5500+ a month to get what you want, you can buy a guarantor (which you will need) using Insurent but you will run into problems budgeting. Keeping your car will also be an unnecessary expense and it will cost around $400+ a month to park in a garage. Think very hard about whether you really want to give up those things before moving here.
You may be able to find what you want if you look in the Financial District. Most of those buildings will have the amenities you want but they may not have the 2nd bathroom.
Tribeca and Chelsea are amongst the most trendy and sought after neighborhoods in the city. I'd look into the Upper West Side - there's more families up there with all the amenities of Downtown but with less hustle and bustle - and cheaper.
Yikes for the lifestyle you insist to live I wouldn't move here unless you made above $200,000.
Although you really could live a nice lifestyle here for a lot less. A couple could easily live in a nice neighborhood in Manhattan and live a fun social life for $80,000 + a year.
Yikes for the lifestyle you insist to live I wouldn't move here unless you made above $200,000.
Although you really could live a nice lifestyle here for a lot less. A couple could easily live in a nice neighborhood in Manhattan and live a fun social life for $80,000 + a year.
I wonder about that 40x rule if there are two people and the second one does not work- it will get you past the landlord but is it smart for the renters?
You are getting a warped view if you look at Tribeca and Chelsea. You can get a pretty decent 2-bed for $4,500 in Upper West or Yorkville/UES or even Murray Hill. Forget parking- that's separate for everyone and $400-600 a month.
By living in Manhattan, you are paying for everything NYC has to offer by packing in so many people of so much talent and diverse interests. You live in Manhattan because you want this experience, the short commute and/or you make so much money you can afford it. If instead you focus on the upper middle class comforts available in the rest of the country (parking/concierge/gym), then you should look at Newport or Jersey City.
My wife and I have $0 debt, so my hope is we'll be able to manage. We were actually looking at the UES and UWS area. Rent and parking would be our only expense. If necessary I'd be willing to garage my car in NJ, for weekend travel or bring it to the city if need be for on-street parking. I generally work from home and could either transfer to NYC with my current employer with a salary increase; or get a new job in the higher $180-190K range. Previously I attempted to relocate to NYC, but DC actually offered higher salaries, which was really surprising...So I took the DC job, but now strongly considering relocating again - but only if the terms and salary are right.
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