Can I make it in NYC on 115k a year? (New York: middle-class, renter)
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Hello I’m a black male mid-30’s. I made a career change a few years ago and now my job wants me to relocate to NYC. I’m currently only 4 years into my new career so my salary is on the low end compared to my colleagues. My base pay is 115k and I should get around 10-15k in bonuses, which half will go to taxes.
Pros: Working in NYC for a few years will definitely help my career trajectory compared to where I am now.
Cons: At this age a roommate is out of the question for me, so I will not be sharing any bills. I also have a car that I owe another 3 years of payments on.
Is this possible? And if so, what areas do you should I look for a decent place to live?
My job is located in Midtown.
Thanks!
Essentially, at your income level, the bulk of your money will be going towards taxes and rent. You will not ballin' in NYC, until you're making at least 250K/year.
Hello I’m a black male mid-30’s. I made a career change a few years ago and now my job wants me to relocate to NYC. I’m currently only 4 years into my new career so my salary is on the low end compared to my colleagues. My base pay is 115k and I should get around 10-15k in bonuses, which half will go to taxes.
Pros: Working in NYC for a few years will definitely help my career trajectory compared to where I am now.
Cons: At this age a roommate is out of the question for me, so I will not be sharing any bills. I also have a car that I owe another 3 years of payments on.
Is this possible? And if so, what areas do you should I look for a decent place to live?
My job is located in Midtown.
Thanks!
115K is definitely doable in NYC.
I'm also in my mid-30s with a salary of around 120k. I don't work in Manhattan but I do have a car and a family that I take care of. I would look at (non-gentrified) neighborhoods in Queens/Brooklyn. You should look to get rid of the car since it's not smart to drive into Midtown on a regular basis. NYC has a vast network of public transportation that can get you to midtown under an hour.
Essentially, at your income level, the bulk of your money will be going towards taxes and rent. You will not ballin' in NYC, until you're making at least 250K/year.
What a load of BS. That is more than enough for someone who is single. Net income is still plenty.
What a load of BS. That is more than enough for someone who is single. Net income is still plenty.
Yep. One can expect to take home roughly $77,300k after taxes living in NYC on that salary; there are multiple income tax calculators out there. Essentially, you're paying $18,609 in federal income taxes (marginal rate of 24%, but effective rate of 16.18%), $8,798 in FICA, $6,247 in state income taxes, and $4,022 in local income taxes (I thank my lucky stars every day that I'm exempt from paying state and local income taxes).
Now, this is before deducting for retirement contributions and the such, but that's not going to take off a whole lot from that target. Factoring in that Millennials are contributing an average of 7.3% of their gross income into retirement funds, that would subtract another $8,395 or leave you with roughly $69k.
The median rent in Manhattan hit $4,000 a month for a one bedroom apartment in May of this year (https://www.nytimes.com/2022/06/09/r...-rent-nyc.html), which would work to $48k a year (though, to be clear, you can find places for less than that of course) and leave one with $21k after taxes, retirement contributions and rent. But that's before the bonus. Assuming that OP received the low end bonus estimate, after taxes he's looking at another $5k, bringing his total leftover to $26k a year.
At that rate, I'd definitely look to either hoping to find something substantially under the median rent price point if looking to live in Manhattan or else try one of the other boroughs, but you can still definitely make it work. I grab takeout all of the time in the DC area and average between $1,000 to $1,200 a month on my credit card statement (food, utilities, etc.). All of this is to say that OP can definitely make it work even if he lived in Manhattan, but his money would likely go a longer ways and he'd be able to save more if he lived in another borough or in NJ.
You could even swing a car note and insurance if you're living in Manhattan, but even I'd probably advise against having a car (unless it's fully paid for and the only thing you have to worry about is insurance) if you live in Manhattan based on the above math as it threatens to eat too much into one's "me" money to include funds for travel, going out, etc.
Yep. One can expect to take home roughly $77,300k after taxes living in NYC on that salary; there are multiple income tax calculators out there. Essentially, you're paying $18,609 in federal income taxes (marginal rate of 24%, but effective rate of 16.18%), $8,798 in FICA, $6,247 in state income taxes, and $4,022 in local income taxes (I thank my lucky stars every day that I'm exempt from paying state and local income taxes).
