Is $400k per year enough to live a decent life in Manhattan? (New York: neighborhoods, buy)

[MenardMQ]

I've previously looked into a move to NYC with my family - I also have two children.

At 400k/year it would break down as follows:

100k/year to private schools (tuition, activities, donations etc)
150k/year minimum for a decent, family oriented 3bedroom place with a study (rent, maintenance, utilities etc)
150k/year in taxes (federal state, and don't forget NYC income taxes)

Right there, this family has 50k left a year to live in one of the most expensive cities in the world Not to mention it sounds like the OP mentioned that both contribute to the 400k/yearly income, which means child care will have to be factored in when the kids aren't in school.

First world rich people problems right?

Well, raising children in Manhattan as a professional isn't as cut and dry

[SeventhFloor]

Originally Posted by Adhom

Please tell me what job pays this much but can be held by someone who can't figure out the answer to this question on his own.

/thread

[Borninnycliveinnyc]

Originally Posted by JamesUK

Taking a job there. I love it and don't want to be in the suburbs, but I know it's an expensive place. Two kids. Combined income should be $400k. I don't think we can afford to buy, but rent a spacious 3 bedroom in a district with good public school?

Thank you.

If you don't mind eating all your meals in Chinatown

[LifeSurfer]

Originally Posted by rrbcfy

I've previously looked into a move to NYC with my family - I also have two children.

At 400k/year it would break down as follows:

100k/year to private schools (tuition, activities, donations etc)
150k/year minimum for a decent, family oriented 3bedroom place with a study (rent, maintenance, utilities etc)
150k/year in taxes (federal state, and don't forget NYC income taxes)

Right there, this family has 50k left a year to live in one of the most expensive cities in the world Not to mention it sounds like the OP mentioned that both contribute to the 400k/yearly income, which means child care will have to be factored in when the kids aren't in school.

First world rich people problems right?

Well, raising children in Manhattan as a professional isn't as cut and dry

You don't need to send your kids to private schools. You don't need to live in Manhattan.

It's called living within your means.

[ehanson]

/\ This. Managing money is crucial at any income level but when you're on the border of being in the 1% (for the NYC metro area that is) making more than the majority of families in the nation and can't afford the kind of lifestyle you want it's time to take a step back and reassess things a bit or get a financial advisor.

Only wanting to live in Manhattan and no where else? That's limiting and you'll see why a lot of people making 6+ figures who live in the city have a summer home to retreat to... There are some great school districts in the burbs that don't require jumping through the hoops that private schools involve; not to mention the 30k+ year price tags and having to put up with massive competition to get into the "good" public schools in the city.

[rgr555]

Originally Posted by rrbcfy

I've previously looked into a move to NYC with my family - I also have two children.

At 400k/year it would break down as follows:

100k/year to private schools (tuition, activities, donations etc)
150k/year minimum for a decent, family oriented 3bedroom place with a study (rent, maintenance, utilities etc)
150k/year in taxes (federal state, and don't forget NYC income taxes)

Right there, this family has 50k left a year to live in one of the most expensive cities in the world Not to mention it sounds like the OP mentioned that both contribute to the 400k/yearly income, which means child care will have to be factored in when the kids aren't in school.

First world rich people problems right?

Well, raising children in Manhattan as a professional isn't as cut and dry

what happens when you get laid off or terrible accident occurs
u have to be a fool to lock up 85%+ of your income every year when you're making 400k a year

[gen811]

wow seriously the OP.

stop trying to jack up the rents here tyvm.
you can definitely live comfortably if you dont waste it all.

unless of course you act like the wall street bozos that go to hooker bars every night spending 10K+ per night?
geez.

anyway poor people get by fine but only because they have some rent subsided housing else the city would be a GHOST town.
because no one can afford it except the rich.

but you know rich people wont actually do the grunt work/even medium level work.
so you still need poor/middle class people to do the work.

anyway. you will be fine if you don't waste it all on junk.

meaning new apple computer every year.
or iphone every year
or 1000 dollar phone bills. etc.

totally depends on how responsible and green op is.

[BajanYankee]

Also depends on whether that $400,000 is all salary. How much you pay in taxes may determine how affordable you find the city to be.

Let's say you lose 45% of your gross income to federal income tax, city/state tax, FICA and your 401(k) contribution. That's $220,000 left.

Let's say $7,000 for an apartment you'd actually want to live in with a wife and kids for a long, long time. That leaves you $136,000.

A $1,000 per month for utilities (including cell phones, etc.) puts you at $124,000.

$2,000 per month (two kids) goes into a 529 account. That leaves you with $100,000 flat.

So far, you're sitting pretty so long as your kids get into decent public schools. If not, then you may have a problem.

[WhatTheHellMan]

Originally Posted by rrbcfy

I've previously looked into a move to NYC with my family - I also have two children.

At 400k/year it would break down as follows:

100k/year to private schools (tuition, activities, donations etc)
150k/year minimum for a decent, family oriented 3bedroom place with a study (rent, maintenance, utilities etc)
150k/year in taxes (federal state, and don't forget NYC income taxes)

Right there, this family has 50k left a year to live in one of the most expensive cities in the world Not to mention it sounds like the OP mentioned that both contribute to the 400k/yearly income, which means child care will have to be factored in when the kids aren't in school.

First world rich people problems right?

Well, raising children in Manhattan as a professional isn't as cut and dry

lmao a 3-bedroom apartment that is more than $10,000 a month? Dude what kind of world are you living in? Manhattan is not THAT expensive unless you really go out of your way to make it so.

[silverbullnyc]

Seriously some people just make me laugh with their requests and/or expectations lol. 3br/3ba with a dining room/doorman near columbus circle is $5500.