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My spouse is going to be a medical resident earning 50k per year (before taxes). We really want to live in NYC (most of the programs are in Manhattan). The studios subsidized by the residency programs cost between $1300-1500.
We will also have around 10k in savings for each of the 4 years that we would live there. So after taxes, we will have $3448 per month. Let's say rent+utilities cost $1600 per month -- that leaves $1848 per month, or $462 per week. I can probably keep the grocery bill at $200 per week, leaving $262 per week for incidentals.
We want to have a baby, which I will be taking care of, and I am unsure of the cost of this. I was thinking that we wouldn't have to spend much money at all, with all of the museums, parks, and libraries, etc. But I could be massively underestimating the cost of a child.
Do you think this is enough to live on? We will give up our car, obviously, and will not need transit passes, since we will be living close to the hospital. We really want to live in NYC now, because we don't think we will be able to later. What do you think?
Yeah it's doable but you'd be very "apartment poor" and it would be more a question of "how long can I stand to live like this?"
$0 in fixed transportation costs is a very practical budget. Baby? No no no. Can't afford that for at least a few more years. This is survival mode here.
I would also make it a point not to **** away that $10,000 a year on needless living expenses. Cash is king. You'll thank yourself later in life when it's time to come up with a down payment on a home or whatever. Do whatever you need to do to leave that money alone. Find part time work or something to help make ends meet.
Last time I lived in Manhattan on my own in my own apartment was 1997 and I made $48,000 a year.
My rent was $795 a month.
That is 18 years ago and it was a tough squeeze. Wait till you see your paycheck after FED, NYS and NYC taxes and get a hold of the basics such as cans of tuna,
Lot of 50 cent bagels and 50 cent coffee off the cheap cart for breakfast, Pizza specials and getting Chinese Take out for dinner just a pint of soup and an eggroll.
I wanted money left over to actually go out and do stuff occasionally and food was a luxury item.
Today pretty much no one at work who earns under $175,000 a year for a single person or $350,00 for a married couple even thinks of living in city
With all said I still would go for it. Living in the city is a once in a life time opportunity even if it squeezes your budget to death. It is worth it.
Yeah it's doable but you'd be very "apartment poor" and it would be more a question of "how long can I stand to live like this?"
$0 in fixed transportation costs is a very practical budget. Baby? No no no. Can't afford that for at least a few more years. This is survival mode here.
I would also make it a point not to **** away that $10,000 a year on needless living expenses. Cash is king. You'll thank yourself later in life when it's time to come up with a down payment on a home or whatever. Do whatever you need to do to leave that money alone. Find part time work or something to help make ends meet.
His wife is 30 and women's biological clocks can start ticking at that age. If she waits till they are stable it may be too late.
Does the hospital provide daycare for the employees?
In any event, unless you have 2 incomes, it's impossible for a family of 3 to live on 50K a year. Even if you have no deductible, there will still be healthcare expenses, such as prescription co-pays and unfortunately, not every birth goes textbook style and not every child is born perfectly healthy so you do need some sort of back-up savings, just in case. You should check out the prices of cribs, strollers, blankets, etc. That all adds up even if grandparents are willing to pitch in. Diapers are crazy expensive, and there's also the costs of pumps, bottles, bottle warmers, the little baby bathtub for the sink or bathroom, and on and on. Also, with a baby, you'll be doing more laundry than you have ever done in your life. Either you buy and store a lot of stuff or you are washing things out nearly everyday.
I think you can manage. But DO re-think that baby at least until your wife starts bringing in a doctor's salary...then you can have a dozen kids as long as she can work until a week before the delivery.
Of course, living within walking distance of the hospital is the most sensible thing to do and the subsidized studios seem reasonable enough (given the unreasonableness of New York rentals.)
I know it's way too late to drop this information in this thread, but after investigating resident salaries for individual hospitals in Manhattan, I came to see that virtually all of the Manhattan hospitals pay a full 10k more per year than other residencies around the country (and other boroughs). Nationwide, residents start around 50k, and go up 2-3k per year thereafter. The salaries for the particular Manhattan hospitals she is looking at start at 59k, however, and then also go up about 2-3k per year. So, including the 10k per year from savings, it looks like we would actually have 70k per year (before taxes) at our disposal. Sorry for switching this very key part of the hypothetical this late! I really appreciate your responses so far -- they've been really helpful.
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