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Monthly
Income : about $3,300 net
Rent: $1150 (studio about 30 min express/45min regular to Midtown)
Groceries: $500 ( 90% Trader Joe's)
Utilities (Gas/electric/ internet/Netflix): $110
Metrocard: $233
Cell Phones: $50 for both
That leaves about $1250/month for discretionary spending/savings/ retirement. For the past 1.5 years I've been throwing most of that away on my MS degree. lol Thankfully, I had some money saved up from before or else I probably would have went with loans.
Rents in NYC are in line with dual income household earnings. When you look at it from that perspective, rents in NYC are manageable apart from select areas that cater to the upper middle class and beyond.
I think many people carry a certain sense of entitlement that's not in line with their income.
I'd love a car but I can't really afford one. I'd like to spend $50 or $100 eating out on the weekends but I can't really afford that either. Would I like to live in a 1 bedroom? Sure but currently that wouldn't be prudent.
Wow, so you use yourself and your finance, two graduate students and project that upon everyone else.
Something like 13% of the people in the nation get graduate degrees.
Back to NYC, much of the city spends half if not more of their income on housing costs. Particularly as these people grow old and end up on social security as their only source of income (and that is not enough to buy a house in another state), they either go homeless, move in a shelter, or a nursing home.
NYC has a rapidly growing homeless population, and this is a big factor in the crime epidemic.
One reason why people say how hard it is to get by on 100k in NYC is where do you want to live? Midtown Manhattan a studio is 3k, and on an annual basis one must be making 40 times that (120k). Of course people are aware that there are decayed run down buildings where the standard of accepting applicants are much lower. But who wants to live in that permanently, much less raise their kids in that?
Wow, so you use yourself and your finance, two graduate students and project that upon everyone else.
Something like 13% of the people in the nation get graduate degrees.
Back to NYC, much of the city spends half if not more of their income on housing costs. Particularly as these people grow old and end up on social security as their only source of income (and that is not enough to buy a house in another state), they either go homeless, move in a shelter, or a nursing home.
NYC has a rapidly growing homeless population, and this is a big factor in the crime epidemic.
One reason why people say how hard it is to get by on 100k in NYC is where do you want to live? Midtown Manhattan a studio is 3k, and on an annual basis one must be making 40 times that (120k). Of course people are aware that there are decayed run down buildings where the standard of accepting applicants are much lower. But who wants to live in that permanently, much less raise their kids in that?
You really are clueless.
First, we haven't received our grad degrees yet and even if we did, how does that have any bearing? I just brought it up to showcase that we're not hauling in tons of money and it's not like I'm living on 53k just supporting myself. It's actually very doable making 50k and supporting 2 people.
Second, anybody spending half their income on housing is in some type of abnormal situation or financially irresponsible or doesn't have a problem with it (and I don't either if that's what makes them happy).
The building I live in is far from decayed. It's actually managed by a large Westchester management company which handles many co-ops in the northern Bronx. I was even surprised by how well run it is.
If you want to believe it, I found a bigger studio in another well run coop building for $1100/month or a HUGE 1 bedroom (this apt was massive) for $1300/month. My lease ends in a month and I'm looking at our options.
Btw, midtown is horrible. I wouldn't live there even if I could afford it.
As I wrote in my previous post. I'm puzzled when people say it's so hard to live on 100k in the city. That's total nonsense. Some feel entitled to a certain standard of living in NYC even when their income doesn't justify it. There's nothing wrong with living according to your means and making due with what you have.
First, we haven't received our grad degrees yet and even if we did, how does that have any bearing? I just brought it up to showcase that we're not hauling in tons of money and it's not like I'm living on 53k just supporting myself. It's actually very doable making 50k and supporting 2 people.
Second, anybody spending half their income on housing is in some type of abnormal situation or financially irresponsible or doesn't have a problem with it (and I don't either if that's what makes them happy).
The building I live in is far from decayed. It's actually managed by a large Westchester management company which handles many co-ops in the northern Bronx. I was even surprised by how well run it is.
