Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
While 120k might sound like a good income, the take-home pay is only going to be only $1000 per week. That includes all the taxes, maxing out 401k, health insurance, etc. That means it's going to take 2 weeks of work to put a roof over your head assuming a $2000 per month studio. And those are getting harder to find; they just rented out a studio next to me for $2600 per month.
You're either joking, ignorant, or borderline retarded.
120k/year equates to a take home of $1k/week?
Even accounting for all taxes, 401k, health insurance, etc. the take home pay for a $120k salary would probably fall somewhere between $1400-$1600/week at the low end. That's around $6k/month clean.
For a single individual, earning 75k+ will bring about a very comfortable lifestyle in NYC. $120k will allow one to live in the better neighborhoods.
The OP stated - "the most desirable parts of the city." A kind of euphemism for the usual "top" neighborhoods. And then used the usual set of criteria. Straightforward enough.
While I have no doubt that people are living in Manhattan with under $150,000 a year, I actually agree with the basic points. These days, that is to say. People think Harlem is inexpensive and even there they would be wrong.
You yourself pointed out the large amount of public and other welfare housing in Harlem. While gentrfivation has occured we can all be assured the typical Harlem resident isn't making 150k.
Ditto other upper Manhattan boroughs. Gentrifed Brooklyn and Queens are mostly limited to Western parts.
Good! Let them be scared! The less transplants, the happier I'm going to be.
Only a real dumb person would take random comments made in a forum like this at face value. Anyone scared of by this misinformation deserves to be scared of due to their stupidity.
You yourself pointed out the large amount of public and other welfare housing in Harlem. While gentrfivation has occured we can all be assured the typical Harlem resident isn't making 150k.
Anything to make a truly meaningless comment - as has been pointed out.
Obviously, the OP did not mean social service housing or projects.
And in fact, increasingly, many Harlem residents outside of East Harlem are likely making quite a bit in excess of $150,000. That's how people can afford townhouses.
You're either joking, ignorant, or borderline retarded.
120k/year equates to a take home of $1k/week?
Even accounting for all taxes, 401k, health insurance, etc. the take home pay for a $120k salary would probably fall somewhere between $1400-$1600/week at the low end. That's around $6k/month clean.
For a single individual, earning 75k+ will bring about a very comfortable lifestyle in NYC. $120k will allow one to live in the better neighborhoods.
lol that's so not true...you can make way less and live comfortably, unless it's really that important to you that you live in a fancy apartment in Manhattan
NYC as in Manhattan. Given the fact that most people are only earning $40k a year or less, it should be evident that people are living here on far less than $120k a year.
This is apples and oranges. The OP is clearly talking about moving into a NEW rental, as in, NOT any of the following:
-an apartment that is rent controlled or heavily stabilized
-Mitchell Lama
-coop purchased years ago
-NYCHA
-etc.
Yes, of course it's quite easy to live in exclusive areas of Manhattan with far less than $120K per year when housing costs are low, like they would be in any of the examples above.
But someone moving in fresh has to deal with market rents and I believe OP is correct.
This is apples and oranges. The OP is clearly talking about moving into a NEW rental, as in, NOT any of the following:
-an apartment that is rent controlled or heavily stabilized
-Mitchell Lama
-coop purchased years ago
-NYCHA
-etc.
Yes, of course it's quite easy to live in exclusive areas of Manhattan with far less than $120K per year when housing costs are low, like they would be in any of the examples above.
But someone moving in fresh has to deal with market rents and I believe OP is correct.
Exactly, and I also agree.
And why is it that the same people who blast rent regulation and cheer its demise are here talking about a situation that increasingly will not exist, in the exclusive areas of Manhattan, without it.
I already conceded that $120,000 makes sense for exclusive areas of Manhattan, and explained that the title was misleading. Therefore I have nothing else to add to this discussion, since this only applies to select parts of Manhattan.
Even accounting for all taxes, 401k, health insurance, etc. the take home pay for a $120k salary would probably fall somewhere between $1400-$1600/week at the low end. That's around $6k/month clean.
Check the ADP take home pay calculator. Here is the weekly breakout with 15% 401k contribution and 1 allowance for Federal, State, and City income taxes.
Weekly numbers:
Gross pay: 2307.69
Federal tax: 478.98
FICA tax: 143.08
Medicare tax: 33.46
New York State tax: 136.68
NYC tax: 81.94
401k: 346.15
Health Insurance (my assumption): 41.50
Dental (my assumption): 4.50
Pretax Transit (my assumption, monthly NYC Metrocard): 29.00
Net Pay: 1011.68 PER WEEK
Pretty close to my original $1000/week estimate.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