Now, this is before deducting for retirement contributions and the such, but that's not going to take off a whole lot from that target. Factoring in that Millennials are contributing an average of 7.3% of their gross income into retirement funds, that would subtract another $8,395 or leave you with roughly $69k.
The median rent in Manhattan hit $4,000 a month for a one bedroom apartment in May of this year (https://www.nytimes.com/2022/06/09/r...-rent-nyc.html), which would work to $48k a year (though, to be clear, you can find places for less than that of course) and leave one with $21k after taxes, retirement contributions and rent. But that's before the bonus. Assuming that OP received the low end bonus estimate, after taxes he's looking at another $5k, bringing his total leftover to $26k a year.
At that rate, I'd definitely look to either hoping to find something substantially under the median rent price point if looking to live in Manhattan or else try one of the other boroughs, but you can still definitely make it work. I grab takeout all of the time in the DC area and average between $1,000 to $1,200 a month on my credit card statement (food, utilities, etc.). All of this is to say that OP can definitely make it work even if he lived in Manhattan, but his money would likely go a longer ways and he'd be able to save more if he lived in another borough or in NJ.
You could even swing a car note and insurance if you're living in Manhattan, but even I'd probably advise against having a car (unless it's fully paid for and the only thing you have to worry about is insurance) if you live in Manhattan based on the above math as it threatens to eat too much into one's "me" money to include funds for travel, going out, etc.
There is also the fact that not everyone in NYC is making over $100,000 a year and manage, so he has a ton of options, esp. if he doesn't have much student loan debt.
My ex-girlfriend made about $120k a few years ago and lived in Manhattan. She did just fine. Went out every weekend with her friends, etc. She did not keep a car though. That's worth noting because unless you drive back and forth places outside of NYC, then you may want to get rid of it. I know of someone who lived in Hudson Heights that had a car and they got rid of it, and that was with them commuting to New Jersey.
If your office is in Midtown, I would look at places in Murray Hill. I have no idea what you think suffices space wise. Are you working from home? Need a home office or a space to work? That matters. I would also note that prices vary considerably there, with rents starting for one bedrooms around $2,600 and going up over $4,000. Personally, I would try to keep it around $2,600 - $3,200. Your net income will be north of $7k, so even at $3,200, that leaves around $4k for your daily expenses.
You could move further away, but deal with a longer commute, so there's that.
assuming he invests 10% in his 401k, after insurance his take home is closer to $5,600.
When I worked in midtown I had a coworker who lives in Sunnyside (western Queens.) She took the Q32 bus to work, not the subway, and owned a car which was parked on the street. Western Queens sounds like a good idea for OP. He wants to keep his car so he can explore the area.
When I worked in midtown I had a coworker who lives in Sunnyside (western Queens.) She took the Q32 bus to work, not the subway, and owned a car which was parked on the street. Western Queens sounds like a good idea for OP. He wants to keep his car so he can explore the area.
Consult the Queens bus map on MTA.info.
Not sure what the benefit of the Q32 is unless you're actively trying to avoid the subway. During rush hour those buses crawl from place to place. The 7 train from Sunnyside to Midtown should be only about 15 minutes.
Yeah, East Harlem still has some serious issues. It is much poorer than West Harlem and you have a lot of drug use and crime. The meth heads walking around by 125th and along Lexington don't help. It is truly disturbing to see people walking around like zombies.
The OP is coming from Florida. I think he should wait and see before he ditches the car. It's not like he is hurting for money.
Yes, because Parkchester is an excellent deal for certain kinds of people, and they should know about it. The OP fits the description of that kind of people 100%, should check it out, should consider to BUY a Parkchester condo (not to rent). It would not work out with a car (it might, but it would be inconvenient and pointless), otherwise it is his (OP is a man, correct? though it makes no difference really for a woman) best option by way of getting something quite alright for the least possible $ in NYC. It really is.
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