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So my employer, in their infinite wisdom, is moving me and my family to NYC. The office is in lower Manhattan and they are paying me ~$75k/year. My wife doesn't work, and I have two children under 5. The wife is pretty upset about it and I'm trying to decide if this is even realistic. I'm sure you guys get this all the time on this forum, but I need some honest insight from people living in that area before I decide whether to accept the transfer or just quit my job.
Some other details: we are coming from central Indiana where we lived in a 10 year old house with 1,800 square feet in a really nice neighborhood for ~$145k (to give some background about what we are used to). Neither of us have ever been to NYC, we have no family anywhere close, and we don't like big cities. The most important things for us are having as much time together as possible (so keeping commutes as short as possible), getting the kids into good schools, and having a yard for our kids to play in. The idea of having to pack the kids up and go to a park somewhere for the them to play is not acceptable to us. I am not sure I could get approved for much more than $200k mortgage, but renting feels like throwing money away so I would much prefer to buy. I have some savings and investments I could draw from, but I really don't want to throw those away if I can avoid it.
Oh, and we have to move there by the end of February.
Does this seem like it is survivable for us? Do small-town Midwesterners normally end up doing OK in that area or am I in for a nightmare? Where would you suggest we start looking for homes that might suit our needs, and are there any surprises we need to be aware of (unusual taxes or other things newbies might not be prepared for)?
Thanks in advance for any help.
-Tulkas
Pretty much Staten Island is only place that makes sense.
A less than 10% adjustment moving from Indiana to NYC is extremely insufficient. A portion of this will be eaten up just by NYC and state income tax. Food is at least 20% more in NYC. They would need to double your income as a start.
Ironically though you would probably qualify for subsidized housing and maybe even food stamps with an income of $75K for a family of 4 as it is far below average.
You should use one or more of the online COL tools and show your boss or HR department. If they shrug or say 'take it or leave it' then it is clear they don't care at all about your success. NYC on $75K will be stressful for a family used to a bigger house and some disposable income to spend.
The more I think about the OPs situation the more I think of what a huge insult it is for your employer to even suggest that this is acceptable.
OP, You'd be going from a life of comfort for your family to one with financial challenges and a complete lifestyle change. I think you should bring up these issues and ask for more money. If your employer values you, they will adjust your salary. Asking for double is not out of the question but I can see them meeting you part of the way and getting you up to at least the low $100K mark. You didn't mention your occupation but you should be paid what you're worth for the market you work in. Have you checked comparable salaries in NYC for your occupation and industry?
I'm usually bullish on moving to NYC but I don't think it's a good move for the OP. It's not a decent salary for a family of four. If you're driving into NYC every day from Jersey, make sure you add up tolls if there are any. They can be steep. Everything is so much more expensive here but even if you can do it, do you really want to? You seem happy where you are. Don't underestimate the culture change. It's huge. And, don't worry about renting. The number one thing that renting gives you that owning doesn't is mobility. You're spending money on a place to live comfortably and safely but can move when you need to. It is not wasted money at all. Especially in your situation when you've never even been here. And speaking of...you really should visit first. That will give you a tiny taste of what you're getting into, should you decide to take the plunge.
The fact he has kids and a stay at home wife is not the bosses problem.
When I was at a big four firm I was offered the chance to do a two year rotation in Bermuda. It would be good for long term career, international travel and a rotation is helpful.
It was at same salary but they would pay my airfare and some incidentals. I then told them I had a stay at home wife and two kids and it would be expensive. I was told my income would be mainly tax free which would help. Yea if I was renting an apt with a roommate. I ended up skipping opportunity.
Perhaps this is an amazing long term opportunity for the poster. And at 75K get a roomate and a cheap Queens apt and no car pretty easy and maybe you have a big huge job in 3-5 years and well worth it.
But you bring your own baggage to table. Like me in Bermuda, someone younger and single jumped on it.
It's just not practical even in Jersey City. Someone suggested Catholic schools which will be an additional cost and we don't know if the parents will be ok with that ( I know Catholic Schools will accept students from other religions). They will be living paycheck to paycheck and there won't be much opportunity for saving. They have to downsize from a house to a 2 bedroom apartment with 2 kids who probably used to have their own bedrooms. The wife is not going to be happy. She's probably used to driving the kids to school or having them picked up by bus. Unless it's a matter of long-term unemployment, I'd start looking for another job or try the NYC job solo for a year. It doesn't sound like they like urban living.
A family of 4 would have to make $31,525 or less to qualify. The op might qualify for a housing lottery but what's the chance of winning? It's not uncommon to have tens of thousands of applications for less than 100 apts.
75k in NYC is enough for a family of 4 to not qualify for anything but it's not enough to have a middle-class lifestyle. The OP would have to move way out to Dutchess county or somewhere in PA (horrible commutes) for the suburban experience or they will have to live in an apt in an outer-borough.
The op and family need at least 120k to live like they live in IN and that's if they don't have a lot of debt.
Quote:
Originally Posted by markjames68
A less than 10% adjustment moving from Indiana to NYC is extremely insufficient. A portion of this will be eaten up just by NYC and state income tax. Food is at least 20% more in NYC. They would need to double your income as a start.
Ironically though you would probably qualify for subsidized housing and maybe even food stamps with an income of $75K for a family of 4 as it is far below average.
You should use one or more of the online COL tools and show your boss or HR department. If they shrug or say 'take it or leave it' then it is clear they don't care at all about your success. NYC on $75K will be stressful for a family used to a bigger house and some disposable income to spend.
Being transferred to NYC with a 75k salary is a raw deal. Housing and taxes will eat up a huge chunk of that salary, and you'll be scraping by. How are you going to save up for retirement and a down payment on a home?
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