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It can be done. I lived on 50k (or less) for about 6 years.
Being totally honest, it wasn't the most comfortable time, but I never went hungry and was always able to pay the bills on time.
I had a roommate for about 3 years and lived in Queens (a studio apt) for the other 3.
All this going back and forth really amounts to nothing but noise.
Asking if someone can "survive" on "X" annual wages simply isn't possible to answer with any certainty without knowing expenses.
Yes, there are plenty of people living in NYC (and that includes Manhattan below 96th street) that have household incomes = or < $50k per year.
That being said a large portion of them are in NYCHA, have below market RC or RS apartments, vouchers or whatever else that subsidizes their rent. Those options generally are off the table for recent arrivals (unless they are poor, homeless or whatever, then the city rolls out the welcome mat and gives bennies).
Also as have said, $50k gross is around $34k net after just taxes. Try finding an apartment in NYC on that salary.
Well if you have time break it down into a realistic budget for the original poster.
When a transplant makes 50k in NYC what are the finer details about his or her lifestyle?
$50k isn't the worst thing in the world. It just means that they'll be a bit more rent burdened, but they could still get their own place if a landlord is willing to overlook the 40x the rent rule. If they get a part time job making 5-6k per year your rent is now within the 40x the rent range. If the person doesn't have student loan debt and other debt then it is doable, provided they stay within a budget. They can even go out regularly, again within a budget. The median income for a household is around $62k so for one person warning in the 50s that's not the worst thing in the world.
Once rent is covered and the utilities, you don't need to spend wild amounts of money on other things.
$50k isn't the worst thing in the world. It just means that they'll be a bit more rent burdened, but they could still get their own place if a landlord is willing to overlook the 40x the rent rule. If they get a part time job making 5-6k per year your rent is now within the 40x the rent range. If the person doesn't have student loan debt and other debt then it is doable, provided they stay within a budget. They can even go out regularly, again within a budget. The median income for a household is around $62k so for one person warning in the 50s that's not the worst thing in the world.
Once rent is covered and the utilities, you don't need to spend wild amounts of money on other things.
The key sentence is that they would need to find a landlord who is willing to overlook the 40X rule.
The key sentence is that they would need to find a landlord who is willing to overlook the 40X rule.
Correct, or get a part-time job to bump up their salary to meet the 40x rule. There are apartments online at around $1400 - 1425, mainly studios, but some are in decent areas like Forest Hills. Get a part time job and you can do it. I'm not even pushing the whole roommate thing because I think it's embarrassing to be in your 30s or 40s even and still have five roommates. People just need to learn how to budget and not feel the need to live in the trendiest neighborhood. I've technically been living on my own off and on since my college days. I had my own apartment in Europe in my early 20s and I had to live off of the money that I had while I lived there and even then my rent, water, electric and gas almost totaled $2000 US a month even then (Rent was roughly $1600 US, plus water, gas, and electric). Here in the US you don't pay for water, which or heating which is are huge expenses. Definitely taught me how to budget. Let's say that the person is able to meet the 40x the rent rule. Let's say they make $56,000.
Monthly expenses would be something like this:
Rent: $1400
Food & Household Needs: $400 - 600
Entertainment: $200 (It's NYC, you need to get out and enjoy the place)
Transportation: $121 or more if you don't use the subway. Even if one uses Uber, it could still be cheaper than having a car
Gas & Electric - $60 - 120 max
Cable & Internet: $200
Cell phone: $100
Let's assume they have no student loan debt or credit card debt
They also have to put aside money for retirement, and things like clothing and other emergencies, so I'd say stock away another $500 a month or more if possible.
But the person makes 50k, not 55k (i.e., with a part time job).
In other words, it sounds like you're saying that someone earning 50k can NOT make it in nyc.
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