Getting the finances straight (Cortland, Clinton: rent, car insurance, houses)
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Hello all, I'm a US Marine from Florida that will soon be out of the military. I want to finish out my bachelor's degree at home in Florida, save up some money, and go ahead and take the plunge in NYC.
The job in my field, from what I've seen, makes anywhere between 55-70k in NYC to start. I know that's not a Manhattan salary, but I do know it can be done in the outer boroughs.
But, let me see if I'm calculating the budget right...
Right now me and my wife pull in a combined 44k - and we're trying to get our debt paid off.
Rent - $600
Car payments - $500
Car insurance - $470 (she's a new driver)
Gas - $150
Power - $60
That puts us at $1780....
Let's say in a neighborhood like Van Cortlandt Village in the Bronx, we get a 2 BR for $1200 a month...power would be what...maybe $80? Two subway passes for the month would be $162.
Is there anything else I'm missing, because the cost of living seems to be about the same? Is there any more costs I'm not aware of? We would obviously get rid of the cars, and that saves us a boatload of money right there. I've been reading how expensive NYC is, but I don't see it, provided you do it the right way. Without the car payments, gas, maintenance, insurance, etc, it cuts down on a lot of money spent.
So I'm pretty excited that this looks feasible...but it feels like I'm missing something.
Even $1,200 might be a stretch for the Bronx...but its possible and pretty much the only reasonable area to move to. Yes NYC can be expensive if you choose to live that lifestyle, but anyone with basic common sense can live quite well on well under $100,000 and still be able to enjoy the many great things about the city (resturants, shows, etc).
It is entirely feasible based on your choices...make sure to visit the neighborhoods BEFORE signing on the dotted line. If you are looking to be on a train line, you may also want to consider the Yankee Stadium area. It is being completely redeveloped, a new stadium, entirely new waterfront district, new retail like Marshalls, Target, good amount of resturants/bars, entirely upgraded infrastructure, and about 2 train stops outside of the city. And it just might fall in your price range too! Check it out.
Depending on where you are in Van Cortland Village, you may be pretty close to Clinton HS, which could be a pain. The good thing is that you may have access to two subway lines (1 and 4) depending on where you decide to live, but it is quite an uphill to get past the reservoir to get to the 4 train.
I don't think you'll be able to find a 2BR for $1200. You may find a small 1BR in that price range though. Have you seen any 2BR for that cheap or are you just guessing?
I wouldn't completely rule out not having a car in that area. The subway service on the weekends become more sporadic and you are far from any decent stores. Plus that area has streets with private houses which means it may not be too difficult to find parking on the street. Of course, "difficult" is a relative term and for someone from Florida, it may seem impossible.
I searched Van Cortlandt Village on Craigslist because I wasn't familiar with rents in the area, and it looks like apts there start at $1200 for a 1BR and $1400 for a 2BR.
This is by Van Cordlandt Park off of the Deegan? Yeah, in that area, I would most likely want a car. You could always just keep one car/one insurance policy and have one drive to reduce costs.
I wasn't saying I was going to move to VCV, I was just using it as an example. I'm actually leaning more towards Brooklyn.
And I didn't mention food because I don't think it'll be much different than what I'm spending now. Me and my wife actually eat out a lot already. I was in NYC for 3.5 weeks last summer and I was actually amazed that lunch seems cheaper than it does here in Jacksonville, NC. I'm also leaving out bills like satellite/cable, internet, cell phone, etc, because those bills will basically be the same and there's no comparison needed.
Basically, I don't want a car at all if I live in NYC. Or else it seems like it'll get a lot more expensive.
But I was just making sure I got all the expenses down.
At that price range...Brooklyn will be difficult UNLESS you are willing to be VERY FAR from Manhattan...in which case you can probably find something somewhere.
We can do with a 1 BR if need be. I just want to know that I'll be able to live decently and not paycheck to paycheck with a 55k salary. My wife should bring in some money too.
The biggest problem I see with this is that you are trying to predict prices/salaries for 4-5 years in the future.
If I understand you correctly, you still need to complete a 4-year degree and THEN save up money, is that right?
In five years, my rent in a 'becoming gentrified-to-gentrification in full force" neighborhood went up 50%.
It's hard to predict and I'm not sure where the 55K is coming from.
What will you be majoring in? What field do you hope to work in?
Your wife?
When I moved here one year out of university, my first job paid $28K and I catered on the weekends also. I did not live decently at all.
But 10 years later, I'm still here and yes, living quite decently.
Just don't move here expecting life to be grand if you aren't making enough money, it's a hard city, for sure.
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