If you want to believe it, I found a bigger studio in another well run coop building for $1100/month or a HUGE 1 bedroom (this apt was massive) for $1300/month. My lease ends in a month and I'm looking at our options.
Btw, midtown is horrible. I wouldn't live there even if I could afford it.
As I wrote in my previous post. I'm puzzled when people say it's so hard to live on 100k in the city. That's total nonsense. Some feel entitled to a certain standard of living in NYC even when their income doesn't justify it. There's nothing wrong with living according to your means and making due with what you have.
That is a substantial portion of the city, and you bizarrely seem to be CLUELESS to that. Many of the people who live in the city work in low level service jobs and most won't get promoted or move on to anything else.
Rents in Bedstuy for market rate apartments now pushing 2k. Much of the city has had enormous increases in rent (with the exception of the Bronx).
As I wrote in my previous post. I'm puzzled when people say it's so hard to live on 100k in the city. That's total nonsense. Some feel entitled to a certain standard of living in NYC even when their income doesn't justify it. There's nothing wrong with living according to your means and making due with what you have.
My wife has a MS while I only have a BA. The below excludes any annual bonus.
Monthly
Earned Income: $12,000 net
Passive Income (rental): $2,500
Mortgage/Property Tax/Insurance: $(3,500)
Utilities: $(700)
Groceries: $(600)
Lunch at work: $(600)
Metro card: $(233)
Cell Phone: $(206)
Health Insurance: $(140)
Cable/Internet: $(107)
Lifestyle: $(2,500)
401K: $(875)
Saving: $5,039
Future life events: 1. We would like to have kids in the next 2-4 years, 2. We would like to buy an investment property in the next 2-4 years, 3. my wife insist on renovating our current place, 4. We would like to save over a million for retirement similar to mathjak107 (one of the main reasons I continue to visit this forum is to read his retirement planning/real estate insight).
In addition, both my wife and I do not have job security. I do not expect my employer to keep me around until retirement age. I will pass up on getting my MBA from Ivy League school due to the cost $200K+. To be honest, I expect my wife and I to work long hours while growing our net worth. Our future kids will enjoy the benefits of growing up in NYC far more than we will enjoy living here. My friends in NC live a better lifestyle than us at a lower household income (brand new house, annual vacations, lower cost of raising kids). We live in NYC for the networking opportunity, future kids, and grandparents (who prefer city life).
While you might feel I have entitlement issues, I assure you nothing came easy to me. I graduated right after the financial crisis and had to leave my state in search of job opportunity because the job I was going to get was no longer available. My wife and I sacrifice our youth living frugal so we can buy a property to secure our life in NYC. We also spent countless weekends studying, revising our resume, and practicing our interview skills so we can land higher paying jobs.
Forgot to mention infant care is ridiculous in lower Manhattan ($3k a month). You can read some of the challenges of being working parents with the below article.
My wife has a MS while I only have a BA. The below excludes any annual bonus.
Monthly
Earned Income: $12,000 net
Passive Income (rental): $2,500
Mortgage/Property Tax/Insurance: $(3,500)
Utilities: $(700)
Groceries: $(600)
Lunch at work: $(600)
Metro card: $(233)
Cell Phone: $(206)
Health Insurance: $(140)
Cable/Internet: $(107)
Lifestyle: $(2,500)
401K: $(875)
Saving: $5,039
Future life events: 1. We would like to have kids in the next 2-4 years, 2. We would like to buy an investment property in the next 2-4 years, 3. my wife insist on renovating our current place, 4. We would like to save over a million for retirement similar to mathjak107 (one of the main reasons I continue to visit this forum is to read his retirement planning/real estate insight).
In addition, both my wife and I do not have job security. I do not expect my employer to keep me around until retirement age. I will pass up on getting my MBA from Ivy League school due to the cost $200K+. To be honest, I expect my wife and I to work long hours while growing our net worth. Our future kids will enjoy the benefits of growing up in NYC far more than we will enjoy living here. My friends in NC live a better lifestyle than us at a lower household income (brand new house, annual vacations, lower cost of raising kids). We live in NYC for the networking opportunity, future kids, and grandparents (who prefer city life).
While you might feel I have entitlement issues, I assure you nothing came easy to me. I graduated right after the financial crisis and had to leave my state in search of job opportunity because the job I was going to get was no longer available. My wife and I sacrifice our youth living frugal so we can buy a property to secure our life in NYC. We also spent countless weekends studying, revising our resume, and practicing our interview skills so we can land higher paying jobs.
Forgot to mention infant care is ridiculous in lower Manhattan ($3k a month). You can read some of the challenges of being working parents with the below article.
That is a substantial portion of the city, and you bizarrely seem to be CLUELESS to that. Many of the people who live in the city work in low level service jobs and most won't get promoted or move on to anything else.
Rents in Bedstuy for market rate apartments now pushing 2k. Much of the city has had enormous increases in rent (with the exception of the Bronx).
Substantial as in 10%,20%? What's substantial in this case?
Btw, midtown is horrible. I wouldn't live there even if I could afford it.
As I wrote in my previous post. I'm puzzled when people say it's so hard to live on 100k in the city. That's total nonsense. Some feel entitled to a certain standard of living in NYC even when their income doesn't justify it. There's nothing wrong with living according to your means and making due with what you have.
Doesn't your post prove my point though? I'm confused here.
To you I might be living a comfortable life. To me, I am still fighting and struggling to be successful and attain a upper middle class lifestyle while securing my families future. In many other parts of the country I would be considered a lot more successful than in NYC. If my earnings doesn't increase and we decide to have children I can easily find myself living paycheck to paycheck given the cost of day care. It takes a significant amount of money to feel secure and live comfortable in NYC, that is if you are not depending on the government to support you and you don't want to live in a college dorm atmosphere for the rest of your life.
By looking at the financial information you disclosed you are not saving enough for retirement and you will struggle when you have kids. You get by for now because you are young and have relatively good health. It is fine to live very frugal in your 20's but when you enter your 30's your family going to want to live a more comfortable life, which can be easily affordable to you if you move to a lower cost of living area. You probably haven't thought that far ahead such as future child's education. Living in good school zone, saving money for private tutor, extra curricular activities, University tuition, etc..
To you I might be living a comfortable life. To me, I am still fighting and struggling to be successful and attain a upper middle class lifestyle while securing my families future. In many other parts of the country I would be considered a lot more successful than in NYC. If my earnings doesn't increase and we decide to have children I can easily find myself living paycheck to paycheck given the cost of day care. It takes a significant amount of money to feel secure and live comfortable in NYC, that is if you are not depending on the government to support you and you don't want to live in a college dorm atmosphere for the rest of your life.
By looking at the financial information you disclosed you are not saving enough for retirement and you will struggle when you have kids. You get by for now because you are young and have relatively good health. It is fine to live very frugal in your 20's but when you enter your 30's your family going to want to live a more comfortable life, which can be easily affordable to you if you move to a lower cost of living area.
Couldn't agree more, between the baby sitter and daycare I spend $3000+ a month already. That's like what close to 60k pre tax. Of course if you can get grandma to help out it would be way cheaper so it depends on your own situation. In terms of retirement savings I'd advocate that everyone max their contributions unless theyre trying to save up for a home. In this low return environment what has worked for people prior may not work for you. So between two people maxing out their 401k and two kids requiring daycare/baby sitting that's close to 100k in pretax income. When I was in my early 20s my goal was just to earn $4-5k in total take home pay. Nowadays money just flies out the door.
Last edited by bumblebyz; 03-15-2016 at 08:18 AM..
Only in New York do people complain about private developers dumping hundreds of millions of dollars into turning an unused, derelict structure into an attractive amenity that will employ a bunch of people and generate a bunch of money for the community...
Kingsbridge National Ice Center
Well the point of the editorial and my comments is that KNIC has not been able to get any Private Developers to invest in this project. After four years, they have less than 25% funds needed. They are now looking for loans from the State and City. Monies from the State and City are taxpayer funds. As a taxpayer, I don't think this project makes financial sense.
Last edited by Farnstock; 03-15-2016 at 08:14 AM..
Reason: Clarifying comment
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